Overnight Summary & Early Morning Trading:
- The S&P 500 finished Thursday higher by 1.02% at 7209.01 from Wednesday lower by -0.04% at 7135.95.
- The S&P 500 sees support now at 7200 from 7100. Resistance is now at 7300 from 7200. In the last two months, support has moved from 6300 to 7200.
- S&P 500 hit its 11th All-Time Closing High of 2026 yesterday.
- Futures are higher this morning by +8 +0.10% at 7251.75 on the SP 500 at 6:45 a.m. EDT.
- Bond Market is higher today on price with the 10-Year Yield at 4.382% from 4.396%.
Executive Summary:
- Stocks had a fourth up week, with the S&P 500 gaining 12.50% in the last four weeks. We are now up 2.68% since the peak in January on the S&P 500 as of last Friday’s close.
- U.S. moves into Week Ten of its attack on Iran. Key to this week is to see how the U.S. Blockade plays out and negotiations evolve.
Key Events of Notre Today:
- Economic news of note.
- Weekly – Baker Hughes Rig Count of note.
- Monthly – ISM Manufacturing Index and Global U.S. Manufacturing Index of note.
- Fed Speakers of Note today: We are now out of the blackout period after this week’s meeting.
- President Trump’s schedule:
- Participates in Executive Time at 8:00 a.m. EDT.
- Receives the Intelligence Briefing at 10:00 a.m. EDT.
- Participates in an event at The Villages with seniors at 3:00 p.m. EDT.
- The President participates in The Forum Club of the Palm Beaches Dinner at 6:15 p.m. EDT.
Notable Earnings Out After The Close:
- Beats: SNDK +8.79, SBGI +1.18, BZH +0.69, RDDT +0.44, TEAM +0.42, MTZ +0.40, AMGN +0.38, ACA +0.37, ALGT +0.34, WDC +0.33, COLM +0.30, RIVN +0.30, ROKU +0.25, TWLO +0.23, AIG +0.22, MPWR +0.20 of note. (>$0.20)
- Misses: OLED -0.40, SYK -0.38, SAM -0.32, AXI -0.27, CORT -0.19, SEM -0.10 of note. (<$-0.10)
- Flat: BRX ARE of note.
Capital Raises:
- IPOs For The Week: AVLN BWGC PS RIKU SBMT of note.
- New IPOs/SPACs launched/News: IPOs Ahead This Week: None of note.
- IPOs Filed/Priced: None of note.
- Secondaries Filed Or Priced:
- GRO announce a proposes underwritten public offering of its common shares and, in lieu of common shares to investors who so choose, pre-funded warrants to purchase common shares.
- SENS has commenced an underwritten public offering, subject to market and other conditions, to issue and sell shares of its common stock and, to certain investors, pre-funded warrants to purchase its common stock in lieu thereof.
- BAFN: FORM S-1 – Up to 4,108,072 Shares of Common Stock.
- BIAF: Form S-1.. 497,483 Shares of Common Stock.
- CMND: FORM F-3 – 22,626,988 Common Shares.
- MC: Form S-3ASR.. Class A Common Stock.
- OPTX – Closing of $20 Million Underwritten Public Offering of Common Stock.
- RNAZ: Form S-3.. 15,955,543 Shares Common Stock.
- RNTX – Pricing of $50 Million Underwritten Public Offering of Common Stock.
- Notes Filed Or Priced: None of note.
- Convertible Offerings Filed or Priced: None of note.
- Private Placement: None of note.
- Direct Offering: None of note.
- Exchangeable Subordinate Voting Shares: None of note.
- Private Placements:
- CUE – $30 Million Private Placement.
- Selling Shareholders:
- GHM files for 599,808 share common stock offering by selling stockholders.
- Mixed Shelf Offerings:
- EQNR files mixed securities shelf offering.
- IE files mixed securities shelf offering.
- RIVN files mixed securities shelf offering.
News After The Close:
- Corcept (CORT) phase 2 study of Dazucorilant demonstrates two-year overall survival benefit in patients with ALS.
- Palo Alto Networks (PANW) announces its intent to acquire Portkey, a pioneer in AI Gateways.
- Apple (AAPL) beats on earnings and revenues. iPhone revenues grew.
- President Trump signed an executive order to increase access to high-quality, low-cost individual retirement accounts; to establish TrumpIRA.gov.
- The Order directs the Secretary of the Treasury to ensure that workers who contribute to qualifying IRAs and meet the requisite requirements receive the Federal Saver’s Match contribution of $1,000, one of the most powerful retirement savings incentives available to working Americans.
- President Trump signs DHS funding bill, finally.
- PPL Corp: Louisville Gas and Electric Company and Kentucky Utilities Company, subsidiaries of PPL Corporation, and X-energy (XE) are collaborating to explore deploying X-energy’s Xe-100 small modular reactor in Kentucky to meet growing energy demand across the Commonwealth with long-term, reliable, clean energy.
- GE awarded a $107.7 mln Defense Logistics Agency delivery order.
After the Close Winners: TEAM +23.3%, TWLO +17.9%, FIVN +15.8%, WEAV +13%, RDDT +10.4%, MATW +9.1%, BOOM +7.3%, CERS +6.4%, EBS +6.3%, ROKU +6%, MTZ +5.9%, ACCO +5.3%, OLED +5%
After the Close Losers: RBLX -20.1%, WDC -8.2%, FND -7.7%, SNDK -7.4%, CLX -6.6%, RMD -5.8%
Buybacks:
- SNA authorizes a share repurchase program of up to $500 million of common stock.
Executive, Corporate Changes:
- MTRX announces that Kevin Cavanah, Vice President of Finance and Chief Financial Officer, will depart the Company following the filing of the Company’s fiscal 2026 Annual Report.
- Veeva Systems (VEEV) will replace Coterra Energy (CTRA) in the S&P 500 effective prior to the opening of trading on Thursday, May 7.
Dividend Announcements:
- Top Names Ex-Dividend Today: AON ETR CASY PAG PAA AES AVAL of note.
- Top Names Ex-Dividend Monday: C SAN BX SNY KMI OKE CARR AMP EWBC HTHT HXL TOWN DMLP PEBO of note.
- WDC increased its dividend by 20% to $0.15.
- RTX increases quarterly cash dividend 7.4% to $0.73 per share from $0.68 per share.
What’s Happening This Morning: (as of 7:45 a.m. EDT)
- Futures S&P 500 +8, NASDAQ 100 -55 , Dow Jones +121. Europe is mixed while Asia is also mixed. Bond yield is at 4.386% from 4.394% on the 10-Year. Crude Oil and Brent Crude are mixed with Natural Gas higher. Gold is lower with Silver and Copper higher. The U.S. Dollar is lower versus the Euro, lower against the Pound and lower against the Yen. Bitcoin is at $77,386 higher by 1.26% up $952 from $76,085 higher by 0.84% up $633.
Sector Action:
- Daily Positive Sectors: All ex Tech led the way higher.
- Daily Negative Sectors: Technology was lower.
- One Month Winners: Energy of note.
- Three-Month Winners: Energy, Materials, Utilities, Consumer Defensive and Industrials of note.
- Six-Month Winners: Energy, Materials, Utilities, Industrials, Healthcare and Consumer Defensive of note.
- Twelve-Month Winners: Materials, Energy, Industrials, Utilities, Communication Services and Technology of note.
- Year to Date Winners: Energy, Materials, Consumer Defensive, Utilities and Industrials of note.
Bolded means the Sector is new to the period in which it falls.
Upcoming Earnings Of Note: (Erlanger Chartroom Software – sorted by market cap, highest to lowest with most visible names)
- Today After the Close: None of note.
- Monday Before The Open:
Notable Earnings of Note This Morning:
- Beat: MRNA +1.05, DINO +0.75, CVX +0.44, MGA +0.37, LEA +0.36, TRP +0.28, EL +0.26, LYB +0.21, TEX +0.20, AN +0.18, XOM +0.18, AMG +0.15 of note. (>+0.15)
- Missed: POR (0.19), WNC (0.16), PWP (0.12), TXNM (0.09), LAZ (0.09), ARES (0.09) of note.
- Flat: SOFI FVRR BIP BLCO of note.
- Still to Report: Several of note.
Company Earnings Guidance:
- Positive Guidance: After The Close & This Morning – None of note.
- Mixed – None of note.
- Negative or Mixed Guidance: After The Close & This Morning – None of note.
Advance/Decline Daily Update:
Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%):
- Gap Up: MRAM +38.7%, of note.
- Gap Down: TDOC -10.1%, of note.
Insider Action: GEHC seeS Insider Buying with dumb short selling. None see Insider Buying with smart short sellers. Above $100,000 in purchases with high shorts but no history: None of note.
Other Trading Action: None of note.
Rags & Mags: Repeated stories from prior days never listed, i.e. “rehashed news”. Sorted by Global, U.S. and stock specific.
- WSJ Lead Story: Top AI Companies Agree To Pentagon Deal for Classified Work. (WSJ)
- NY Times Lead Story: Oil Profits Call For Windfall Profits Tax. (NYT)
- USA Today: Weight Loss GLP-1 Drugs could push drug spending above $1 trillion. (USA Today)
- Bloomberg: Exxon, Chevron beat profit estimates. (Bloomberg)
- Market Wrap: US Futures signal a pause. (Bloomberg)
Economic & Geopolitical:
- Federal Reserve Speakers of note today: Now out of the blackout period after the conclusion of yesterday’s FOMC meeting.
- President Trump’s schedule for today:
- Participates in Executive Time at 8:00 a.m. EDT.
- Receives the Intelligence Briefing at 10:00 a.m. EDT.
- Participates in an event at The Villages with seniors at 3:00 p.m. EDT.
- The President participates in The Forum Club of the Palm Beaches Dinner at 6:15 p.m. EDT.
- Economic Data Out –
- Weekly –
- Baker Hughes Rig Count out at 1:00 p.m. EDT.
- Monthly –
- April ISM Manufacturing Index is due out at 10:00 a.m. EDT and expected to rise to 53.10% from 52.70% at 47.60.
- April Global U.S. Manufacturing Index is due out at 8:30 a.m. EDT and came in last month at 54.
- Weekly –
M&A Activity & Daily: None of note.
Moving Average Table: 100% from 77% of Equities are Positive, and 16% from 4% Bonds are Positive.
Meeting & Conferences of Note:
- Sellside Conferences: None of note.
- Top Analyst, Investor: TRUP of note.
- Shareholder Meetings: OXY R SHO ZION of note.
- Fireside Chat: None of note.
- FDA Presentation: None of note.
- R&D Day: None of note.
- Meetings:
- A.G.P. Annual Healthcare Conference
Upgrades & Downgrades:
The recommendations listed below in this “Upgrade/Downgrade” section are compiled from what we believe are Tier I, II and III firms. Recommendations posted are taken from a variety of sources each day and we only post upgrades or significant initiations as well as downgrades to underweight or sell. The purpose of this posting is to make the reader aware of market-moving recommendations. None of these recommendations should be interpreted as actual recommendations from CAPIS or its employees.
Upgrades: HSY of note.
Downgrades: RBLX (3) of note.