CAPIS Morning Note – 05/08/26: Next Stop 7400? Monthly Jobs Data Out at 8:30 a.m. EDT

Overnight Summary and Early Morning Trading: The S&P 500 finished Thursday lower by -0.38% at 7337.11 from Wednesday higher by 1.46% at 7365.12. The S&P 500 sees support now at 7300 from 7200. Resistance is now at 7400 from 7300. In the last two months, support has moved from 6300 to 7300. S&P 500 hit […]

Overnight Summary and Early Morning Trading: 

  • The S&P 500 finished Thursday lower by -0.38% at 7337.11 from Wednesday higher by 1.46% at 7365.12.
  • The S&P 500 sees support now at 7300 from 7200. Resistance is now at 7400 from 7300. In the last two months, support has moved from 6300 to 7300.
  • S&P 500 hit its 14th All-Time Closing High of 2026 yesterday.
  • Futures are higher this morning by +34 higher by +0.45% at 7397 on the SP 500 at 6:10 a.m. EDT.
  • Bond Market is higher today on price with the 10-Year Yield at 4.37% from 4.334%.

Executive Summary:

  • Stocks had a fifth up week, with the S&P 500 gaining 13.52% in the last five weeks. We are now up 3.61% since the peak in January on the S&P 500 as of last Friday’s close.
  • U.S. moves into Week 11 of its attack on Iran. Key to this week is to see if the ceasefire is broken and fighting resumes.
  • Economic news of note.
    • Weekly – Baker Hughes Rig Count of note.
    • Monthly – Nonfarm Payrolls, Unemployment Rate and University of Michigan Consumer Sentiment of note.
  • Fed Speakers of Note today:  Cook at 5:45 a.m. EDT and  Waller, Bowman, Goolsbee and Daily at 7:30 a.m. EDT
  • Treasury 3 & 6 Month Bill Auction at 11:30 a.m. EDT.
  • President Trump’s schedule:
    • Participates in Executive Time at 8:00 a.m. EDT.
    • Delivers Remarks at 12:00 a.m. EDT.
    • Participates in a Policy Meeting at 5:30 p.m. EDT.

Notable Earnings Out After The Close: 

  • Beats: SG +1.27, AGO +0.90, RGA +0.94, EXPE +0.55, AMN +0.45, ASTH +0.44, PTCT +0.44, GH +0.36, INOD +0.34, CPAY +0.33, CVSA +0.26, MBUU +0.26, HUBS +0.25, ICUI +0.22, GMED +0.0, MTED +0.20 of note.  (>+0.40)
  • Misses: CWEN -0.91, FIP -0.90, FWRD -0.79, PCTY -0.53, ZYME -0.29, MELI -0.29, CRWV -0.21 of note. (<-0.20)
  • 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: Cerebras Systems said to target up to $4 billion raised in IPO.
  • IPOs Filed/Priced: None of note.
  • Secondaries Filed Or Priced:
    • LFST – Pricing of Secondary Public Offering
    • PHVS – Pricing of $115 Million Underwritten Offering of Ordinary Shares
    • VVX – PRICING OF OFFERING OF APPROXIMATELY 2.0 MILLION SHARES OF COMMON
      STOCK IN SECONDARY OFFERING BY VERTEX AEROSPACE
  • Notes Filed Or Priced:
    • APG – Pricing of $500 Million Senior Notes
    • GWW: Form S-3ASR.. Debt Securities
    • HLT – Pricing of Senior Notes Offering
  • Convertible Offerings Filed or Priced:
    • PUMP discloses it issued $690 mln of its convertible senior notes
    • IMCC – Raised US$550,000 of Gross Proceeds in Convertible Note Financings
    • TEM – Pricing of Upsized Offering of $400.0 Million of Convertible Senior Notes
  • Private Placement: None of note.
  • Direct Offering: None of note.
  • Exchangeable Subordinate Voting Shares: None of note.
  • Private Placements:
    • STNG announces its intention to offer $150.0 million aggregate principal amount of additional 1.75% convertible senior notes due 2031 in a private offering.
  • Selling Shareholders
  • Mixed Shelf Offerings:
    • WTFC files mixed securities shelf offering.
    • FDMT files for $400 mln mixed securities shelf offering. 
    • PSNL files mixed securities shelf offering.
    • RNR files mixed securities shelf offering.
    • JBIO files for $600 mln mixed securities shelf offering.
    • CHRD files mixed securities shelf offering.
    • KALA: Form S-3.. $350,000,000 Mixed Shelf
    • LDI: Form S-3..$250,000,000 Mixed Shelf

News After The Close: 

  • Barron’s + on JPM, BAC, MS, ADI, KLAC, LRCX, JNJ, AZN, and MO.
  • Newsmax (NMAX) -According to Nielsen data, the Newsmax channel continues its impressive upward trajectory: Total audience reach climbed to 16.6 million viewers in April 2026 – up 27% year-over-year; More than 7 million viewers in the key 35-64 demographic tuned in during April 2026; Q1 2026 total viewership reached 30.4 million – up 29% versus Q4 2025
  • NVDA and IREN intend to support deployment of up to 5 gigawatts of NVIDIA DSX-aligned AI infrastructure across IREN’s global data center pipeline over time.
  • IREN secured in the above a $3.4 bln contract with NVIDIA (NVDA). 
  • “The US Army attacked Iranian targets in the Strait of Hormuz area, a senior American official told me. The American official claimed that the attacks do not constitute a resumption of the war with Iran” (Axios)
  • Bright Horizons Family Solutions (BFAM) will replace Tri Pointe Homes (TPH) in the S&P 600 Small Cap.
  • Also, Remitly Global (RELY) will replace Apellis Pharmaceuticals (APLS) in the S&P 600 Small Cap.
  • Upwork (UPWK) anticipates that the Restructuring Plan will include a reduction of the Company’s total workforce by approximately 24% and the Company estimates that it will incur between approximately $16.0 million and $23.0 million in pre-tax restructuring charges in connection with the Restructuring Plan.
  • Coreweave (CRWV) provides downside guidance for Q2 but reaffirms 2026 guidance.
  • U.S. Trade Court blocks President Trump’s 10% global tariff. (WSJ)

After the Close Winners: INOD +28.1%, AKAM +25.1%, FROG +17.5%, LASR +14.7%,WEST +12.7%, PGNY +12%, TNDM +11%, ARLO +10.1%, PAR +8.1%, MNST +8%, CLAR +8%, CALY +7.8%, XYZ +7.6%, BILL +7.3%, GEN +7%, WLDN +6.8%, TXRH +6.5%, WSC +6.4%, WSC +6.4%, GMED +6.3%, PRTA +5.8%, ANNX +5.8%, IREN +5.7%.  

After the Close Losers:  FWRD -44.6%,KDK -36.4%, TSSI -29.6%, EVCM -27.5%, DXC -19.4%, ABSI -19%, HUBS -18.6%, UPWK -18.3%, AORT -18.1%, NET -17.8%, ,KODK -16.6%, FIGS -16.2%, STRT -15.4%, TTD -15.1%, CTKB -14.4%, REAL -11.3%, GSIT -11.3%, SOUN -11.2%, HRTG -11%, CAI -10.7%, TOST -10.3%, INDI -9.1%, EXPE -9%, CRWV -8.8%, AAOI -8.7%, SMR -8.6%, ASLE -7.5%, SVCO -7.1%, MELI -6.6%, ACLS -6.5%, FBIN -6%, PDFS -5.5%, ZYME -5.2%, STOK -5.2%, CARG -5.1%

Buybacks: 

Executive, Corporate Changes:

  • TTD Chief Strategy Officer Samantha Jacobson to leave and join OpenAI, according to AdWeek.
  • KLA Corporation (KLAC) announces 10-for-1 stock split.

Dividend Announcements:

  • Top Names Ex-Dividend Friday: AB ET LW PH AEP BUD ETN HWM IBM NSC PFE SON SQM TFC UVE WFC WMT ARLP JBHT MAIN MPLX MTDR RELL SCHW of note.
  • Top Names Ex-Dividend Monday:  of note.
  • NHC increases quarterly dividend 4.7% to $0.67/share from $0.64/share

What’s Happening This Morning: (as of 7:45 a.m. EDT)

  • Futures S&P 500 +38, NASDAQ 100 +213, Dow Jones +157. Europe is lower ex FTSE while Asia is lower as well. Bond yield is at 4.372% from 4.334% on the 10-Year. Crude Oil and Brent Crude are lower with Natural Gas higher. Gold, Silver and Copper are higher. The U.S. Dollar is lower versus the Euro, lower against the Pound and lower against the Yen. Bitcoin is at $80,214 higher by 0.14% up $107 from $82,401 higher by 0.97% up $731.

Sector Action: 

  • Daily Positive Sectors: Communication Services were higher.
  • Daily Negative Sectors: All others were lower. 
  • One Month Winners: Technology, Communication Services, Consumer Defensive, Healthcare and Real Estate 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: ANIP+0.75, EMA +0.49, ROAD +0.21, ESNT +0.14, TILE +0.08, AQN +0.02, TU +0.01 of note. 
  • Missed: WULF (-0.83), FLR (0.48), SLVM (0.26), OSK (0.19), AMCX (0.13), EMBJ (0.06) of note. 
  • Flat:  None of note.
  • Still to Report: Several of note.

Company Earnings Guidance: 

  • Positive Guidance: After The Close & This Morning – ANIP ROAD  of note.
  • Mixed – None of none.B
  • Negative or Mixed Guidance: After The Close & This Morning – SONY of note.

Advance/Decline Daily Update:

Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%): 

  • Gap Up:  NOD +33.4%, AKAM +28.1%, ARTV +21.4%, LASR +14.6%, FROG +13%, ARLO +12.8%, PGNY +12.5%, PAR +10.7%, LOCO +10.3%, BILL +10.2%, TILE +8.9%, CLAR +8%, IREN +7.9%, CALY +7.6%, TNDM +7.2%, XYZ +7.1%, MNST +6.9%, RKLB +6.8%, WLDN +6.7%, ABX +6.6%, PTCT +6.2%, GMED +6.2%, BBIO +5.9%, TXRH +5.7%, BFAM +5.5%, GEN +5.5%, GTE +5.5%, PRTA +5.4%, AAOI +4.7%, LPTH +4.7%, MP +4.7%, BLFS +4.5%, RKT +4.5%, PHVS +4.4%, MCHP +4.4%, WEST +4.4%, PURR +4.3%, OFRM +4.1%, OMDA +3.7%, WSC +3.6%, AIRS +3.5%, WPM +3.3%, RELY +3.2%, EMA +3.2%, SOBO +3.1%, CPAY +3.1%, IOSP +2.9%, AU +2.8%, GRND +2.7%, CON +2.7%, CTRE +2.5%, SONY +2.5%, STLA +2.3%, MRVI +2.3%, KLAC +2.1%, ZD +2.1%, OUT +2.1%, AERO +2% of note.
  • Gap Down: FWRD -42.5%, KDK -34.4%, TSSI -26.1%, HUBS -24.8%, UPWK -22.3%, NET -17.6%, DXC -17.2%, EVCM -15.2%, AORT -13.1%, ABSI -13%, STRT -12.7%, FIGS -12%, TTD -12%, KODK -11.7%, DNA -10.4%, CAPR -10.2%, CTKB -9.8%, SOUN -9.7%, TOST -9.6%, LFST -9.4%, CAI -9.3%, DIOD -9.3%, PRDO -9.2%, ESE -8.1%, ASIX -7.9%, EXPE -7.4%, CRWV -6.1%, ASLE -6%, REAL -5.8%, MTD -5.3%, PDFS -5.2%, HRTG -5.1%, FBIN -4.8%, INDI -4.2%, BLND -4%, MELI -3.9%, UMC -3.7%, PSNL -3.3%, TXG -3.1%, G -3.1%, FLR -3.1%, KOD -3%, GSIT -2.9%, RNG -2.8%, COIN -2.7%, ACLS -2.6%, ASTH -2.6%, ARWR -2.5%, NHC -2.3%, NMAX -2.1%, MSDL -2.1%, AGO -2.1%, SPNT -2% of note.
  • of note.

Insider Action: None see 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: How Anthropic’s Mythos Threw The White House AI Strategy Into Chaos. (WSJ)
  • NY Times Lead Story: Shell Reports a $7 Billion Profit Amid Unprecedented Disruption. (NYT)
  • USA Today: Making Your Social Security Check Bigger. (USA Today)
  • Bloomberg: Iran and US Involved in Hormuz Clashes. (Bloomberg)
  • Market Wrap: US Stocks rise as Tech Outlook offsets War Worries. (Bloomberg)
  • Thoughtful Money: Stocks -50%, Silver up +600%. (Podcast)
  • Wendy’s (WEN) beats and guides positively. Cuts a deal to build 1,000 Wendy’s in China. Up 5%.

Economic & Geopolitical:

  • Federal Reserve Speakers of note today:
    • Federal Reserve Governor Cook spoke at 5:45 a.m. EDT.
    • Federal Reserve Officials Waller, Goollsbee, Bowman and Daly speak at 7:30 p.m. EDT.
  • President Trump’s schedule for today:
    • Participates in Executive Time at 8:00 a.m. EDT.
    • Delivers Remarks at 12:00 a.m. EDT.
    • Participates in a Policy Meeting at 5:30 p.m. EDT.
  • Economic Data Out –
    • Weekly –
      • Baker Hughes Rig Count out at 1:00 p.m. EDT.
    • Monthly –
      • April Nonfarm Payrolls is due out at 8:30 a.m. EDT and expected to fall to 67,000 from 178,000 with the unemployment expected to stay at 4.30%.
      • May (Prelim) University of Michigan Consumer Sentiment is due out at 10:00 a.m. EDT and expected to rise to 50.50 from 49.80.

M&A Activity & Daily: None of note.

Moving Average Table: 100% from 100% of Equities are Positive, and 16% from 36% Bonds are Positive. 

Meeting & Conferences of Note:

  • Sellside Conferences:
    • BMO Government, Reserve & Asset Managers Conference
    • Jefferies Pharma Services & Technology Conference
    • Wolfe Small Group May Conference
  • Top Analyst, Investor: KLNG MOH VTIX of note.
  • Shareholder Meetings: CL COF DOV ITW MAS  of note.
  • Fireside Chat: None of note.
  • FDA Presentation: None of note.
  • R&D Day: None of note.
  • Meetings:
    • Association for Research in Vision and Ophthalmology
    • IBM Think

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:  DVN FLNC OMAB PTCT SHAK TPR WES of note.
Downgrades: DECK HUBS (2) of note.