CAPIS Morning Note – 05/19/26: Main Street vs. Silicon Valley – Home Depot Flags a Choppy Consumer While Tech Puts the Market on Hold

Overnight Summary and Early Morning Trading: The S&P 500 finished Monday lower by -0.07% at 7403.95 from Friday lower by -1.24% at 7408.50. The S&P 500 sees support now at 7400 from 7500. Resistance is now at 7500 from 7400. In the last two months, support has moved from 6300 to 7400. S&P 500 hit […]

Overnight Summary and Early Morning Trading: 

  • The S&P 500 finished Monday lower by -0.07% at 7403.95 from Friday lower by -1.24% at 7408.50.
  • The S&P 500 sees support now at 7400 from 7500. Resistance is now at 7500 from 7400. In the last two months, support has moved from 6300 to 7400.
  • S&P 500 hit its 17th All-Time Closing High of 2026 on Thursday.
  • Futures are lower this morning by -28.50 lower by -0.38% at 7397.00 on the SP 500 at 6:30 a.m. EDT.
  • Bond Market is lower today on price with the 10-Year Yield at 4.603% from 4.601%.

Executive Summary:

  • Stocks had a seventh up week, with the S&P 500 gaining 16.30% in the last seven weeks. We are now up 6.17% since the peak in January on the S&P 500 as of last Friday’s close.
  • U.S. moves into Week 13 of its attack on Iran. Key to this week is to see if an end to the war can be negotiated.
  • Quote of the Day: Home Depot (HD) CFO: “.. When we talk to our customers, they do tell us that they have concerns. They point out that fuel costs are rising, mortgage rates have risen again .. and layoffs are increasing. And as a result, they tell us they’re continuing to hold off on larger projects.”
  • Good Interview on CNBC with the CEOs of Nextera (NEE) and Dominion Energy (D) who are merging.

Key Geopolitical Events of Note:

  • Economic news of note.
    • Weekly – API Petroleum Institute Data of note.
    • Monthly – Pending Home Sale of note.
  • Fed Speakers of Note today: Waller 8:00 a.m. EDT and Paulson 7:00 p.m. EDT
  • President Trump’s schedule:
    • Participates in Executive Time at 8:00 a.m. EDT.
    • Participates in a Policy Meeting at 11:00 a.m. EDT.
    • Press Briefing with Vice President JD Vance at 1:00 p.m. EDT.
    • Participates in a Policy Meeting at 3:00 p.m. EDT.
    • Signs Executive Orders at 4:30 p.m. EDT.
    • Participates with the First Lady in the Congressional Picnic at 7:15 p.m. EDT

Notable Earnings Out After The Close: 

  • Beats: AGYS +0.13 of note. 
  • Misses: XP -0.01 of note. 
  • Flat: None of note.

Capital Raises of Note/Pricings:

  • Secondaries Filed Or Priced:
    • CTRE commences 10 million share common stock offering.
    • SLN files for $300 million ordinary share offering.
    • VTMX announces closing of its global offering of 1,199,285 ADSs at a price of US$34.62 per ADS in the US.
    • ELPW – Closing of US$6.0 Million Public Offering.
    • FEED: Form S-3.. 6,000,768 Shares of Common Stock.
    • IPWR – Closing of $30.0 Million Registered Direct Offering of Common Stock.
    • KPRX: Form S-3.. 11,797,088 Shares of Common Stock.
    • NNVC – Closing of ~$2 Million Registered Direct Offering.
    • RPID – Pricing of Up to Approximately $32 Million Underwritten Offering.
    • SLN: FORM S-3 – $300,000,000 Ordinary Shares.
  • Notes Filed Or Priced:
    • CB – Pricing of $1 Billion Senior Notes Offering by Subsidiary.
  • Convertible Offerings Filed or Priced:
    • AKAM announces proposed offering of convertible senior notes of note.
    • ONTO – Pricing of Upsized Private Offering of $1.3 Billion of 0.00% Convertible Senior Notes Due 2031.
  • Private Placement: None of note.
  • Direct Offering: None of note.
  • Exchangeable Subordinate Voting Shares: None of note.
  • Private Placements: None of note.
  • Selling Shareholders:
    • EVTL files for 64,432,326 ordinary share offering by selling securityholders.
  • Mixed Shelf Offerings:
      • CGEN files for $400 million mixed securities shelf offering. 
      • ICHR files mixed securities shelf offering. 

After The Close:

  • Palatin Technologies (PTN) has been approved for listing on the Nasdaq Capital Market.
  • The U.S. Nuclear Regulatory Commission has completed its Environmental Assessment for  and X-Energy’s (XE) Construction Permit Application for a proposed advanced nuclear project in Seadrift, Texas.
  • Tesla (TSLA) CEO Elon Musk says he will file an appeal with the Ninth Circuit regarding the OpenAI verdict. ( X Post)
  • LUNR under the $15.5 million cost-plus-fixed-fee three-year prime contract for LROC and the $4.5 million cost-plus-fixed-fee three-year prime contract for ShadowCam, Intuitive Machines is leading imaging operations, data storage and analysis, and mission support. The Company also is leading LROC’s Moon surface mapping operations, and advance ShadowCam imaging of permanently shadowed regions.
  • AT&T (T) provides a preview of Chairman and CEO John Stankey’s fireside chat at the JP Morgan Global Technology, Media and Communications Conference on Tuesday morning.
  • Delay in 10-Q Filings: NRGV 

Last Night Winners:  

  • AGYS +14.2%,  INFU +3.7%, WVE +3.6%, NRGV +2.4%

Last Night’s Losers:

  • XP -4.3%, AKAM -2.80%,

Executive, Corporate Changes:

  • EBMT appoints Darryl Rensmon to President; Laura Clark to remain CEO.
  • BLDR announces that COO Steve Herron will retire on December 31, 2026; appoints Mike Hiller as Chief Operating Officer-Designate. 
  • INSE has promoted Craig Wilson, Inspired’s Vice President of Finance and Accounting, to the role of Executive Vice President and Chief Financial Officer, effective May 14, 2026.
  • LMB announces the appointment of Michael Reed to the newly created position of Executive Vice President, Chief Operating Officer, effective May 18, 2026.

Dividend Announcements:

  • Top Names Ex-Dividend Tuesday: AA APO BTU COF CVX DRS FTI NRGP AUGO MWXT PAAS of note.
  • Top Names Ex-Dividend Wednesday: None of note.
  • RCKY announces increased quarterly cash dividend to $0.17 per share from $0.155 per share.

Buybacks:

  • INFU authorizes new $20 million stock repurchase program.

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

  • Futures S&P 500 -26, NASDAQ 100 -186, Dow Jones -77. Europe is higher while Asia is mixed. Bond yield is at 4.613% from 4.603% on the 10-Year. Crude Oil and Brent Crude are lower with Natural Gas higher. Gold, Silver and Copper are lower. The U.S. Dollar is higher versus the Euro, higher against the Pound and higher against the Yen. Bitcoin is at $76,807 higher by 0.08% up by $63 from $76,696 lower by -2.05% down $1597.

Sector Action: 

  • Daily Positive Sectors: Energy, Consumer Defensive, Real Estate, Financials and Communication Services were higher. 
  • Daily Negative Sectors:  Technology, Materials, Industrials and Consumer Cyclical led the way 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.

  • Wednesday Before The Open:

Notable Earnings of Note This Morning: 

  • Beat : BEKE +0.47, EXP +0.32, BILI +0.15, AS +0.07, HD +0.02 of note. 
  • Missed :  None of note. 
  • Flat:  None of note.
  • Still to Report: BRC of note.

Company Earnings Guidance: 

  • Positive Guidance: After The Close & This Morning –AGYS of note.
  • Mixed – None of none.
  • 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: AGYS +16.6%, EVTC +11.2%, STC +10.0%, ANDG +7.2%, ENLT +5.3%, VPG +5.2%, WVE +4.8%, WPP +3.1%, TLX +2.7%, AS +2.6% of note.
  • Gap Down: PKX -7.3%, XP -5.0%, BRUN -4.8%, LI -4.8%, AKAM -4.2%, NBIS -3.9%, PAGP -3.1%, TS -2.9%, STX -2.0% of note.
  • of note.

Insider Action: CHTR AAT sees Insider Buying with dumb short selling.  SHAK  see Insider Buying with smart short sellers. Above $100,000 in purchases with high shorts but no history:  AMST MYO 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: The American Rebellion Against AI is Gaining Steam. (WSJ)
  • NY Times Lead Story: Before Mass Layoff, Meta Reassigns 7,000 Workers to AI. (NYT)
  • USA Today: Trump Says He Has A Deal to End The War. (USA Today)
  • Bloomberg: Trump Says He Held Off on Bombing Iran After Gulf States Appealed. (Bloomberg)
  • Market Wrap: Tech leads stocks lower. (Bloomberg)
  • Thoughtful Money: This Will Cause The Next Bear Market, Mike Green. (Podcast)

Economic & Geopolitical:

  • Federal Reserve Speakers of note today:
    • Federal Reserve Governor Waller speaks at 8:00 a.m. EDT.
    • Federal Reserve Philadelphia President Paulson speaks at 7:00 p.m. EDT.
  • President Trump’s schedule for today:
    • Participates in Executive Time at 8:00 a.m. EDT.
    • Participates in a Policy Meeting at 11:00 a.m. EDT.
    • Press Briefing with Vice President JD Vance at 1:00 p.m. EDT.
    • Participates in a Policy Meeting at 3:00 p.m. EDT.
    • Signs Executive Orders at 4:30 p.m. EDT.
    • Participates with the First Lady in the Congressional Picnic at 7:15 p.m. EDT
  • Economic Data Out –
    • Weekly
      • API Petroleum Institute Data is due out at 4:30 p.m. EDT.
    • Monthly
      • April Pending Home Sales are due out at 10:00 a.m. and expected to rise to 1.60% from 1.50%.

M&A Activity & Daily: None of note.

Moving Average Table: 67% from 93% of Equities are Positive, and 0% from 0% Bonds are Positive. 

Meeting & Conferences of Note:

  • Sellside Conferences:
    • Barclays Leveraged Finance Conference
    • Benchmark Consumer Conference
    • Canaccord Global Metals & Mining Conference
    • Evercore Biotech Summit
    • JPM Global Technology, Media and Communications Conference
    • Keefe Real Estate Finance &Technology Conference
    • RBC Global Healthcare Conference
    • Truist Financial Services Conference
    • Wainwright BioConnect Investor mConference
    • Wolfe Global Transportation & Industrials Conference
  • Top Analyst, Investor: AAMI CCLD ENLT PLAY TARA TIC VRT of note.
  • Shareholder Meetings: JPM BHC PYPL UAL WD of note.
  • Fireside Chat: None of note.
  • FDA Presentation: None of note.
  • R&D Day: None of note.
  • Meetings:
    • Google’s I/O Developer Conference
    • LD Micro 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:  AGO BAP JAZZ PGNY STUB of note.
Downgrades: CRWD of note.