The S&P 500 Index ($SPX) (SPY) is up +0.74% today, the Dow Jones Industrial Average ($DOWI) (DIA) is up +0.57%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +1.20%. June E-mini S&P futures (ESM26) are up +0.70%, and June E-mini Nasdaq futures (NQM26) are up +1.16%.
Stock indices are moving higher today, with the Nasdaq 100 reaching a new all-time high. Strength in technology stocks and weakness in crude oil prices are supporting the broader market today. Intel is leading chipmakers, rising more than +13% after Apple said it has held exploratory discussions with Intel as well as Samsung Electronics to produce main processors for its devices in the US. Additionally, WTI Crude is down more than -4% today as geopolitical risks appear to be easing as the ceasefire in the Middle East continues.
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Stocks continued their gains today due to mixed US economic reports. March new home sales and March job growth were better than expected, but the April ISM services index was weaker than expected.
The U.S. March trade deficit widened to $60.3 billion from $57.8 billion in February, below expectations of $61.0 billion.
The US April ISM services index fell -0.4 to 53.6, slightly weaker than expected from 53.7. ISM prices paid in April were unchanged at 70.7, weaker than expected to rise to 73.5.
US new home sales in March rose +7.4% month over month to 682,000, stronger than expected at 652,000.
US March job openings fell -56,000 to 6.866 million, a smaller decline than expected from 6.850 million.
Relative calm returned to the Persian Gulf today following exchanges of fire between US and Iranian forces in the Strait of Hormuz on Monday and Iran launching missiles and drones towards the United Arab Emirates (UAE). Iranian Foreign Minister Abbas Araghchi said talks with the US were “making progress” and said the events in Hormuz made clear that “there is no military solution to a potential crisis.” Mr Araghchi is visiting China today for talks on regional and international developments. The US is pressuring China to help persuade Iran to reopen the Strait of Hormuz, as China buys almost all of Iran’s oil exports.
President Trump said the US will begin evacuating some neutral ships stuck in the Persian Gulf through the Strait of Hormuz. US Central Command said it would provide military support, including guided-missile destroyers, aircraft and drones, to ships passing through the strait.
WTI crude oil prices (CLM26) are down more than -4% today as calm returns to the Persian Gulf following Monday’s exchange of gunfire in the Strait of Hormuz between the US and Iran. US Central Command said US forces had opened a route through the strait, and US helicopters had destroyed small boats trailing commercial ships. The strait remains essentially closed, as about one-fifth of the world’s oil and liquefied natural gas passes through the strait. Goldman Sachs estimates that the current disruption has shaved about 500 million bbl from global crude reserves, with the drawdown potentially reaching 1 billion bbl by June.
Markets are discounting a -6% chance of a -25bp FOMC rate cut at the next FOMC meeting on June 16-17.
Earnings results have been supportive for stocks so far this reporting season. To date, 82% of the 322 S&P 500 companies that have reported Q1 earnings have beaten estimates. According to Bloomberg Intelligence, Q1 S&P 500 earnings are projected to increase +12% year over year. Excluding the technology sector, Q1 earnings are projected to grow about +3%, the weakest in two years.
Foreign stock markets are high today. The Euro Stoxx 50 is up +1.21%. There was no trading in China’s Shanghai Composite, markets in China remained closed due to Labor Day holiday. Japan’s Nikkei Stock Average was not traded as markets in Japan were closed for the Children’s Day holiday.
interest rates
June 10-year T-notes (ZNM6) are up +6 ticks today. The 10-year T-note yield declined by -2.1bp to 4.417%. June T-notes found support from falling crude oil prices today as WTI crude oil is down over -4%, reducing inflation expectations. T-notes also got support today from a weaker than expected ISM services report for April. The strength in equities today has dampened safe-haven demand for government debt securities and limited gains in T-notes.
European government bond yields are mixed today. The 10-year German Bund yield declined by -1.3bp to 3.074%. 10-year UK gilt yields hit a 6-week high of 5.102% and rose +11.7bp to 5.081%.
Swaps are discounting a 96% chance of a +25bp ECB rate hike at its next policy meeting on June 11.
US Stock Movers
Intel (INTC) is up more than +13%, leading the S&P 500 and Nasdaq 100 and also leading chipmakers and AI-infrastructure stocks after Apple said it has had exploratory discussions about using the company as well as Samsung Electronics to produce main processors for its devices in the US. Additionally, Micron Technology (MU) is up more than +10%, and SanDisk (SNDK) is up more than +8%. Additionally, Western Digital (WDC) is up more than +7%, and Lam Research (LRCX), Qualcomm (QCOM), and Seagate Technology Holdings PLC (STX) are up more than +5%. Finally, Applied Materials (AMAT) is up more than +3%, and ASML Holding NV (ASML), Advanced Micro Devices (AMD), and Microchip Technology (MCHP) are up more than +2%.
Waters Corp (WAT) is up more than +13% after reporting first-quarter sales of $1.275 billion, bettering the consensus of $1.20 billion and raising its full-year sales forecast by +6.5% to +8.0% from the previous estimate of +5.5% to +7.0% at constant exchange rates.
Rockwell Automation (ROK) is up more than +11% after reporting Q2 adjusted EPS of $3.30, well above the consensus of $2.88, and raised its full-year adjusted EPS forecast to $12.50-$13.10 from the previous forecast of $11.40-$12.20, which is better than the consensus of $12.10.
Pinterest (PINS) is up more than +11% after reporting Q1 revenue of $1.01 billion, stronger than the $965.7 million consensus.
DuPont de Nemours (DD) is up more than +9% after raising its full-year net sales forecast to $7.16 billion from $7.22 billion, up from the previous forecast of $7.08 billion to $7.14 billion, topping the consensus of $7.10 billion.
Revvity Inc. (RVTY) is up more than +7% after reporting Q1 revenue of $711 million, topping the consensus of $704.1 million.
Archer-Daniels-Midland (ADM) is up more than +5% after reporting Q1 adjusted EPS of 71 cents, above the consensus of 65 cents, and forecast full-year adjusted EPS of $4.15 to $4.70, the midpoint above the consensus of $4.23.
Inspire Medical Systems (INSP) is down more than -16% after cutting its full-year revenue outlook to $825 million to $875 million from a previous estimate of $950 million to $1.0 billion.
Westlake Corp (WLK) is down more than -10% after reporting first-quarter net sales of $2.65 billion, which fell short of the $2.80 billion consensus.
PayPal Holdings (PYPL) is down more than -8% to lead losses in the S&P 500 and Nasdaq 100 after CEO Lores said it will still take “a few months” to fully define future plans for the company.
Fiserv (FISV) is down more than -6% after reporting adjusted revenue of $4.68 billion in the first quarter, falling short of the $4.73 billion consensus.
Duolingo (DUOL) is down more than -6% after reporting Q1 paid subscribers of 12.50 million, below consensus of 12.66 million, and forecast full-year bookings of $1.28 billion, below consensus of $1.29 billion.
Aptiv PLC (APTV) is down more than -5% after cutting its full-year net sales estimate to $12.80 billion to $13.20 billion from the previous forecast of $21.12 billion to $21.82 billion.
Eaton (ETN) has fallen more than -3% after estimating Q2 adjusted EPS of $3.00 to $3.10, below the consensus of $3.14.
Income Report(5/5/2026)
Advanced Micro Devices Inc. (AMD), Ameren Corp. (AEE), American Electric Power Co. Inc. (AEP), Aptiv PLC (APTV), Archer-Daniels-Midland Co. (ADM), Arista Networks Inc. (ANET), Assurant Inc. (AIZ), Ball Corp. (BALL), Corteva Inc. (CTVA), Coterra Energy Inc. (CTRA), Cummins Inc. (CMI), Davita Inc. (DVA), Devon Energy Corp (DVN), Duke Energy Corp (DUK), DuPont de Nemours Inc (DD), Eaton Corp PLC (ETN), Electronic Arts Inc (EA), Emerson Electric Co (EMR), EOG Resources Inc (EOG), Expeditors International of Washington (EXPD), Fiserv Inc (FISV), Gartner Inc (IT), Healthpeak Properties Inc (DOC), Henry Schein Inc (HSIC), Huntington Ingalls Industries (HII), IDEXX Laboratories Inc (IDEXX), International Flavors & Fragrances (IFF), IQVIA Holdings Inc (IQV), Jack Henry & Associates Inc (JKHY), Jacobs Solutions Inc (J), KKR & Company Inc (KKR), Leidos Holdings Inc (LDOS), Live Nation Entertainment Inc. (LYV), Lumentum Holdings Inc. (LYTE), Marathon Petroleum Corp. (MPC), Occidental Petroleum Corp. (OXY), PayPal Holdings Inc. (PYPL), Pfizer Inc. (PFE), Prudential Financial Inc. (PRU), Public Service Enterprise Group (PEG), Revit Inc. (RVTY), Rockwell Automation Inc. (ROK), Skyworks Solutions Inc. (SWKS), Solventum Corp (SOLV), Super Micro Computer Inc (SMCI), TransDigm Group Inc (TDG), Waters Corp (WAT), WEC Energy Group Inc (WEC).
On the date of publication, Rich Asplund did not have (directly or indirectly) any positions in any securities mentioned in this article. All information and data in this article is for informational purposes only. Please see the Barchart Disclosure Policy here for more information.
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