S&P 500 – 7,398.93 (+0.84%)

Dow Jones – 49,609.16 (+0.02%)

NASDAQ – 26,247.08 (+1.71%)

• Market Performance & Weekly Rally: The S&P 500 extended its winning streak to six straight weeks, supported by stronger-than-expected labor data and improving risk sentiment tied to optimism around a potential Iran peace agreement. Gains were led by technology stocks, particularly semiconductors and AI-related names, while defensive sectors like healthcare lagged. Treasury yields eased, with the 10-year near 4.36%, and the U.S. dollar weakened.
• Jobs Data & Economic Signals: The U.S. economy added 115,000 jobs in April, well above expectations of 55,000, while unemployment remained steady at 4.3%. Job openings declined modestly but remained above forecasts, and services activity stayed in expansion territory. Inflation pressures persisted, with elevated input prices continuing to signal sticky cost conditions even as growth remained stable.
• Geopolitics & Oil Market Impact: Markets continued to track developments around the Iran conflict, with U.S. officials maintaining that recent military strikes do not alter the ceasefire outlook. Investors are watching for progress on a broader peace framework, while oil prices remain elevated above $90 per barrel, reflecting lingering supply risk concerns.
• Health & Prediction Markets (Hantavirus Risk): Prediction markets continue to assign relatively low odds to a global hantavirus emergency despite heightened attention following a cruise ship-linked outbreak. Health authorities are monitoring cases across multiple countries, but official assessments still categorize the overall global risk as low, even as trading activity in related contracts has picked up sharply.
• Crypto Regulation & Policy Debate: The Senate Banking Committee is preparing to vote on a major cryptocurrency bill that would establish rules for stablecoins and broader digital asset oversight. The proposal has intensified debate between banks and crypto firms, with disagreements centered on whether stablecoin rewards could resemble traditional banking products. The bill remains politically divided ahead of potential floor consideration.
• Corporate Earnings & Market Drivers: Earnings season remains a key driver of market direction, with roughly 80% of S&P 500 companies reporting and overall earnings growth tracking above 25%. Strong results and guidance from select tech and software companies helped lift sentiment, while weaker outlooks in more cyclical sectors highlighted growing dispersion across industries.
• Big Tech & Software Movers: Technology stocks saw significant divergence. Datadog surged on strong results, Akamai jumped on a major AI infrastructure deal, and Block rallied after beating earnings and raising guidance. In contrast, Cloudflare fell sharply despite strong demand trends due to layoffs tied to AI efficiency gains, while Trade Desk declined after weak guidance and analyst downgrades.
• Consumer & Cyclical Weakness: Whirlpool stood out on the downside after warning that the Iran conflict triggered a “recession-level” decline in appliance demand. The company cut its full-year outlook, suspended its dividend, and highlighted weakening consumer confidence and higher energy costs as key pressures on big-ticket spending.
• IPO & Capital Markets Activity: Inspire Brands, owner of Dunkin’ and Buffalo Wild Wings, confidentially filed for a potential IPO that could value the company at around $20 billion. The move signals renewed activity in capital markets despite a still-cautious IPO environment, with other major listings also being considered across sectors.
• Legal & Data Privacy Developments: General Motors agreed to pay $12.75 million to settle allegations that it improperly collected and sold driver data through its connected services platform. The settlement requires GM to stop certain data-sharing practices, delete stored data without consent, and restrict future sales of driver information, reflecting increasing regulatory scrutiny of consumer data use.
• Crypto Market Performance: The Bitwise 10 Large Crypto Index rose 2% on the week, while Bitcoin gained roughly 33% from its early February lows, extending its broader recovery trend alongside improving risk appetite in digital assets.

_____________________________________________________________

“A virus is simply a piece of bad news wrapped up in protein.”

— Peter Medawar

_____________________________________________________________

Notable Stocks

• Rocket Lab (RKLB)
• Qualcomm (QCOM)
• Innodata Inc. (INOD)
• Nvidia (NVDA)
• Dell Technologies (DELL)

Weekly Notables

Inspire Brands, Owner of Dunkin’ and Buffalo Wild Wings, Files Confidentially for IPO

Inspire Brands, the parent company of chains including Dunkin' and Buffalo Wild Wings, announced Friday that it has confidentially filed for an initial public offering (IPO). If completed, the offering could become one of the largest restaurant IPOs in history. Private equity firm Roark Capital, which backs Inspire Brands, is reportedly targeting a valuation of approximately $20 billion.

Whirlpool Warns Iran Conflict Triggered ‘Recession-Level’ Slowdown as Shares Sink 12%

Whirlpool Corporation shares dropped 12% after the appliance maker warned that the conflict involving Iran has triggered a sharp downturn in U.S. consumer demand, particularly for large household purchases. The company said the Iran war caused a “recession-level industry decline” in the United States as consumer confidence weakened significantly in late February and March.

Earnings Spotlight: Alibaba Group (BABA)

Alibaba Group (BABA) is set to report its Q4 2026 and full fiscal year results on May 13, 2026. Analysts expect earnings of approximately $0.89 per share on revenue of $35.81 billion. In the previous quarter (Q3 2026), Alibaba missed earnings estimates with a reported EPS of $1.01 vs. $1.73 est. due to high AI investments

What's Ahead

Economic:

• Monday (May 11): Existing Home Sales
• Tuesday (May 12): Consumer Price Index (CPI), Treasury Budget
• Wednesday (May 13): Producer Price Index (PPI), EIA Crude Oil Inventories, MBA Mortgage Applications Index
• President Trump is scheduled to meet with President Xi Jinping in China on 5/14-15
• Thursday (May 14): Business Inventories, Continuing Claims, EIA Natural Gas Inventories, Export Prices, Import Prices, Initial Claims, Retail Sales
• Friday (May 15): Capacity Utilization, Empire State Manufacturing, Industrial Production

Earnings:

• Monday (May 11): AECOM (ACM), AST SpaceMobile Inc. (ASTS), Barrick Mining Corp. (B), Circle Internet Group Inc. (CRCL), Constellation Energy Corp. (CEG), Figure Technology Solutions Inc. (FIGR), Fox Corp. (FOXA), ICON PLC (ICLR), Mosaic Co. (MOS), Ovintiv Inc. (OVV), Petroleo Brasileiro SA Petrobras (PBR), Simon Property Group (SPG)
• Tuesday (May 12): Aramark (ARMK), CAE Inc. (CAE), Ecopetrol SA (EC), Franco-Nevada Corp. (FNV), JD.com (JD), Karman Holdings Inc. (KRMN), Nextpower Inc. (NXT), Oklo Inc. (OKLO), On Holding AG (ONON), PagSeguro Digital Ltd. (PAGS), Qnity Electronics Inc. (Q), Sea Ltd. (SE), Venture Global Inc. (VG)
• Wednesday (May 13): Alibaba Group Holding Ltd. (BABA), Birkenstock Holdings PLC (BIRK), Celcuity Inc. (CELC), Cisco Systems Inc. (CSCO), Dynatrace Inc. (DT), Korea Electric Power Corp. (KEP), Nebius Group NV (NBIS), Takeda Pharmaceutical Co. (TAK), Tower Semiconductor Ltd. (TSEM), USA Rare Earth Inc. (USAR)
• Thursday (May 14): Applied Materials Inc. (AMAT), Brookfield Corp. (BN), Bullish (BLSH), Dillard's Inc. (DDS), Credicorp Ltd. (BAP), Figma Inc. (FIG), KE Holdings Inc. (BEKE), NetEase Inc. (NTES), NU Holdings Ltd. (NU), Viking Holdings Ltd. (VIK)
• Friday (May 15): Alumis Inc. (ALMS), Arrivent Biopharma Inc. (AVBP), Flowers Foods Inc. (FLO), H World Group Ltd. (HTHT), RBC Bearings Inc. (RBC), RLX Technology Inc. (RLX), Xpeng Inc. (XPEV)