Morning Note - 04/06/26: Volatile Overnight Session, Stocks Mixed.

Overnight Summary & Early Morning Trading:

• The S&P 500 finished Thursday higher by 0.11% at 6582.69 from Wednesday higher by 0.72% at 6575.32.

• The S&P 500 sees support now at 6500 from 6300. Resistance is now at 6600 from 6400. A gain of two levels from Monday.

• S&P 500 hit its fourth All-Time Closing High of 2026 on 1/27/26. It has been over one month since a new all-time high.

• Futures are higher this morning by +7 at 6629.50 on the SP 500 around 6:15 a.m. EDT.

• Bond Market is higher today on price with the 10-Year Yield at 4.368% from 4.287%.

Executive Summary:

• Stocks finally had an up week, 3.36%, after having lost -4.63% in the last five weeks and -9.09% since the peak in January on the S&P 500. We are not out of the “Danger Zone”.

• U.S. moves into Week Six of its attack on Iran. Key to this week is the conflict making progress on a ceasefire.

• We have written in Erlanger Research and Market Rebellion Squeeze Play Pro about an A B C formation. Until Tuesday morning, we were in a A Wave to the downside and then moved into a B Wave to the upside. The past three days have seen the S&P 500 move higher by 3.77% and are still in the B Wave thanks to Thursday 108 point rally in shortly after the open.

Key Events of Note Today:

• Economic news of note is still backed up due to the government shutdown, but we will be producing what is scheduled to be reported.

  • Weekly - None of note.

  • Monthly - ISM Non-Manufacturing out at 10:00 a.m. EDT.

• Fed Speakers of Note today: None of note

• President Trump’s schedule:

  • Participates in Executive Time at 8:00 a.m. EDT.

  • Participate in the White House Easter Egg Roll at 10:00 a.m. EDT.

  • Holds a Press Conference at 1:00 p.m. EDT.

  • Participates in a Policy Meeting at 2:30 p.m. EDT.

  • Participates in a Passover Greeting with Jewish Community Leaders at 3:30 p.m. EDT.

Notable Earnings Out After The Close:

• Beats: PENG +0.10 of note.

• Misses: None of note.

• Flat: None of note.

Capital Raises:

• IPOs For The Week: None of note.

• New IPOs/SPACs launched/News: None of note.

• IPOs Filed/Priced: None of note.

• Secondaries Filed Or Priced:

  • AREB: Form S-1.. 1,196,670 Shares of Common Stock.

  • AUUD: Form S-1.. Up to 2,201,834 Shares of Common Stock.

  • FBLG Closing of $3 Million Public Offering.

  • HOTH Closing of $2.0 Million Registered Direct Offering.

  • KLRS: Form S-3.. 5,000,000 Shares.

  • LYEL: Form S-3.. 1,952,360 Shares of Common Stock.

  • RLMD: Form S-3.. 33,685,096 Shares of Common Stock.

  • TPET: Form S-3.. 1,359,024 Shares 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.

• Selling Shareholders:

  • IMUX files for 458,152,000 share common stock offering by selling stockholders, relates to warrants.

  • ONDS files prospectus supplement; relates to filing of 4,400,561 common stock offering by selling shareholders.

• Private Placements: None of note.

• Mixed Shelf Offerings:

  • ORKA files for $1 billion mixed securities shelf offering.

  • KLRS: Form S-3.. $350,000,000 Mixed Shelf.

  • TWAV: Form S-3.. $100,000,000 Mixed Shelf.

  • VELO: Form S-3.. $500,000,000 Mixed Shelf.

News After The Close:

• 10K or 10Q Delays -AFJK KRMN of note.

• Starbucks (SBUX) and Boyu Capital finalize joint venture to accelerate long term growth in China.

• GD awarded a $1.26 billion modification to a previously awarded US Navy contract.

• Atmus Filtration (ATMU) will replace Air Lease (AL) in the S&P SmallCap 600 effective prior to the opening of trading on Thursday, April 9.

• Embraer SA (EMBJ) delivered 44 aircraft in 1Q26, up 44% yr/yr.

• Nonfarm Payroll was released on Friday and came in at 178,000 with the unemployment rate at 4.3%. 64,000 people left the workforce.

• Over the weekend, President Trump says U.S. will strike power plants and bridges in Iran Tuesday at 8:00 PM ET unless Strait of Hormuz is reopened; says Iran’s leaders will be “living in hell”.

Buybacks: None of note.

Executive, Corporate Changes:

• ZM discloses that COO Aparna Bawa intends to resign effective May 8, 2026.

• AVGO hires Alphabet exec Amie Thuener as its new CFO.

• TFSL announces that CFO Meredith Weil will retire from her position, effective January 2027.

• CABO discloses that COO Kenneth Johnson will step down, effective May 1, 2026.

Dividends Announcements or News:

• Top Names Ex-Dividend Today: JPM ROP BBDO BBD DGX OGE CMC RITM THO of note.

• Top Names Ex-Dividend Tuesday: BNS EIX DG ERIE SFD MTCH GBCI CUZ WLY SLVM PFBC UPBD of note.

What’s Happening This Morning: (as of 7:30 a.m. EDT)

• Futures S&P 500 +3, NASDAQ 100 +69, Dow Jones -71. Europe is mixed while Asia is mixed. Bond yield is at 4.362% from 4.364% 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 flat against the Yen. Bitcoin is at $69,689 higher by +3.47% up $2344 from $66,332 lower by -2.68% down $1835.

Sector Action:

• Daily Positive Sectors: Real Estate, Energy, Technology, Utilities were higher.

• Daily Negative Sectors: Consumer Consumer Cyclical were 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.

• Tuesday Before The Open: None of note.

Notable Earnings of Note This Morning:

• Beat: None of note.

• Missed: None of note.

• Flat: None of note.

• Still to Report: None 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%):

• GapUp: SLNO +29.9%, AAOI +6.4%, PLTK +4%, RLAY +3.2%, RIOT +2.6% of note.

• GapDown: WW -2.2%, TFSL -2% of note.

Insider Action: WCC NMM see Insider Buying with dumb short selling. FBGI see Insider Buying with smart short sellers. Above $100,000 in purchases with high shorts but no history: 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: Jamie Dimon warns of higher inflation, interest rates from Iran War. (WSJ)

• Bloomberg Lead:. Trump;s New Dealine Looms, Mediators push for truce. (Bloomberg)

• Markets Wrap: Futures gain on report of ceasefire push. (Bloomberg)

• NY Times Lead Story: As Trump Ultimatum Looms, Tehran vos wto step up attacks. (NYT)

• USA Today: Trump tells Iran to open Strait of Hormuz. (USA Today)

Economic & Geopolitical:

• Federal Reserve Speakers of note today: None of note.

• President Trump’s schedule for today:

  • Participates in Executive Time at 8:00 a.m. EDT.

  • Participate in the White House Easter Egg Roll at 10:00 a.m. EDT.

  • Holds a Press Conference at 1:00 p.m. EDT.

  • Participates in a Policy Meeting at 2:30 p.m. EDT.

  • Participates in a Passover Greeting with Jewish Community Leaders at 3:30 p.m. EDT.

• Economic Data Out -

  • Weekly -

    • None of Note

  • Monthly -

    • Non-ISM Manufacturing Index is out at 10:00 a.m. EDT and expected to fall to 54.90% from 56.10%.

M&A Activity & Daily Changes: NBIX will buy SLNO for $53 a share in cash.

Moving Average Table: 57% from 53% of Equities are Positive, and 40% from 48% Bonds are Positive.

Meeting & Conferences of Note:

• Sellside Conferences: None of note.

• Top Analyst, Investor: PATH of note.

• Shareholder Meetings: CTXR IMMR ONFO of note.

• Fireside Chat: None of note.

• FDA Presentation: None of note.

• R&D Day: None of note.

• Meetings:

  • AACR

  • Heart Rhythm Society scientific meeting

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.

• Upgrades: AMKR BOOT KTOS TWLO of note.

• Downgrades DOW of note.