Morning Note - 05/29/26: Stocks Refuse to Bend
Overnight Summary and Early Morning Trading:
The S&P 500 finished Thursday higher by 0.58% at 7563.63 from Wednesday higher by 0.02% at 7520.36.
The S&P 500 sees support now at 7500 from 7400. Resistance is now at 7600 from 7500. In the last two months, support has moved from 6300 to 7500.
S&P 500 hit its 21st All-Time Closing High of 2026 yesterday.
Futures are higher this morning by +6.50 (+0.09%) at 7588.25 on the SP 500 at 6:35 a.m. EDT.
Bond Market is higher today on price with the 10-Year Yield at 4.445% from 4.495%.
Executive Summary:
Stocks had an eighth up week, with the S&P 500 gaining 17.81% in the last eight weeks. We are now up 7.10% since the peak in January on the S&P 500 as of last Friday’s close.
U.S. moves into Week 14 of its attack on Iran. Key to this week is to see if an end to the war can be negotiated.
Top 10 Decrease in Shares Short for NYSE and NASDAQ Stocks (from Erlanger Chartroom)
Key Geopolitical Events of Note:
Economic news of note.
Weekly - Baker Hughes Rig Count of note.
Monthly - Chicago PMI of note
Fed Speakers of Note today: None of note
President Trump’s schedule:
Participates in Executive Time at 8:00 a.m. EDT.
Receives the Intelligence Briefing at 11:00 a.m. EDT.
Participates in a Policy Meeting at 1:30 p.m. EDT.
Participates in a Policy Meeting at 2:30 p.m. EDT.
Signs Executive Orders at 3:30 p.m. EDT.
Participates in a Policy Meeting at 4:30 p.m. EDT.
Notable Earnings Out After The Close:
Beats: DELL +1.90, VSAT +0.28, NTAP +0.16, ADSK +0.15, HQY +0.13, MDB +0.13, PD +0.07, OKTA +0.06, ESTC +0.05, AEO +0.02, ASAN +0.02, S +0.02, AMBA +0.01 of note.
Misses: COST -0.05, PATH -0.01 of note.
Flat: None of note.
Capital Raises of Note/Pricings:
IPO Filings: None of note.
Secondaries Filed Or Priced:
KRMN announces launch of secondary offering of common stock.
TARA enters sales agreement for up to $100 million of common stock.
CLIR - Proposed Public Offering of Common Stock.
MDLN - closing of upsized secondary offering of Class A common stock.
OTLK - Pricing of $5.0 Million Registered Direct Offering Priced At-the-Market Under Nasdaq Rules.
Notes Filed Or Priced:
HWM: Form S-3ASR.. Senior Debt Securities.
RWAY - Prices Offering of 7.00% Notes due 2029.
WS - Prices $700 Million Senior Secured Notes Offering.
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.
Private Placements: None of note.
Selling Shareholders:
CODX: Form S-3.. 4,942,341 Shares of Common Stock Offered by the Selling Stockholders.
Mixed Shelf Offerings:
AGO: Form S-3ASR Mixed Shelf.
ONB files mixed securities shelf offering.
NIXX: Form S-3.. up to $100,000,000 Mixed Shelf.
After The Close:
Jana Partners pressures Alkami (ALKT) to restart sales process as takeover interest resurfaces.
Regeneron (REGN) Ebola antibody recommended by World Health Organization for investigational use in response to current Bundibugyo Ebolavirus outbreak.
Autodesk (ADSK) to acquire MaintainX in all-cash transaction valued at $3.6 billion, advancing unified platform in operations.
Costco (COST) missed by $0.05 but same store sales rose +6.6%.
SentinelOne (S) reduction of 8% of company’s full-time employees reduction of 8% of company’s full-time employees.
Apollo Group (APO) seeks investors for $36 bln debt deal backing Anthropic’s Google chip purchase. (Bloomberg)
ETSY entered into a letter agreement with eBay (EBAY) for the sale of Depop, an Etsy subsidiary, on May 21, 2026.
LMT awarded a $200.8 mln Navy contract and a a not-to-exceed $180 million Army contract.
10-Q Delays: BRUN
Thursday’s Winners:
DELL +29.5%, NTAP +14.5%, PD +12.6%, MDB +9.6%, OKTA +8.8%.
Thursday’s Losers:
S -18.5%, GAP -13.4%, AEO -10.9%, ESTC -9.1%, ADSK -5.4%.
Executive, Corporate Changes:
PD names John DiLullo as Chief Executive Officer, effective May 11, 2026. DiLullo succeeds Jennifer Tejada, who has served as CEO since 2016 and has transitioned to Executive Chair of the Board of Directors.
CLX Board of Directors to initiate comprehensive CEO search process, as Linda Rendle, current CEO, has decided to step down.
ERII announces current Board of Directors member Alex Buehler has been named Interim President and CEO, effective immediately, until the permanent position has been filled.
HUBG announces that Todd Heeter has been appointed Chief Financial Officer and Treasurer on an interim basis.
ISRG promotes Taylor Patton to Chief Commercial and Marketing Officer, effective July 1.
UTZ announces resignation of Mitchell Arens, Chief Integrated Supply Chain Officer and Principal Operating Officer, effective June 19, 2026.
Dividend Announcements:
Top Names Ex-Dividend Friday: SCYX SLXN HKIT of note.
Top Names Ex-Dividend Monday: None of note.
Buybacks:
PD commits to a $100 million buyback.
LOCO to repurchase up to $40 million of its common stock.
AMBA authorizes a new $50 million share repurchase program through June 30, 2027.
What Happening This Morning:
Futures S&P 500 +11.50, NASDAQ 100 +60.50 Dow Jones +118. Europe is higher while Asia is mixed Bond yield is at 4.445% from 4.502% on the 10-Year. Crude Oil and Brent Crude are lower with Natural Gas higher. Gold is higher with Silver and Copper lower. The U.S. Dollar is higher versus the Euro, higher against the Pound and higher against the Yen. Bitcoin is at $73,565 from $73,211.
Sector Action:
Daily Positive Sectors: Technology, Healthcare, Materials and Consumer Cyclicals were the leaders.
Daily Negative Sectors: Utilities, Consumer Defensive, Financials and Real Estate 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
Friday Before The Open: None of note
Notable Earnings of Note This Morning:
Beat : BKE+0.18 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 - DELL MDB NTAP of note.
Mixed - None of none.
Negative or Mixed Guidance: After The Close & This Morning - ASAN ADSK HQY OKTA PD S PATH of note.
Advance/Decline Daily Update:
Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%):
Gap Up: DELL +37%, NTAP +17.7%, PD +12.1%, ARTV +10.4%, CHA +9.4%, OKTA +7.5%, NXT +6.6%, SCOR +5.8%, MDB +5%, NUAI +3.7%, ASUR +3.2%, SPRB +3%, METC +2.3%of note.
Gap Down: S -17.1%, GAP -16.8%, AEO -11.2%, AIRJ -8.8%, ESTC -7.4%, VSAT -7.4%, ADSK -6.2%, KRMN -5.5%, PLUS -4.1%, HUBG -3.5%, FLY -2.8%, PATH -2.8%, ENS -2.3%, WT -2.1% of note.
Insider Action: RLI HLNE see Insider Buying with dumb short selling.SCHW 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: White House Whipsaws on Iran Deal. (WSJ)
NY Times Lead Story: US and Iran Trade Strikes, Threatening End to Negotiations. (NYT)
USA Today: VIctoria Secret Changes Its Name on Wall Street, VSXY . (USA Today)
Bloomberg: SpaceX Cuts Valuation to $1.8 Trillion. (Bloomberg)
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.
Receives the Intelligence Briefing at 11:00 a.m. EDT.
Participates in a Policy Meeting at 1:30 p.m. EDT.
Participates in a Policy Meeting at 2:30 p.m. EDT.
Signs Executive Orders at 3:30 p.m. EDT.
Participates in a Policy Meeting at 4:30 p.m. EDT.
Economic Data Out -
Weekly
Baker Hughes Rig Count out at 1:00 p.m. EDT.
Monthly
May Chicago PMI is due out at 9;45 a.m. EDT and expected to improve to 49.50 from 49.20.
M&A Activity & Daily: None of note.
Moving Average Table: 100% from 100% of Equities are Positive, and 68% from 56% Bonds are Positive.
Meeting & Conferences of Note:
Sellside Conferences:
Bernstein Strategic Decisions Conference
Top Analyst, Investor: None of note.
Shareholder Meetings: None of note.
Fireside Chat: None of note.
FDA Presentation: None of note.
R&D Day: None of note.
Meetings:
ASCO of note.
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: AWK FRT S SNOW WTRG of note.
Downgrades: None of note.