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Pre-market futures are mostly hanging onto gains following another up-day in the markets Thursday. Trading volume has slowed noticeably this week, as is wont to happen when indexes are at all-time highs and the outlook in certain key areas are murky. Only the small-cap Russell 2000 is -5 points at this hour; the Dow is +138, the S&P 500 — looking for its ninth-straight day in the green — is +10 and the tech-heavy Nasdaq +40 points.
Oil prices are down slightly again despite new sanctions on Iranian oil last night, as well as some staticky sabre-rattling from the head negotiator in Iran this morning. As always, it’s important to keep abreast of developments in the region, although we continue to see investors on a slightly bullish footing — there’s always a chance a peace agreement might be real this time. WTI stands at $87 per barrel (/bbl) and Brent crude is $92/bbl.
Leading the way this morning is Dell TechnologiesDELL, which is trading up +34% this morning following its blowout Q1 report after yesterday’s close. The company reported its fastest sales growth since it returned to the public market in 2018, with AI server revenues up more than +750% from a year ago. Customer count is +50% from six months ago and now above 5K. Shares are now up +273% over the past year. For more on DELL’s earnings, click here.
Trade & Inventories Results Improve Incrementally
Advanced U.S. Trade in Goods for April trimmed admirably to -$82.4 billion from a downwardly revised -$85.3 billion the previous month. Total Exports and Imports both rose in the month, by $8.5 billion and $5.6 billion, respectively, and that difference marks the improvement in the headline figure. Seasonally adjusted auto goods and food, feed & beverage both came in lighter month over month; everything else grew.
April Retail Inventories rose another +0.7%, +3.0% year over year to $827.3 billion. Wholesale Inventories gained +0.5% from an upwardly revised +1.5% for March. Durable goods were up +0.9% versus non-durables, which came in -0.2%. Total wholesale inventories tallied $938.6 billion.
What to Expect from the Market Today
While we are seeing higher highs virtually every day in market trading, there’s no denying volumes are coming down. We expect something similar on this final trading session of the week, as summer schedules begin to enter the picture. And, as we’ve come to expect, weekend news about the Strait of Hormuz are projected to continue dominating headlines. Investors look to continue hedging toward a peaceful outcome, if only to not be left in the dust by a surprise agreement.
After today’s opening bell, the Chicago Business Barometer for May is expected to tick up for the first time in three months, back above the crucial 50-level which depicts growth: 50.8. The 12-month high came in at 57.7 back in February. Generally speaking, however, we have been hovering around that 50 threshold for the better part of four years.
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Cousins Properties is benefiting from Sun Belt flight-to-quality, strong leasing and cash rent roll-ups, while recycling assets and repurchasing shares support 2026 FFO guidance and per share growth.
Carpenter Technology will gain from strong demand in its markets, cost-cutting initiatives and efforts to preserve liquidity. Acquisitions and investing in additive manufacturing will also aid growth.
Demand for zero trust security, expanding platform modules, AI initiatives, Z-Flex momentum, acquisitions and contracted visibility support Zscaler’s durable long-term growth.
Ralph Lauren's Q4 benefited from strong brand equity, digital ecosystem gains, and balanced regional growth. Its Next Great Chapter: Drive Plan also appears encouraging.
Columbia Sportswear gains momentum with its ACCELERATE strategy, strong brand innovation, cost-efficiency programs and solid financial health, positioning it for sustained growth ahead.
Oracle’s growing cloud business, AI database edge, strong cash flow and integrated solutions is expected to boost competitive position in the long haul.
Launch execution risks, intense competition, macroeconomic volatility and integration challenges could delay commercialization and weigh on profitability prospects.
Persistently mounting expenses due to higher commission fees are likely to limit KKR & Co.’s bottom-line growth. Its unfavorable ROE compared with the industry’s average is a concern.
Main Street’s expansion strategies will likely raise operating expenses in the near term, which is expected to hamper the bottom line. Regulatory constraints pose another headwind.
Blue Owl faces near-term pressure from private-credit liquidity strains and concerns about borrower quality. Delayed fee ramp-up timing and elevated expenses may pressure the company’s financials.
Starwood Property's growth momentum might be curtailed in the near term amid spread widening and interest rate volatility. Also, rising costs due to investment in franchises is another negative.
Ollie’s performance is inherently tied to macroeconomic dynamics, particularly its ability to attract value-conscious consumers during periods of economic softness.
Apple Intelligence integration, record Services, expanding enterprise tools, and payments reach support Apple’s recurring revenue, backed by ongoing shareholder capital returns.
American Eagle is well placed on cost-reduction efforts and brand progress. In the second half, the company expects to cycle tariffs and advertising investments.
AT&T is witnessing a healthy momentum in its core market areas, driven by strength in 5G and fiber, as it aims to better harness edge computing capabilities with core business focus.
Strength across all product groups is a positive catalyst for Edwards Lifesciences. The company’s bullish long-term growth strategy buoys optimism on the stock.
Amgen’s key medicines like Evenity and Repatha as well as newer medicines like Tavneos and Tezspire are driving sales, more than offsetting declining revenues from oncology biosimilars and legacy established products such as Enbrel
US market leadership, disciplined pricing, recurring software revenue, steadier China profits, and sustained buybacks support returns for shareholders amid cyclical uncertainty.
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