Summary
Equities were mostly higher on the week, with the Nasdaq leading at +3.67%, the S&P 500 adding +1.78%, and the Dow slipping -0.11%, while the 10-year Treasury yield edged up +2 bps to 4.39%. Economic data was mixed but showed pockets of strength, as manufacturing activity hit its best expansionary reading since May 2022, factory orders beat estimates, and New Home Sales surged +7.4%, though ADP payrolls missed forecasts, jobless claims ticked higher, and mortgage applications fell for a second straight week. The Fed held rates steady, with Boston Fed President Susan Collins distancing herself from post-meeting language markets read as signaling future cuts, while Kevin Warsh is set to lead the June meeting and markets price in no cuts until Q2 2027. On the corporate side, AMD surged +18% on blowout earnings, Disney rose 7% on streaming and parks strength, and Corning jumped +12% on a major Nvidia investment, while Palantir shed -7% despite beating estimates and Spirit Airlines ceased operations after government bailout talks collapsed. In broader markets, gold and silver climbed +1.5% and +4.1% respectively, Bitcoin gained +2.5%, and WTI crude slumped -4.6% on news of a proposed U.S. deal with Iran to reopen the Strait of Hormuz.
10-Year Treasury Yield
- Current Rate: 4.39% (as of May 7, 2026)
- Week-to-Date Movement: +2bps (from 4.37% on April 30, 2026)
Major U.S. Equity Indices Performance
- S&P 500: 7,209.01 → 7,337.11 (+1.78% WTD)
- Dow Jones Industrial Avg: 49,652.14 → 49,596.97 (-0.11% WTD)
- Nasdaq Composite: 24,892.31 → 24,806.20 (+3.67% WTD)
Notable Market Events
Macroeconomic Data:
The S&P Global U.S. Manufacturing PMI came in at 54.5 in April, topping the 54.0 estimate and marking the sector’s strongest expansionary reading since May 2022, while Factory Orders rose +1.5% month over month in March, well ahead of the +0.6% consensus, and new orders for durable goods climbed +0.8%, in line with expectations. The S&P Global U.S. Services PMI registered 51.0 in April, just shy of the 51.3 estimate, reflecting a tentative recovery as geopolitical pressures continued to weigh on energy consumers and keep commodity prices elevated. New Home Sales surged to 682,000 units in March from 635,000 the prior month, a +7.4% monthly gain, and Construction spending rose +0.6% after a -0.2% decline in February. On the labor front, Job openings held at 6.86 million in March, marginally above the 6.85 million estimate but below the revised 6.92 million from February; ADP private payrolls came in at 109,000, missing the 120,000 forecast but a marked improvement over the prior month’s 61,000; Challenger job cuts totaled 83,337 in April, above the 70,000 estimate though down -20.9% year over year; Initial jobless claims ticked up to 200,000 for the week ending May 2nd from 190,000 the prior week; and MBA Mortgage Applications fell -4.4%, extending their decline for a second consecutive week.
Economic Policy:
Federal Reserve Bank of Boston President Susan Collins, in a recent interview, expressed support for the dissenters at last week’s monetary policy meeting, who took issue with language in the Fed’s post-meeting statement that implied rate cuts remain the likely next move. While Collins described herself as “strongly supportive” of the decision to hold rates steady, she distanced herself from the statement’s wording, which many interpreted as presupposing that reductions would eventually follow. Separately, Kevin Warsh is expected to lead Fed policymakers at their next meeting, scheduled for June 16th through June 17th, as markets continue to price in no rate cuts until Q2 2027.
Business:
Spirit Airlines announced Saturday that it has ceased operations after bailout talks with the U.S. government as the company’s fundamentals continued to deteriorate. AMD (NYSE: AMD) shares soared +18% on Wednesday after the company reported stronger than expected earnings, driven by +38% revenue growth year over year, fueled by its data center business. Disney (NYSE: DIS) rose +7% on Wednesday as streaming and parks revenue contributed to a quarterly beat. Corning (NYSE: GLW) surged +12% on Wednesday following news that Nvidia (NYSE: NVDA) is investing up to $3.2 billion in a major optical fiber deal that includes three new factories focused on AI infrastructure. Palantir (NYSE: PLTR) fell roughly -7% on Tuesday despite topping Wall Street estimates and issuing better than expected guidance.
Markets:
Risk assets were mostly higher on the week. Spot gold and silver jumped +1.5% and +4.1% respectively, while Bitcoin and the dollar rose +2.5% and +0.1% respectively. WTI crude oil slumped -4.6% after the Trump administration proposed a deal with Iran aimed at ending the conflict and reopening the Strait of Hormuz.
Stock Sector Performance
All performance figures and market events are sourced from Bloomberg as of market close 5/7/2026, using the prior Friday’s market open as the start date.
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