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Tuesday, May 05

Noteworthy macro moves today: Copper +2.2%. DAX 30 Index (Germany) +1.1%. Bitcoin +1.5%. Noteworthy US mega-cap moves today: Mastercard Inc (MA) +0.6%. Exxon Mobil Corp (XOM) -0.5%. Berkshire Hathaway Inc (BRK.B) +0.4%.

Global equity markets are trading higher following a mixed performance in the previous session and amid rising tensions in the Middle East that have impacted oil prices. The DAX index in Germany has shown notable strength with a rise of over one percent as investors react to geopolitical developments and economic data.

In the U.S., equity indices are also moving higher as market participants digest recent earnings reports from major technology companies that highlighted strong growth driven by artificial intelligence. This positive sentiment is somewhat tempered by ongoing inflation concerns linked to rising oil prices due to tensions in the Strait of Hormuz.

Additionally, economic data released this morning indicated that UK new car sales rose by twenty-four percent year-over-year in April. This rebound reflects a recovery from previous lows and suggests resilience in consumer demand despite broader economic uncertainties stemming from geopolitical tensions.

Invesco DB Base Metals Fund (DBB) [+2.0%]
Invesco DB Base Metals Fund is trading higher, reflecting a notable increase since Monday's close. This upward movement occurs amid a backdrop of rising global equity indices, which are benefiting from positive sentiment in European markets, despite ongoing geopolitical tensions and inflation concerns linked to surging oil prices. The fund's current performance is approaching the upper end of its one-month range, indicating strong pre-market activity. No specific news or clear driver was identified for this price movement.

United States Gasoline Fund LP (UGA) [-1.5%]
The United States Gasoline Fund LP (UGA) is trading lower in pre-market hours, reflecting a significant decline since Monday's close. This movement aligns with a drop in Brent crude oil prices, which have decreased, impacting gasoline prices due to their strong correlation. UGA's performance has been notably volatile, with a drop from a slight gain after market hours yesterday to a more pronounced decline early this morning. No specific news has been identified to explain this downward movement beyond the broader context of falling oil prices.

STRL | +25.5% |+5.2B
Sterling Infrastructure Inc | Construction & Engineering
Sterling Infrastructure Inc reported impressive first-quarter results, achieving adjusted earnings per share of $3.59, well above the estimated $2.01, with revenue reaching $825.675 million, significantly exceeding expectations of $603.577 million. The company raised its full-year 2026 guidance, increasing the adjusted EPS forecast to a range of $18.40-$19.05 from $13.45-$14.05 and boosting revenue projections from $3.050 billion-$3.200 billion to $3.700 billion-$3.800 billion. Additionally, GAAP EPS guidance was revised upward from $11.65-$12.25 to $16.50-$17.15, reflecting a robust operational performance and a substantial backlog growth of 78% year-over-year, reaching $3.8 billion as of March 31, 2026. Following these announcements, the stock is trading sharply higher in pre-market hours, reflecting strong market reception to the financial results and guidance revisions.

FN | -12.4% | -2.8B
Fabrinet | Electronic Manufacturing Services
Fabrinet reported its third-quarter fiscal year 2026 financial results, revealing an adjusted EPS of $3.72 and revenue of $1.214 billion, both surpassing analyst expectations. However, the company’s guidance for the fourth quarter projected adjusted EPS between $3.72 and $3.87, slightly below estimates, with revenue expected to range from $1.25 billion to $1.29 billion, also aligning closely with forecasts but lacking the confidence boost investors sought. Following these announcements, Fabrinet's shares experienced a significant decline of approximately 13.3%. Despite strong quarterly performance, the guidance has raised concerns among investors, contributing to the downward pressure on the stock.

PINS |+17.4% | +2.9B
Pinterest Inc | Interactive Media & Services
Pinterest Inc. reported strong first-quarter 2026 results, with revenue reaching $1.008 billion, an 18% year-over-year increase, surpassing analyst expectations. The company achieved an adjusted net income of $174.5 million and adjusted EBITDA of $206.5 million, both exceeding estimates. Monthly active users hit a record 631 million, reflecting an 11% annual growth, marking ten consecutive quarters of double-digit user growth. For the second quarter, Pinterest projects revenue between $1.133 billion and $1.153 billion, also above consensus estimates. Following this earnings announcement, the stock experienced a significant surge in pre-market trading, reflecting positive market reception to these results. Additionally, social media discussions highlighted the company's robust financial position, including a substantial share buyback of 16% of its total share count and zero debt, further supporting investor confidence in its future growth potential.

AEIS | -7.7% | -1.0B
Advanced Energy Industries Inc | Electronic Equipment & Instruments
Advanced Energy Industries Inc reported its first quarter 2026 results, revealing an operating income of $68.3 million and a net income of $66.8 million, with adjusted earnings per share (EPS) of $2.09, surpassing estimates of $1.98. Revenue reached $511 million, exceeding expectations of $505.8 million, driven by robust demand in data center computing. Despite these positive results, the company projected second-quarter adjusted EPS between $1.93 and $2.43, below the consensus estimate of $2.04, and revenue guidance of $520 million to $560 million also fell short of expectations at $526.9 million. Following this announcement, shares dropped significantly. In pre-market hours, the stock is trading lower, reflecting a notable decline since Monday's close.

DOCN |+17.0% | +2.0B
DigitalOcean Holdings Inc | Internet Services & Infrastructure
DigitalOcean Holdings Inc reported its Q1 results, showcasing an adjusted EPS of $0.44, exceeding the $0.27 estimate, alongside sales of $257.905 million, surpassing expectations of $249.744 million. The company raised its FY2026 adjusted EPS guidance from a range of $0.75-$1.00 to $1.10-$1.20, compared to the $1.02 estimate, and revised sales guidance upward from $1.075 billion-$1.105 billion to $1.130 billion-$1.145 billion, against an estimate of $1.096 billion. For Q2, DigitalOcean anticipates an adjusted EPS between $0.20 and $0.23, slightly below the $0.24 estimate, with expected sales of $272 million-$274 million, higher than the $260.751 million estimate. Following this announcement, shares are trading significantly higher during pre-market hours.

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