NEW YORK, May 5, 2026, 07:10 (EDT)
- Nasdaq 100 futures jumped ahead of the pack, pulling U.S. stock futures higher before the opening bell.
- Oil edged lower, though prices held above $110 a barrel—still enough to keep inflation and Fed-rate jitters alive.
- Focus is on the JOLTS labor data out at 10 a.m. ET, with earnings also due from AMD, Pfizer, and KKR.
Tuesday morning saw U.S. stock index futures ticking higher, with oil prices dropping back slightly after Middle East jitters dragged the S&P 500 off its highs the previous day. By 5:35 a.m. ET, Dow e-minis had added 124 points, or 0.25%. S&P 500 e-minis were 0.33% higher, while Nasdaq 100 e-minis picked up 0.58%. Brent crude slipped but remained above the $110 mark.
This move stands out—there’s not much of a buffer in play. Monday saw the S&P 500 slip 0.41% to 7,200.75, with the Nasdaq off 0.19%, and the Dow tumbling 1.13%. The flare-up in the Strait of Hormuz erased much of the positive sentiment that had built up around strong earnings. “With the market at all-time highs, there’s not a lot of room for error,” said Ross Mayfield, investment strategist at Baird Private Wealth Management. Reuters
At 10 a.m. ET, attention shifts to the Labor Department, which is set to publish its March Job Openings and Labor Turnover Survey, or JOLTS. This report — a measure of job openings, hires, and quits — has taken on new significance as traders gauge whether labor market strength might persuade the Federal Reserve to hold its cautious line.
Rate risk still lingers. New York Fed President John Williams remarked Monday that policy is “well positioned.” He cautioned, though, that supply snags and pricier energy tied to Middle East tensions would influence the outlook. Williams expects inflation to hover around 3% this year before sliding back toward the Fed’s 2% goal. Reuters
Oil’s still throwing a wrench into the market. Brent surged 5.8% Monday, closing at $114.44. U.S. crude tacked on 4.4%, ending at $106.42. Iran ramped up attacks near the Strait of Hormuz—a chokepoint for about 20% of global seaborne oil and gas. “The longer oil prices stay elevated above $100 a barrel,” said Brock Weimer, analyst at Edward Jones, “the more the fiscal stimulus from the tax cuts passed in 2025 shifts from being a stimulus to acting as a shock absorber.” Reuters
Even so, there was at least a glimmer of support from earnings ahead of the open. BlackRock Investment Institute’s Wei Li and her team called U.S. earnings “on a roll,” but flagged a risk: U.S. stocks won’t escape fallout if the Hormuz shipping lane remains closed. Reuters
Pinterest stood out premarket, climbing after the company projected second-quarter revenue between $1.13 billion and $1.15 billion—topping what Wall Street had penciled in. Growth is coming not from big brands, but from smaller advertisers and AI-powered ad products picking up the slack. Large advertisers still matter “for stability,” said Lenny Zéphirin, principal and analyst at The Zéphirin Group, though they aren’t behind the latest gains. The competitive field: Meta’s Instagram and Facebook, plus Reddit ramping up its own AI ad tools. Reuters
Intel grabbed attention this day, following a Bloomberg News report that Apple has had early discussions with both Intel and Samsung Electronics about manufacturing main device processors stateside. No deals so far—talks are still in the preliminary phase, Reuters noted. For now, Taiwan Semiconductor Manufacturing Co. continues as Apple’s primary chip supplier .
Palantir delivered a mixed update. First-quarter revenue jumped 85% to $1.63 billion, and the company boosted its full-year outlook to a range of $7.65 billion to $7.66 billion. Still, shares dipped after hours. CEO Alex Karp told shareholders, “the United States remains the center” of operations. CFO David Glazer flagged higher expenses ahead as Palantir pours more into products and tech hires. Reuters
Fast reversals remain a risk today. Oil climbing again, or Gulf headlines hinting at wider conflict, could quickly erase the early strength in futures—especially with valuations stretched and Fed officials still uneasy about energy’s impact on inflation. Barclays on Monday scrapped its 2026 Fed rate cut call, now seeing core PCE inflation holding above 3% through year-end.
Right now, traders are stepping in to buy the dip, though there’s still some hesitation. As Reuters’ Mike Dolan pointed out, markets are caught between the Gulf shock and what he called “dramatic upgrades” to U.S. earnings growth and AI spending forecasts. AMD, Pfizer, and KKR are all on deck to report later Tuesday. Investing.com
