U.S. stocks took a modest pause on Thursday, May 7, 2026, as investors digested record-level index moves, rising oil, another big earnings wave, and positioned ahead of Friday’s pivotal April jobs report.
Equity markets today
After this week’s sharp run-up that pushed the S&P 500 and Nasdaq to fresh highs, major indices were mixed to slightly lower as traders rotated out of recent AI and mega-cap winners and took profits. Broadly, the tone stayed constructive: prior sessions saw the S&P 500 first clear the 7,300 mark and log its strongest monthly gain since 2020, with the Dow approaching the 50,000 level and the Nasdaq continuing to ride robust tech earnings. Under the surface, recent leadership from technology and consumer discretionary remained intact, but there was visible fatigue in some of the high-flying AI names as the “AI trade” took a short breather.
Sector-wise, tech, consumer discretionary, and real estate remain the year’s big winners, while energy and health care have lagged amid prior oil volatility and a preference for growth over defensives. Trading volumes have been running above recent averages during this week’s rally phases, indicating active repositioning rather than a lack of conviction. Against that backdrop, today’s consolidation looked more like a pause to reassess macro and earnings than a change in the broader bull trend.
Macro backdrop and jobs report setup
The macro story remains a three‑way tug-of-war between still-elevated inflation, a cooler but resilient labor market, and geopolitical shocks feeding into energy prices. GDP growth rebounded in Q1 2026 after last year’s shutdown‑driven soft patch, helped by a snap-back in government spending and exports, but forecasters still see a weak first half overall with only modest real growth around the 2% run-rate. That “slow but positive” backdrop has allowed earnings to surprise to the upside while keeping hopes alive that the Federal Reserve can avoid an outright recession.
All eyes now turn to Friday’s April nonfarm payrolls report, which markets view as the week’s main event. Consensus expectations cluster around job gains in the mid‑60,000s to 70,000 range, well below March’s roughly 178,000 increase, as hiring downshifts into what economists describe as a lower‑gear, “low hire, low fire” regime. The unemployment rate is expected to hover in the low‑4% range—around 4.2% to 4.3%—keeping pressure on the Fed to stay vigilant on inflation but not forcing an immediate policy pivot. A materially stronger print could reignite fears of sticky inflation and push yields higher, while a downside surprise would reinforce the “soft‑landing with slower jobs” narrative that has underpinned this year’s equity strength.
Rates, oil, and geopolitics
Treasury yields eased off recently, with the 10‑year drifting in the mid‑4% range after a sharp midweek rally in risk assets. Earlier in the week, falling yields had been a tailwind for growth stocks, particularly technology, as investors warmed to the idea that slowing jobs and moderating growth might eventually give the Fed room to cut later in the year. For now, policymakers remain constrained by sticky inflation and an ongoing leadership transition at the central bank, leaving markets highly data‑dependent.
On the commodity front, oil has been volatile, swinging between concerns over a renewed energy shock and intermittent pullbacks tied to diplomatic developments in the conflict with Iran. Brent has recently traded north of 110 dollars per barrel—its highest levels since 2022—while WTI has hovered above 100, feeding through to elevated gasoline prices, especially in California. Today, crude ( $96.12/bbl) pared some of its earlier gains, offering a bit of relief to inflation‑sensitive sectors and consumers, but any sustained move higher would complicate the Fed’s job and potentially squeeze discretionary spending later this year.2
Earnings highlight: McDonald’s and China
McDonald’s (MCD, $283.70) delivered another solid quarter, underscoring the strength of global quick‑service dining even as consumers grow more price‑sensitive. The company reported roughly 9% year‑over‑year revenue growth in the first quarter of 2026, with global comparable sales up about 3.8% and operating income climbing in the low double digits, driving mid‑single‑digit EPS growth. Management continues to target operating margins in the mid‑to‑high 40% range this year, supported by a highly franchised model and ongoing cost discipline.
Strategically, China remains the key growth lever. McDonald’s plans to expand its footprint in mainland China to about 10,000 restaurants by the end of 2028, up from more than 7,700 locations as of late 2025, making China its second‑largest market after the U.S. by store count. Roughly half of the company’s new units last year opened in China, and its international developmental licensed markets segment—where China sits—posted mid‑single‑digit same‑store sales gains in the latest quarter. With Trustar (a Citic Capital affiliate) holding a majority stake in the China business, the franchise-heavy structure allows McDonald’s to pursue aggressive unit growth while limiting capital intensity and preserving returns.
HawkEye 360 Blasts Off: The Space-Data IPO That Punched 30% Above Orbit
Space analytics firm HawkEye 360, now trading on the New York Stock Exchange under the ticker HAWK, made its public-market debut with the kind of trajectory IPO bankers dream about, as the stock jumped roughly 30% from its 26 dollar offering price on day one. The move valued the company at more than 3 billion dollars and instantly placed HAWK on the radar of investors looking for liquid exposure to the growing space-data and defense-technology ecosystem.
Behind the pop was a roughly 416 million dollar capital raise, providing HawkEye 360 with fresh fuel to expand its constellation of satellites and deepen its portfolio of radio-frequency (RF) data products. In a market that still insists on sustainable business models and real customers, HAWK’s debut suggested that high-quality space infrastructure assets remain very much in demand.
Big picture for investors
For now, the tape reflects an equity market that wants to go higher but needs macro confirmation. Robust Q1 earnings, especially from technology and select consumer names, are battling against elevated oil, a still‑restrictive Fed, and signs of slower hiring. If Friday’s jobs report threads the needle—slower but not collapsing—investors may feel emboldened to lean back into cyclicals and higher‑beta growth after today’s breather. Conversely, a hotter‑than‑expected labor print could put upward pressure on yields again and extend this bout of profit‑taking, particularly in the AI‑heavy “long duration” pockets of the market.
VP Watchlist Updates
Below is an update‑style snapshot on the VP Watchlist names for the week, focused on recent catalysts, positioning, and narrative rather than precise price moves.
Amwell® (NYSE: AMWL, $7.75, +8.39%)
Amwell® (NYSE: AMWL), a leading provider of a comprehensive SaaS-based technology-
enabled healthcare platform, announced (May 5) financial results for the first quarter ended Mar. 31, 2026.
“Entering 2026, Amwell’s main focus was to consolidate our platform to fulfill the unmet needs of our Payer and Provider customers. The Technology-Enabled Care infrastructure we have developed to fill that gap in the market continues to gain traction as customers recognize its clear advantages: lower costs, better outcomes, stronger market share and an increased level of control and agility. Our platform is performing well and built to leverage the latest AI-powered innovations, positioning it as essential infrastructure for tech-enabled care delivery,” said Dr. Ido Schoenberg, Chairman and CEO of Amwell. “We are seeing powerful validation of the platform with significant pipeline growth and a number of meaningful renewals. With this momentum and the favorable regulatory tailwinds, Amwell is well-positioned for continued strong execution this year and to reach our goal of positive cash flow from operations in the
fourth quarter.”
FMC Corporation (NYSE: FMC, $13.68)
FMC Corporation (NYSE:FMC) reported (April 29) first quarter 2026 results above guidance with Adjusted EBITDA above high end of range, reaffirms full-year outlook. Their first quarter 2026 revenue of $759 million, down 4 percent versus first quarter 2025. First quarter 2026 revenue, excluding India, was $762 million, down 4 percent versus first quarter 2025, which included India. On a GAAP basis, the company reported a loss of $2.25 per diluted share in the first quarter, a decrease of $2.13 versus first quarter 2025. First quarter adjusted loss per diluted share of $0.23 was down 41 cents versus first quarter 2025. FMC Corporation also announced today that its board of directors declared a regular quarterly dividend of 8 cents per share, payable on July 16, 2026, to shareholders of record as of the close of business on June 30, 2026.
Eupraxia Pharmaceuticals (EPRX, $7.47)
Eupraxia Pharmaceuticals Inc. (EPRX), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need, announced (May 5) the first Eosinophilic Esophagitis Endoscopic Reference Score (EREFS) data from its ongoing Phase 1b/2a part of the RESOLVE trial evaluating EP-104GI for the treatment of eosinophilic esophagitis (“EoE”). These data were also presented at the ongoing Digestive Disease Week (“DDW”) conference in Chicago. “The EREFS is an important, validated visual index of severity of EoE disease in the esophagus of patients. It measures edema, rings and strictures and other visible markers of disease often associated with symptoms. Today’s data demonstrated improvement in two key outcomes with EP-104GI in the treatment of EoE: first, that a full injection protocol of 20 injections resulted in more pronounced improvement than a protocol with fewer injections and less coverage area within the esophagus; second, with the higher number of injections, a consistent response in both the inflammatory and fibrotic sub scores of EREFS was observed,” said Dr. James A. Helliwell, Chief Executive Officer of Eupraxia. “This EREFS data being reported at DDW is consistent with the improvements we have seen in EoE symptoms and tissue health (EoEHSS) and suggests improvement in inflammation, fibrosis and the associated narrowing of the esophagus.”
Eurpraxia announced on Friday, May 1, the appointment of Dr. Jeymi Tambiah as Chief Medical Officer (CMO) as well as the retirement of Dr. Mark Kowalski, Eupraxia’s current CMO. Dr. Jeymi Tambiah (MB ChB, FRCS, MS, FAPCR, FFPM), is a Board Certified Cardiothoracic Surgeon physician scientist who practiced at Guys and St Thomas’ Hospitals prior to entering the biopharmaceutical industry in 2008. Dr. Tambiah brings over 18 years of experience in clinical development, medical and regulatory strategy, and product commercialization across pharmaceutical and biotechnology organizations.
Eupraxia recently co-hosted a Tribe Public www.TribePublic.com, CEO Presentation & Q&A Webinar event, Wednesday, April 1 titled “Turning EOE Into a Once-a-Year Appointment.” The event featured James A. Helliwell, M.D., Co‑founder and CEO of Eupraxia Pharmaceuticals (NASDAQ: EPRX), who discusses the company’s precision drug‑delivery platform, its approach to Eosinophilic Esophagitis (EoE), and broader pipeline priorities, followed by a focused 5–10 minute Q&A. You may watch it now at this Youtube link.
Modular Medical (MODD, $3.95, +3.27%)
- Modular Medical, Inc. (NASDAQ:MODD), a leader in innovative, patient-centric insulin delivery, saw (May 1) CEO Jeb Besser join Tribe Public’s members to unpack a simple question with big implications: what happens when an “almost‑pumper” market finally meets an FDA‑cleared device built for the rest of us, not just the superusers? Tribe Public hosted its CEO Presentation and Q&A Webinar, “From FDA Wins to Scaling Manufacturing – What Investors Should Watch,” on Friday, May 1, 2026, at 8:00 a.m. PT / 11:00 a.m. ET. In keeping with Tribe’s reputation for efficient programming, the session ran approximately 30 minutes, pairing a focused prepared talk with a 5–10 minute live Q&A segment that allowed investors to drill into timelines, capital needs, and commercial strategy. Besser’s formal remarks were framed under the title “From FDA Wins to Scaling Manufacturing – What Investors Should Watch,” setting the tone for a discussion that sat at the intersection of regulation, innovation, and recurring‑revenue hardware. By registering, attendees also joined Tribe Public’s membership base, ensuring they will receive future invitations to CEO briefings, sector spotlights, and investor wish‑list events.
- Modular Medical announced (APRIL 19) the pricing of a registered direct offering consisting of 750,000 shares of the Company’s common stock at an offering price of $4.50 per share. The gross proceeds to the Company from the Offering are estimated to be approximately $3.4 million before deducting placement agent fees and other offering expenses. The Offering is expected to close on or about April 21, 2026, subject to the satisfaction of customary closing conditions.
- Modular Medical’s latest regulatory milestone upgrades the narrative: the company has now (April 9) secured FDA 510(k) clearance for its Pivot tubeless insulin patch pump, moving from “launch‑ready” to “launch‑approved” in the heart of the fast‑growing diabesity market. The FDA has cleared Modular Medical’s Pivot patch pump as a tubeless, removable insulin delivery system, formally validating the device’s design and performance for commercial use in U.S. adults living with diabetes. The clearance converts what had been a Q1 2026 launch “subject to FDA response” into a tangible commercial pathway, giving the company permission to sell into an insulin pump market that has been estimated at roughly 8 billion dollars globally. Pivot is engineered as a simplified, two‑part patch pump with a 3‑milliliter removable reservoir, no need for battery recharging, and the ability to bolus without a dedicated controller, aiming squarely at patients who have stayed on multiple daily injections because traditional pumps felt too complex, cumbersome, or costly. By clearing Pivot, the FDA is effectively endorsing Modular Medical’s attempt to make advanced insulin delivery feel less like adopting a gadget and more like upgrading a daily habit.
The InterGroup Corporation (INTG, $37.58)
- InterGroup Corporation delivered (Feb. 17) a notably stronger quarter, highlighted by a 20% jump in total revenue to $17.3 million and a 27% surge in hotel revenue as renovated rooms returned to service and travel demand improved. The company swung from a prior-year net loss to $1.0 million in net income, with operating income more than doubling to $2.0 million, underscoring better cost control and improved operating efficiency. Management further enhanced liquidity and sharpened strategic focus by selling a non-core 12‑unit Los Angeles multifamily property, generating a meaningful gain and additional working capital while maintaining stable performance across its real estate portfolio.
Volato Group, Inc. (SOAR) & M2i Global, Inc. (MTWO)
- Volato Group, Inc. (NYSE American: SOAR) today announced voting results indicate that the shareholders have approved the previously announced merger with M2i Global, Inc. (“M2i Global”)(OTCQB: MTWO) with 99% of the shares of common stock present or represented by valid proxy at the special meeting voting in favor of the merger. This marks a significant milestone toward closing the transaction and advancing Volato’s strategic expansion into the critical minerals sector. The number of shares of common stock present or represented by valid proxy at the special meeting was 15.1 million, representing approximately 40% of the total number of shares of common stock entitled to vote. Management believes that the approval reflects strong shareholder alignment with the Company’s strategic direction and long-term growth plans.
Nokia (NOK, $12.35)
- Inseego’s (INSG) planned acquisition of Nokia’s fixed wireless access business is shaping up as one of those rare telecom deals where both sides can plausibly claim they got the better end of the bargain—and the market, at least for now, seems inclined to agree. Layer in Jim Cramer’s very public embrace of Nokia as a “winner” that’s “back,” and you get a story that reads less like a turnaround pitch deck and more like a quietly confident comeback chapter in global connectivity.
- Nokia recently served Wall Street a quietly confident Q1, the kind of quarter that doesn’t light up the meme feeds but does make long-only portfolio managers reach for their notebooks instead of the antacids.
NVIDIA (NVDA, $211.50, +1.85%)
NVIDIA will host a conference call on Wednesday, May 20, at 2 p.m. PT (5 p.m. ET) to discuss its financial results for the first quarter of fiscal year 2027, which ended April 26, 2026. The call will be webcast live (in listen-only mode) oninvestor.nvidia.com.
McDonald’s (MCD, $283.70)
- Morgan Stanley (April 21) has adjusted its price target on McDonald’s (MCD) to $334, maintaining an Equal Weight stance on the stock. The firm’s analyst highlighted consumer strength heading into first-quarter results, noting that earnings quality will likely vary across the restaurant and food distribution landscape . While some operators may face headwinds, the underlying consumer backdrop remains robust, which could support McDonald’s performance as one of the industry’s quality players positioned to navigate the current environment .
Tesla (TSLA, $411.79, +3.33%)
Tesla’s latest reveal reads a bit like a family group chat gone public—over $500 million in revenue tied to Elon Musk’s own empire, because apparently vertical integration now includes your boss’s other companies. Meanwhile, the solar business is having a cloudy moment, robotics competition is heating up, and just to keep things interesting, Tesla snagged a jaw-dropping 370 Semi order. Oh, and in case that wasn’t enough, there’s talk of a casual $119 billion chip manufacturing push—because why not add semiconductors to the to-do list?
Serina Therapeutics (NYSE: SER, $1.81)
Serina Therapeutics (NYSE: SER) (www.serinatx.com) seems to have have just traded itself into Wall Street’s good graces, pairing fresh capital with a late-session pop that suggests investors are finally starting to connect the dots between polymer chemistry and portfolio returns. In Huntsville, Alabama, Serina Therapeutics announced definitive agreements for a private placement of common stock and pre-funded warrants that could bring in up to 30 million dollars in gross proceeds. The first 15 million dollar tranche is expected to close on March 20, 2026, with a second tranche of up to 15 million dollars anticipated by April 30, 2026, subject to customary closing conditions.
What makes the deal stand out in a biotech tape crowded with discounts is the pricing: the securities are being sold at about 2.25 dollars per share, a roughly 68 percent premium to Serina’s March 17 closing price, signaling that insiders are willing to pay up for exposure to the company’s clinical agenda. The financing also adds board-level heft, with director Greg Bailey, M.D., stepping into a Co-Chairman role as he leads the investment, a move that effectively puts the capital and the governance on the same optimistic page. Learn more here.
Intel (INTC, $109.62)
Intel’s latest rally is more than just another chip stock pop; it’s the market’s way of voting “yes” on a reshuffled AI and manufacturing order in which Intel (INTC), Apple (AAPL), and Nvidia (NVDA) are quietly rehearsing for a new ensemble performance. Beneath the headlines about exploratory talks and record highs is a deeper story about supply chains, national strategy, and a former laggard that suddenly finds itself back on center stage.
The Sources
- Yahoo Finance – “Stock market today: Dow, S&P 500, Nasdaq slip as oil rises, AI trade takes a breather” (live markets coverage)finance.yahoo
https://finance.yahoo.com/markets/stocks/live/stock-market-today-dow-jumps-600-points-sp-500-and-nasdaq-hit-records-as-ai-trade-fuels-rally-231446670.html - CNBC – “Stock market today: Live updates” (U.S. markets, earnings, McDonald’s details)cnbc
https://www.cnbc.com/2026/05/06/stock-market-today-live-updates.html - CNBC – “Here’s what to expect from Friday’s release of the April jobs report” (jobs report preview and consensus expectations)cnbc
https://www.cnbc.com/2024/05/02/heres-what-to-expect-from-the-april-jobs-report-on-friday.html - CNBC – “McDonald’s earnings: McDonald’s expands in China” (China strategy and unit growth plans)cnbc
https://www.cnbc.com/2026/05/04/mcdonalds-likely-to-bounce-as-fast-food-chain-overhauls-menus-marketing-ubs-says.html - Zacks – “Stock Market News for May 7, 2026” (broad U.S. market color and sector performance)zacks
https://www.zacks.com/stock/news/2916936/stock-market-news-for-may-7-2026 - Charles Schwab – “Schwab Market Update” (rates, macro tone, sector and index commentary)schwab
https://www.schwab.com/learn/story/stock-market-update-open - Yahoo Finance – “AI trade is leading the stock market again: Chart of the Day” (AI/tech leadership context and sector flows)finance.yahoo
https://finance.yahoo.com/news/ai-trade-is-leading-the-stock-market-again-chart-of-the-day-100044721.html - Yahoo Finance – “S&P 500, Nasdaq jump to fresh records as AI trade fuels tech rally, Apple stock jumps” (prior-session record levels and AI rally context)finance.yahoo
https://finance.yahoo.com/markets/stocks/live/stock-market-today-friday-may-1-records-apple-iran-231056146.html - U.S. News & World Report – “Hiring Surges in April as Job Openings Hold Steady” (labor market momentum and openings)usnews
https://www.usnews.com/news/national-news/articles/2026-05-05/hiring-surges-in-april-as-job-openings-hold-steady - CNN / KEYT – “What to expect in Friday’s jobs report” (April payrolls consensus, unemployment and wages focus)keyt
https://keyt.com/news/money-and-business/cnn-business-consumer/2026/05/07/what-to-expect-in-fridays-jobs-report-6/ - StockTitan / SEC filing – “McDonald’s (NYSE: MCD) grows Q1 2026 sales 9% …” (MCD revenue, EPS and margin details)stocktitan
https://www.stocktitan.net/sec-filings/MCD/8-k-mcdonalds-corp-reports-material-event-05893426946d.html - Crestwood Advisors – “May 2026 Economic and Market Update: New Highs …” (macro outlook, inflation and Fed narrative)crestwoodadvisors
https://www.crestwoodadvisors.com/may-2026-economic-and-market-update/ - James Investment – “Market Commentary – May 2026” (economic outlook and equity/rates framing)jamesinvestment
https://www.jamesinvestment.com/market-commentary/may-2026/ - Spartan Capital – “Market Commentary 2026 Economic Outlook” (Fed, growth, inflation context)spartancapital
https://spartancapital.com/market-commentary-2026-economic-outlook/
