US equities extended their record-setting run on Tuesday as mega-cap tech and AI beneficiaries pulled the tape higher again, even as oil backed off recent spikes and macro data painted a picture of solid but not spectacular growth heading into a heavy data week.
Index moves and risk tone
- The S&P 500 and Nasdaq closed at fresh all‑time highs, led by renewed strength in semiconductors and broader AI infrastructure plays, while the Dow added modest gains after last week’s energy‑driven wobble.
- Gains came despite lingering geopolitical risk around the U.S.–Iran standoff, suggesting markets are still more focused on earnings power and AI capex than on the latest headline risk.
- Under the surface, leadership remained narrow, with tech, communication services, and select cyclicals outpacing more defensive pockets of the market.
Macro data and Fed narrative
- Today’s macro calendar featured an expansion in the U.S. trade deficit and a JOLTS report that effectively signaled a still‑tight but not re‑accelerating labor market, keeping the “slow grind” soft‑landing narrative intact.
- Coming into this week, recent GDP and inflation data showed real growth running near a 2% annualized pace with core PCE holding in the low‑3% area year‑over‑year, a combination that supports earnings but complicates the Fed’s timing on further cuts.
- Fed policy expectations remain centered on a prolonged hold at 3.50%–3.75% while officials watch to see if the recent oil‑shock‑driven inflation bump proves transitory; markets are still penciling in at least one additional cut by year‑end if energy prices ease. Crude oil prices fell 3.59% today to close at $102.60/bbl, but still a far cry from the $60-80/bbl that has been the traditionally acceptable range.
Earnings, AI cycle, and sector takeaways
- The tape is still trading off an earnings backdrop that has come in better than feared: with a majority of S&P 500 companies now reported, Q1 EPS growth is tracking in the mid‑teens year‑over‑year, well above expectations at the start of earnings season.
- Tech remains the fulcrum: semiconductor names are driving a disproportionate share of index gains as investors position ahead of results from AI bellwethers like AMD ($355.26, +4.02%), with Street focus squarely on data‑center demand, GPU roadmaps, and capex efficiency.
- Across the “Magnificent 7” cohort, investors have rewarded top‑line beats but increasingly penalized companies that pair strong revenue with aggressive capex or muted margin guidance, underscoring how elevated expectations have become in the AI build‑out.
Oil, geopolitics, and cross‑asset signals
- Crude pulled back sharply from Monday’s spike as markets digested a fragile U.S.–Iran ceasefire and reports of fresh peace feelers, though both Brent and WTI remain comfortably above the 100‑dollar mark.
- Strategists continue to highlight that while the U.S. is more insulated from oil shocks than in prior cycles, pump prices near the mid‑$4 per gallon range are still a potential drag on consumer sentiment if the Hormuz risk premium persists.
- Elsewhere, 10‑year Treasury yields are hovering in the mid‑4.3%–4.4% area, gold remains elevated around record territory at $4,5688.20/oz., and the dollar has given back much of its conflict‑related surge as investors lean into risk assets on the back of resilient growth and earnings.
Big picture for investors
- The near‑term setup remains a tug‑of‑war between powerful AI‑driven earnings momentum and a geopolitical tape that could re‑price the energy complex quickly if ceasefire talks falter.
- For now, markets are giving the benefit of the doubt to an extension of the bull move: robust double‑digit earnings growth, especially in tech and energy, plus a Fed that is on hold rather than tightening, continues to overpower concerns about narrow leadership and elevated valuations.
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.
GameStop (GME, $24.23) & eBay (EBAY, $105.26)
GameStop (GME) is trying on a new costume: from mall-based meme stock to would‑be e‑commerce juggernaut. The company has lobbed a roughly $55–56 billion cash‑and‑stock offer for eBay (EBAY), proposing $125 per share, a premium to where eBay traded before the news hit. For a retailer whose own market cap is a fraction of its target’s, the move lands somewhere between bold strategic pivot and capital‑markets tightrope act.
Amwell® (NYSE: AMWL, $7.35, +15.57% in the aftermarket)
Amwell® (NYSE: AMWL), a leading provider of a comprehensive SaaS-based technology-
enabled healthcare platform, today announced 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, $14.87, +2.13%)
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, $7.27)
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, $3.97)
- 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, $40.46, +2.87%)
- 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, +.78%) & M2i Global, Inc. (MTWO)
- M2i Global, Inc., a company specializing in the development and execution of a complete global value supply chain for critical minerals, announced (April 28), in connection with the the Agreement and Plan of Merger and Reorganization, dated as of July 28, 2025, by and among M2i Volato Group, Inc. (“Volato”) (NYSE American: SOAR), and Volato Merger Subsidiary, Inc., , that the sole holder of M2i’s Series A Super Voting Preferred Stock, entitled to 10,000 votes per share of voting stock, voted by written consent in favor of the Company’s merger with Volato whereby M2i will become a wholly-owned subsidiary of Volato. At the closing of the merger, the name of Volato will change to M2i Global.
- Volato Group, Inc. (April 16) announced that it will hold a special meeting of shareholders on May 7, 2026 to vote on the previously announced proposed merger with M2i Global, Inc. (“M2i Global”). Shareholders of record as of the close of business on April 17, 2026 will be entitled to vote at the special meeting. The Company expects the merger to close shortly after the meeting, subject to shareholder approval and the satisfaction of customary closing conditions. Under the terms of the merger agreement, M2i Global will merge with a wholly owned subsidiary of Volato, with M2i Global continuing as the surviving entity and a wholly owned subsidiary of Volato. Upon completion of the transaction, existing M2i Global shareholders are expected to own approximately 85% of the combined company, while Volato shareholders are expected to own approximately 15%, on a fully diluted basis (excluding warrants). The combined company is expected to leverage M2i Global’s capabilities across mining, refining, and recycling of critical minerals alongside Volato’s expertise in software, data systems, and operational execution, creating a scalable, technology-enabled platform focused on strengthening domestic supply chains.
- Volato Group, Inc. (NYSE American: SOAR) (the “Company” or “Volato”) and M2i Global, Inc. (OTCQB: MTWO) (“M2i Global”) (April 13) announced that the U.S. Securities and Exchange Commission has declared effective the Registration Statement on Form S-4 (File No. 333-292132) relating to Volato’s proposed merger with M2i Global, formally advancing the transaction into its shareholder approval and closing phases. Volato is proceeding with distribution of the definitive proxy statement/prospectus and a special meeting of shareholders is expected to be held on May 7, 2026. Shareholders of record as of April 17, 2026 will be entitled to vote on the proposed transaction.
- flyExclusive (NYSE American: FLYX), the vertically integrated private aviation company, announced (March 25) two milestones in its proprietary technology development: the filing of a utility patent application for a novel aircraft schedule optimization architecture, and the availability of Contrails, its Flight Management System, to other Part 135 operators beginning in Q2 2026. Both announcements coincide with the company’s presence at the NBAA Schedulers & Dispatchers Conference 2026 in Cleveland. “We have spent years building flyExclusive into one of the most operationally capable private aviation companies in the country. Contrails is how we make that expertise available to the broader industry—and the intellectual property behind it reflects the depth of investment we have made in solving problems that matter to every serious operator. We believe the right technology, built by people who actually run flights, changes what is possible in this industry. Today we are unable to source lift for nearly 300 trip requests per day. We believe Contrails will allow us to address that demand far more efficiently—both within our own operation and through coordination with other operators—and that represents a material revenue opportunity for flyExclusive and for all participating operators.”
- Volato Group, Inc. announced (March 10) that it has entered into an amendment to its Aircraft Management Services Agreement with flyExclusive, Inc. (“FLYX”) providing for the sale of certain legacy intellectual property assets. The agreement provides for consideration valued at approximately $1.3 million, payable in FLYX Class A common stock, subject to customary conditions. The assets relate to legacy intellectual property developed during earlier stages of the Company’s technology initiatives and are not part of Volato’s current operating platforms. Volato continues to evaluate opportunities to streamline its asset base and focus resources on strategic priorities, including the continued development of its core software platforms and the pending business combination with M2i Global, Inc.
- On Feb. 4, M2i Global,Inc.along with Volato Group, Inc. announced that Titanium X has initiated its first shipment of titanium ore from Western Australia to the U.S. under its collaboration agreement.
Nokia (NOK, $13.42, +2.13%)
- 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, $196.50)
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) on investor.nvidia.com.
McDonald’s (MCD, $285.17, +.38%)
- 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, $389.37)
Reportedly, Tesla recently and unexpectedly swung to positive free cash flow in the first quarter, a neat trick for a company many on Wall Street still expected to be busily torching cash. The electric-vehicle maker has yet to fully open the spending spigots on artificial intelligence and added manufacturing capacity, suggesting the real splurge is still to come.
Reportedly, Ross Gerber of Gerber Kawasaki believes that combining Tesla and SpaceX could create a Berkshire Hathaway–style powerhouse focused on artificial intelligence.
Serina Therapeutics (NYSE: SER, $1.80)
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, $108.15, +12.92%)
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, $284.18, +2.64%)), 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: S&P 500, Nasdaq notch fresh records as tech leads markets higher, oil falls”finance.yahoo
https://finance.yahoo.com/markets/stocks/live/stock-market-today-sp-500-nasdaq-notch-fresh-records-as-tech-leads-markets-higher-oil-falls-233125994.html - Edward Jones – “Stock Market News Today | Daily Market Recap” finance.yahoo
https://www.edwardjones.com/us-en/market-news-insights/stock-market-news/daily-market-recap - Bloomberg – “Stocks Rise and Oil Falls as US-Iran Truce Holds: Markets Wrap” (premarket / global context)bloomberg
https://www.bloomberg.com/news/articles/2026-05-04/asian-stocks-set-to-fall-as-gulf-tensions-lift-oil-markets-wrap - Bloomberg – “US Stock Futures Mixed After Record as Earnings Week Wraps Up” (recent record‑high context and oil/vol path)bloomberg
https://www.bloomberg.com/news/articles/2026-05-01/us-stock-futures-mixed-after-record-as-earnings-week-wraps-up - CNBC – “S&P 500 closes at a fresh record as stocks catch a tailwind from falling oil prices: Live updates”cnbc
https://www.cnbc.com/2026/05/04/stock-market-today-live-updates.html - CNBC – “Iran tensions, Palantir earnings, Musk’s SEC settlement and more in Morning Squawk” (pre‑market framing)cnbc
https://www.cnbc.com/2026/05/05/5-things-to-know-before-the-market-opens.html - CNBC – “Stock market next week: Outlook for May 4-8, 2026” (macro and event calendar color, jobs focus)cnbc
https://www.cnbc.com/2026/05/01/stock-market-next-week-outlook-for-may-4-8-2026.html - CNBC – “The market’s next test could come down to two stocks” (AMD/Palantir options and AI sentiment)cnbc
https://www.cnbc.com/2026/05/04/the-markets-next-test-could-come-down-to-two-stocks.html - Bloomberg Markets – “Stocks – Bloomberg Markets” (for live index, sector, and pre‑market movers)bloomberg
https://www.bloomberg.com/markets/stocks - Mortgage Elements – “May 2026 Economic Calendar” (broad US data release calendar)mortgageelements
https://mortgageelements.com/may-2026-economic-calendar/ - Federal Reserve – “May 2026 – Calendar” (Fed speeches, releases, and statistical reports)federalreserve
https://www.federalreserve.gov/newsevents/2026-may.htm
