Your Evening Briefing

May 06, 2026

Presented by

Stocks close at record highs (again) on reports that the US and Iran are nearing a deal to end the war (again)

The S&P 500, Nasdaq 100, and Russell 2000 posted new record closing highs after Axios reported that the US and Iran are close to a deal to end their conflict, which would lift restrictions around transit through the Strait of Hormuz.

The one-page, 14-point memorandum of understanding to end the war also reportedly includes Iran committing to a moratorium on nuclear enrichment and the US agreeing to lift its sanctions, among other things.

Oil fell sharply on the news. Energy was the worst-performing sector, while Industrials was the best. Every Magnificent 7 company rose.

Bitcoin flirted with $83,000 before pulling back.

Stocks that moved higher:

Advanced Micro Devices skyrocketed after yesterday’s Q1 results exceeded expectations across the board, with Q2 sales guidance higher than what Wall Street had penciled in.
Super Micro Computer soared on a big Q3 earnings beat and strong profit guidance.
Corning spiked after Nvidia struck a $500 million share rights deal as part of a partnership to boost fiber production capacity.
Uber climbed after its Q1 results and Q2 guidance came in above Wall Street estimates.
Disney rose after reporting a quarterly revenue beat this morning, boosted by streaming and theme park growth.
Novo Nordisk jumped after posting solid Q1 results, with strong Wegovy pill sales driving improved full-year guidance.
CVS rose after beating Q1 estimates and hiking its 2026 guidance.
Oscar Health climbed after it reported earnings results that beat Wall Street expectations and reaffirmed its full-year guidance.
Shares of Alphabet gained on yesterday’s report from The Information that Anthropic plans to spend $200 billion on Google Cloud over the next five years, citing a person with knowledge of the situation.
Despite missing on earnings, Hut 8 soared on a $9.8 billion lease for a Texas AI data center campus.
AMC gained after better-than-expected Q1 results offered breathing room for balance sheet improvement.
Joby Aviation climbed after reporting a narrower-than-expected Q1 loss after the bell yesterday.

Stocks that moved lower:

Coupang dropped on a wider-than-expected Q1 loss and slowing annual revenue growth.
Lumentum’s marginal revenue beat in Q3 sparked a knee-jerk “sell the news” event despite reporting strong Q3 bottom-line results and Q4 guidance to match after the bell yesterday.
Switch- and router-maker Arista Networks dove despite reporting better-than-expected first-quarter revenue and earnings after the bell yesterday.
Flutter Entertainment dipped on reports that FanDuel CEO Amy Howe is leaving.

AMD’s spike reveals just how central CPUs are to the AI boom

“The world has changed, amid sentiment that the CPU growth trajectory has changed,” wrote Morgan Stanley analyst Joseph Moore. Read more.

Presented by State Street Investment Management

Looking to tap into the latest investment trends?

SPY provides access to the world’s largest market and many of its top growth drivers in a single trade.

Invest in AI innovators like Nvidia and Tesla transforming America’s future, and tech companies like Microsoft and Apple reshaping how businesses operate. With broad exposure to the US economy and all 11 major sectors, you can benefit from today’s most powerful growth engines without the risk of picking individual winners.

SPY can also serve as a foundation for your portfolio to anchor and build around. You can stay invested in the US equity market while freeing up time to research your next investment opportunity.

Get there with SPY, the world’s most traded ETF.

How AI is turning every job interview into a coding interview

Live coding tests used to be a thing that happened mostly in engineers’ job interviews. Now recruiters are asking even non-coders to spin up Claude Code and build something while they share their screens.

Read more.

The initial phase of SpaceX and Tesla’s joint chip production effort, called Terafab, could cost $55 billion, with additional phases adding up to $119 billion in capital investment, Reuters reports, citing a notice posted on a Texas county website. Read more.

Which US cities give new grads the best shot in 2026?
The ideal place to start a career might be less about prestige and more about where the paycheck stretches furthest.
Ask.com just quietly shut down after almost 30 years in operation
The search engine follows a spate of Y2K sites to the digital graveyard as AI bots take over the query space.
Harley-Davidson hopes getting “Back to the Bricks” will help turn its motorcycle business around
Its ~$1 billion financial services segment has helped keep the company ticking over in the meantime.
Anthropic’s scramble for compute now includes rival xAI
Another day, another major partnership with an AI rival.

State Street Investment Management Disclosure:

Before investing, consider the funds’ investment objectives, risks, charges, and expenses. To obtain a prospectus or summary prospectus, which contains this and other information, call 1-866-787-2257 or visit www.statestreet.com/im. Read it carefully. Investing involves risk. ALPS Distributors, Inc. (fund distributor); State Street Global Advisors Funds Distributors, LLC (marketing agent)

State Street Global Advisors (SSGA) is now State Street Investment Management. Please click here for more information.

Was this email forwarded to you? Don’t miss out on future stories — subscribe to The Wrap and get your daily dose of financial news straight to your inbox.

Craving more insights in your inbox? Subscribe to Chartr and Snacks for quality reads.

We care what you think! If you have any feedback or comments, feel free to reply and let us know your thoughts!

Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate... See more

SHERWOOD MEDIA, LLC, 85 Willow Road, Menlo Park, CA 94025