The Bottom Line
S&P 500 Index and the Nasdaq Composite Index traded to record territory on Friday as the tech rally continued. Strength was bolstered by a stronger-than-expected U.S. jobs report released on Friday and hopes for an Iran peace deal.
Focuses this week are on inflation reports: U.S. April Consumer Price Index released on Tuesday and U.S Producer Price Index released on Wednesday.
Earnings and Revenues Consensus for S&P 500 companies
Source: www.factset.com
Analysts increased 2026 earnings and revenue estimates again last week: 89% of companies have reported quarterly results to date: 84% have reported higher than consensus earnings and 80% have reported higher than consensus revenues.
· Consensus for first quarter 2026 calls for a 27.7% earnings increase, up from a 27.1% increase last week. Revenue gains remained at 11.3%.
· Consensus for second quarter 2026 earnings gains slipped to 19.9% from 21.3% last week. Consensus for revenue gains increased to 11.2% from 11.0%.
· Consensus for third quarter 2026 earnings gains increased to 23.2% from 23.0%. Consensus for revenue gains increased to 9.9% from 9.7%.
· Consensus for fourth quarter 2026 earnings gains increased to 20.7% from 20.6%. Revenue gains slipped to 9.5% from 9.7%.
· For all of 2026, consensus for earnings gains increased to 21.0% from 20.6%. Consensus for revenue gains increased to 10.1% from 9.7%.
Economic News This Week
April U.S. Existing Home Sales released at 10:00 AM EST on Monday are expected to increase to 4.1 million units from 4.0 million units in March.
April U.S. Consumer Price Index released at 8:30 AM EST on Tuesday is expected to increase 0.6% versus a 0.9% increase in March. On a year-over-year basis, April CPI is expected to increase 3.8% versus a 3.3% increase in March. Excluding food and energy, April CPI is expected to increase 0.3% versus a 0.2% increase in March. On a year-over-year basis, April core CPI is expected to increase 2.7% versus a 2.6% increase in March.
April U.S. Producer Price Index released at 8:30 AM EST on Wednesday.is expected to increase 0.6% versus a 0.5% increase in March. Excluding food and energy, April PPI is expected to increase 0.3% versus a 0.2% increase in March.
April U.S. Retail Sales released at 8:30 AM EST on Thursday are expected to increase 0.5% versus a 1.7% increase in March. Excluding auto sales, April Retail Sales are expected to increase 0.6% versus a 1.9% increase in March.
March U.S. Business Inventories released at 10:00 AM EST on Thursday are expected to increase 0.9% versus a 0.4% increase in February.
March Canadian Housing Starts are released at 8:15 AM EST on Friday
May Empire State Manufacturing Survey released at 8:30 AM EST on Friday is expected to slip to 6.5 from 11.0 in April.
April Industrial Production released at 8:30 AM EST on Friday is expected to increase 0.2% versus a 0.5% drop in March. April U.S. Capacity Utilization is expected to increase to 75.8 from 75.7 in March.
Selected Earnings News This Week
Another 11 S&P 500 companies are scheduled to release quarterly results this week (including one Dow Jones Industrial Average company: Intel). Three TSX 60 companies are scheduled to report: Franco-Nevada, Manulife Financial and Brookfield.
Monday: Constellation Energy, Simon Properties, Mosaic
Tuesday: Franco-Nevada, Under Armour, Algoma Steel
Wednesday: Tencent, Cisco, Alibaba, Sony, Manulife Financial
Thursday: Applied Materials, Brookfield, Ross Stores
Friday: Onex
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for May 8th 2026
Green: Increase from previous day
Red: Decrease from previous day
Source for all positive seasonality ratings: www.EquityClock.com
Commodities
Daily Seasonal/Technical Commodities Trends for May 8th 2026
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for May 8th 2026
Green: Increase from previous day
Red: Decrease from previous day
Changes Last Week
Technical Notes for Friday
Nvidia (NVDA) an S&P 100 stock moved above $216.82 to an all-time high extending an intermediate uptrend.
ASML (ASML) a NASDAQ 100 stock moved above $1,540.48 to an all-time high extending an intermediate uptrend.
Monster Beverages (MNST) a NASDAQ 100 stock moved above $87.38 to an all-time high extending an intermediate uptrend.
McDonalds (MCD) a Dow Jones Industrial Average company moved below support at $278.63 extending an intermediate downtrend.
Links offered by valued providers
Michael Campbell’s Money Talks for May 9th 2026
Michael Campbell’s MoneyTalks – Complete Show (mikesmoneytalks.ca)
The Market is Rotating – Where’s the Money Flowing Now? Frank Cappelleri
The Market is Rotating – Where’s the Money Flowing Now? – YouTube
CHART THIS with Dave Keller Friday 5/8/26
https://www.youtube.com/watch?v=wUDjv_v2-jI
Weekly Update with Larry Berman – May 9, 2026
https://www.youtube.com/watch?v=wQ5-IGyd2gc
Major Crypto Chart Deep Dive: Bitcoin Into Resistance Zone As Altcoins Breakout! Verified Investing
https://www.youtube.com/watch?v=k6-Qat-QzQQ
This Rally Has a Big Problem — And It’s Getting Worse : Julius de Kempeneur
https://www.youtube.com/watch?v=nrZ9BuldmSc
Weekly Update with Larry Berman – May 9, 2026
https://www.youtube.com/watch?v=wQ5-IGyd2gc&t=162s
New Leaders Are Emerging in This Market Rally: Mary Ellen McGonagle
https://www.youtube.com/watch?v=zIbVeUZcCFs
Is FOMO Driving Markets to Record Highs? Bob Hoye
https://www.howestreet.com/2026/05/is-fomo-driving-markets-to-record-highs-bob-hoye/
Trading Desk Notes for May 9, 2026: Victor Adair
https://www.howestreet.com/2026/05/trading-desk-notes-for-may-9-2026/
S&P 500 Momentum Barometers
The intermediate term Barometer dropped 1.80 on Friday and dropped 4.00 last week to 50.80. It remains Neutral.
The short term (20 days) Barometer dropped 1.20 on Friday and dropped 12.60 last week to 43.20. It remains Neutral. Daily downtrend was extended on Friday.
The long term Barometer dropped 1.80 on Friday and dropped 1.00 last week to 54.80. It remains Neutral.
TSX Momentum Barometers
The intermediate term Barometer added 5.00 on Friday and added 5.91 last week to 60.91. It changed on Friday from Neutral to Overbought on a move above 60.00. Daily uptrend was extended on Friday.
The short term Barometer added 3.64 on Friday and gained 9.09 last week to 64.09. It changed last week from Neutral to Overbought on a move above 60.00. Daily uptrend was extended on Friday.
Long term Barometer was unchanged on Friday and gained 20.00 last week to 75.91. It changed from Neutral to Overbought on a move above 60.00. Daily uptrend was extended on Friday.
Disclaimer: Seasonality ratings and technical ratings offered in this report and at
www.equityclock.com are for information only. They should not be considered as advice to purchase or to sell mentioned securities. Data offered in this report is believed to be accurate, but is not guaranteed.
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Equity Clock Publications