Morning Brew May 6 2026

Good morning

Oil prices declined for a second consecutive day after President Trump signaled a potential peace deal to end the conflict with Iran. In yet another TACO move, Trump paused efforts to escort ships in the Strait of Hormuz, citing progress toward a deal. Equities are showing strength, while precious metals are trending higher.

The Japanese yen jumped sharply on speculation of intervention; the chart certainly suggests abnormal trading behavior. The overnight range spanned three yen.

China’s services activity rose to 52.6 from 52.1 last month, boosted by stronger growth in new business. The blue-chip index in China jumped to a four-year high.

Anthropic has committed to spending $200 billion on Google's cloud and chips, according to The Information.
Novo Nordisk beat expectations this morning, Daimler Truck 

A surge in AI-powered semiconductor shares propelled South Korea’s benchmark KOSPI index above 7,000 points for the first time ever. Samsung breached 1 Trillion USD in Market Cap and passed Berkshire Hathaway

Gold prices climbed 2% to 4,650. Silver is at 75.80, while platinum reached 2,000.

Yesterday, equities were strong. The S&P 500 Index gained 0.8% to 7,259.22, the Nasdaq 100 rose 1.3%, and the Dow Jones added 0.7%. Intel surged 13% on excitement over a reported Apple partnership, while Micron Technology jumped 11%. Super Micro Computer rallied in extended trading after reporting improved margins and strong profit guidance, but Shopify fell 15% on weaker-than-expected revenue guidance. In after-hours trading, Advanced Micro Devices soared 16.5% following robust quarterly results. PayPal and Palantir declined despite positive earnings.

The Ger40 trades at a spectacular 24,580. Bitcoin surged above 80,000 for the first time since February.
Logitech reports Q4 sales up 7% at $1.09 billion, versus consensus forecast for $1.08 billion.

As usual, the immediate driver of markets is the Middle East, but strong earnings and inflows to equity markets are also pushing prices higher. Most traders I speak to believe indexes should be trading lower—though that’s rarely the moment it actually happens. So far, we see no drop in passive inflows, and as new all-time highs are posted, we may see a FOMO inflow. Trade carefully in these news-driven markets.

Wednesday, May 6, 2026

Global PMI
Earnings: Disney, Novo Nordisk, Uber, Arm, Applovin, Snap

Thursday, May 7, 2026
Germany Industrial Orders, Initial Jobless Claims
Earnings: Blackstone, McDonald's, Coinbase

Friday, May 8, 2026
Germany Industrial Output, Nonfarm Payrolls, University of Michigan Sentiment Final