S&P 500 – 7,230.12 (+0.29%)

Dow Jones – 49,499.27 (-0.31%)

NASDAQ – 25,114.44 (+0.89%)

• MARKETS: U.S. STOCKS EXTEND RECORD RUN: U.S. equities pushed to fresh highs, with the S&P 500 up 0.3% and the Nasdaq gaining 0.9%, as strong momentum from April’s powerful rally carried into the new month.
• AIRLINES: SPIRIT AIRLINES SHUTS DOWN AFTER BANKRUPTCY COLLAPSE: Spirit Airlines has ceased operations following a failed bailout and bankruptcy breakdown, ending its ultra-low-cost model era and resulting in roughly 17,000 job losses amid rising fuel costs and intense industry pressure.
• CONSUMER GOODS: GLP-1 DRUGS BOOST HERSHEY MINT AND GUM SALES: The Hershey Company said adoption of GLP-1 medications is lifting demand for gum and mints, with Ice Breakers sales rising more than 8% as shifting consumer habits reshape snacking trends.
• AUTO RETAIL: CARVANA POSTS RECORD QUARTER AND SURGES HIGHER: Carvana rallied after reporting record revenue, profit, and vehicle sales that beat expectations, with continued momentum pointing to further growth in the second quarter.
• MEDIA: ABC UNDER PRESSURE AS KIMMEL CONTROVERSY ESCALATES: ABC faces renewed political scrutiny as Jimmy Kimmel defends controversial on-air comments amid backlash from President Trump and heightened regulatory attention on broadcast licensing.
• SPORTS: GOLDEN TEMPO WINS DERBY AS TRAINER MAKES HISTORY: Golden Tempo delivered a dramatic late charge to win the Kentucky Derby at 24-1 odds, while trainer Cherie DeVaux became the first woman ever to train a winner of the iconic race.
• ENERGY & COMMODITIES: OIL EASES WHILE MARKETS STAY ELEVATED: WTI crude slipped on reports of a new Iran peace proposal, though prices remain elevated near $102 per barrel; gold held steady around $4,600 while the U.S. dollar weakened broadly, reversing earlier-year gains.
• MACRO & RATES: FED SIGNALS HOLD AS CUT EXPECTATIONS REMAIN LOW: Markets are pricing only a small chance of a June rate cut following the Federal Reserve’s steady policy stance, with full-year expectations pointing to rates staying in the 3.5%–3.75% range.
• MARKET STRUCTURE: MIXED BREADTH BUT VOLATILITY LOW: Market participation remains uneven but improving, with about half of S&P 500 stocks above key moving averages, while the VIX stayed below 17, signaling relatively calm risk sentiment despite geopolitical uncertainty.
• ECONOMY & INFLATION: INFLATION HOLDS STEADY AT ELEVATED LEVELS
  Recent data showed inflation rising 0.7% month-over-month in March and 3.5% year-over-year, both in line with expectations, reinforcing the view of persistent but stable price pressures.
• CRYPTO: BITCOIN OUTLOOKS REMAIN BULLISH DESPITE FLAT WEEK: The Bitwise 10 Large Crypto Index was flat week-over-week, while major Wall Street forecasts continue to project Bitcoin reaching new highs in 2026, with targets ranging from $126,000 to over $200,000.
• LOOKING AHEAD: BUSY WEEK OF DATA AND EARNINGS CATALYSTS: Traders can look forward to a packed week featuring key labor market data, inflation and activity reports, and major earnings releases from large-cap technology, consumer, and industrial companies that could set the tone for market direction.

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“There are two emotions in a plane: boredom and terror.” 

— Orson Welles

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Notable Stocks

• Carvana (CVNA)
• Alphabet (GOOGL)
• Netflix (NFLX)
• Intel (INTC)
• Spirit Aviation (FLYYQ)

Weekly Notables

Budget Airline Era Ends as Spirit Grounds All Flights

Spirit Airlines has officially ceased operations after failing to secure a last-minute bailout agreement, bringing an abrupt end to one of the most recognizable low-cost carriers in the U.S. The airline shut down before dawn Saturday after negotiations with bondholders—and a potential lifeline from the Trump administration—collapsed. A notice on the company’s app confirmed that all flights were canceled effective immediately. The closure marks a dramatic conclusion for the South Florida-based carrier, long known for its bright yellow planes, ultra-low fares, and fee-heavy, no-frills model. While often criticized, the airline played a major role in expanding access to affordable air travel across the country.

Carvana Stock Pops as Used Car Retailer Reports Record First Quarter Results

Carvana surged as much as 10% in extended trading on Friday after reporting record-breaking first-quarter results that surpassed Wall Street expectations. The online used car retailer delivered strong performance across key metrics, including earnings per share of $1.69 versus $1.43 expected, and revenue of $6.43 billion compared with consensus estimates of $6.08 billion. Carvana reported record retail sales of 187,393 units, up 40% year over year, alongside a 52% increase in revenue. Adjusted earnings before interest, taxes, depreciation and amortization came in at $672 million, while net income rose to $405 million from $373 million a year earlier.

Earnings Spotlight: Walt Disney (DIS)

Wall Street analysts expect Walt Disney (DIS) to post quarterly earnings of $1.49 per share in its upcoming report, which indicates a year-over-year increase of 2.8%. Revenues are expected to be $25.03 billion, up 6% from the year-ago quarter. Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 0.5% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.

What's Ahead

This new week is going to be busy on the earnings front and the monthly jobs report is expected.

Economic:

Monday (May 4): Business Inventories

Tuesday (May 5): ISM Non-Manufacturing Index, New Home Sales, Trade Balance

Wednesday (May 6): ADP Employment Change, EIA Crude Oil Inventories, MBA Mortgage Applications Index

Thursday (May 7): Construction Spending, Consumer Credit, Continuing Claims, EIA Natural Gas Inventories, Initial Claims, Productivity-Preliminary, Unit Labor Costs

Friday (May 8): Nonfarm Payrolls, Average Hourly Earnings, Average Workweek, Unemployment Rate, University of Michigan Consumer Sentiment, Wholesale Inventories

Earnings:

Monday (May 4): Axsome Therapeutics Inc. (AXSM), BWX Technologies Inc. (BWXT), CNA Financial Corp. (CNA), Coterra Energy Inc. (CTRA), Diamondback Energy Inc. (FANG), Norwegian Cruise Line Holdings Ltd. (NCLH), ON Semiconductor Corp. (ON), Palantir Technologies Inc. (PLTR), Pinnacle West Capital Corp. (PNW), Tyson Foods Inc. (TSN)

Tuesday (May 5): Advanced Micro Devices Inc. (AMD), Anheuser-Busch Inbev SA (BUD), Arista Networks Inc. (ANET), Cummins Inc. (CMI), Duke Energy Corp. (DUK), Eaton Corporation PLC (ETN), Emerson Electric Co. (EMR), EOG Resources Inc. (EOG), KKR & Co. (KKR), Lumentum Holdings Inc. (LITE), Pfizer Inc. (PFE), Shopify Inc. (SHOP), Strategy Inc. (MSTR), Suncor Energy Inc. (SU)

Wednesday (May 6): Apollo Global Management (APO), Arm Holdings PLC (ARM), Applovin Corp. (APP), CVS Health Corp. (CVS), DoorDash Inc. (DASH), Equinor ASA (EQNR), Fortinet Inc. (FTNT), Marriott International Inc. (MAR), Novo Nordisk A/S (NVO), Uber Technologies Inc. (UBER), Walt Disney Co. (DIS)

Thursday (May 7): Airbnb Inc. (ABNB), Argenx SE (ARGX), Becton Dickinson & Co. (BDX), Cenovus Energy Inc. (CVE), Cheniere Energy Inc. (LNG), Cloudflare Inc. (NET), Coinbase Global Inc. (COIN), CoreWeave Inc. (CRWV), Datadog Inc. (DDOG), Howmet Aerospace Inc. (HWM), McDonald's Corp. (MCD), McKesson Corp. (MCK), MercadoLibre Inc. (MELI), Shell PLC (SHEL), WW Granger Inc. (GWW)

Friday (May 8): Anglogold Ashanti PLC (AU), Brookfield Asset Management Inc. (BAM), Enbridge Inc. (ENB), Fidelity National Information Services (FIS), PPL Corp. (PPL), Sony Group Corp. (SONY), Toyota Motor Corp. (TM), Ubiquiti Inc. (UI)