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In a Nutshell
Nasdaq futures hit all-time highs amid Trump’s Hormuz escort plan and Iran ceasefire tensions, while major earnings this week from Palantir, Shopify, PayPal, AMD, and Coinbase coincide with the most critical jobs data since 2020. PayPal and Palantir trade at extreme valuations (8.7× and 212× earnings) yet show technical breakdowns, and Shopify’s 135× multiple plus Irene’s 33 % fair-value downside highlight stretched names. With 31 straight up-days and a 22 % rally, the market now hinges on whether this week’s earnings and non-farm payrolls trigger profit-taking or Fed easing expectations.
These notes were generated by AI and may contain inaccuracies.
Sunday May 3rd, 6:43 p.m. in Arizona. Overnight hours have opened with Nasdaq QQQ futures up 0.25%. Oil is down with USO declining 0.34%, though UCO remains slightly up. The market movement relates to Trump announcing Project Freedom to escort stranded ships from Hormuz. Iran has responded that this would breach the ceasefire. The market is pricing in potential de-escalation and increased oil supply through the region. The announcement timing coincided with futures opening, causing the Nasdaq to push higher. Including overnight hours, the Nasdaq has reached all-time highs, exceeding Friday's session high of 675.
The following companies are reporting earnings:
- Palantir reports tomorrow after market close
- Shopify reports before markets open Tuesday
- PayPal reports before markets open Tuesday
- AMD reports after markets close Tuesday
- Supermicro reports this week
- AMC reports this week
- Strategy (MSTR) reports this week - viewed as a Bitcoin proxy
- Disney reports before markets open Wednesday
- Snapchat reports after markets close Wednesday
- OpenDoor reports after markets close Thursday
- Coinbase reports after markets close Thursday
- Irene reports after markets close Thursday
Strategy has reported losses multiple quarters in a row, but investors treat it as a Bitcoin proxy regardless of operational performance.
Tuesday: ISM non-manufacturing index, JOLTS (job openings), new home sales report
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