Your Evening Briefing

May 07, 2026

Stocks retreat from records as investors await details about US-Iran peace deal

Stocks retreated from yesterday’s records, as the S&P 500, Nasdaq 100, and Russell 2000 all fell lower. The Wall Street Journal reported that Saudi Arabia and Kuwait have lifted restrictions that blocked “Project Freedom,” President Trump’s plan to escort ships through the Strait of Hormuz.

Oil prices ticked up as the US awaited Iran’s response to its peace proposal.

Information technology and communications were the only sectors that managed to eke out a gain, while materials was the worst performer.

Stocks that moved higher:

Datadog surged after reporting a Q1 revenue beat and announcing FedRAMP certification, hiking its full-year sales guidance. Datadog's strong results and raised outlook lifted the entire software sector, with GitLab, CrowdStrike, Palo Alto Networks, Palantir, and Atlassian all jumping.
Peloton jumped on surprisingly strong Q3 cash flow generation and a boost to its outlook.
Axon, maker of police body cameras, Tasers, and AI intelligence tools, climbed after the company reported revenue exceeding expectations in yesterday’s Q1 earnings report and upbeat guidance for the year.
AppLovin rose after delivering better-than-expected Q1 results with a Q2 outlook to match in yesterday’s post-market earnings report.
DoorDash ticked up on better-than-expected Q1 earnings and an upbeat Q2 order outlook.

Stocks that moved lower:

Broadcom fell after The Information reported that OpenAI's planned purchase of custom chips from the company is facing financing difficulties.
Beyond Meat sank after yesterday’s post-market earnings report, in which Q1 sales that managed to come in short of low expectations and a Q2 revenue guide below Wall Street’s consensus estimate.
Whirlpool Corp. tumbled on Q1 earnings, with management saying the war with Iran is causing a "recession-level" decline in US appliance demand.
Despite posting a very impressive set of headline Q1 sales yesterday, trapped-ion quantum computing company IonQ dropped.
Planet Fitness cratered after reporting slower-than-expected signups, slashing guidance, and pausing price hikes.
Arm dropped after a blistering run as executives flagged a supply issue.
Hertz fell after reporting a deeper-than-expected Q1 loss.
Blue Owl Capital Corp. dipped after cutting its quarterly dividend.

Used car prices dip in April but remain at 2023 levels as gas prices surge

Cox Automotive’s used vehicle index dropped 1.6% in April from March. Read more.

Strategy’s STRC “at the center” of one of the “biggest bitcoin buying” months

STRC broke ATM records and saw record daily, weekly, and monthly trading volumes in the billions of dollars.

Read more.

We knew Claude Code was driving crazy growth at Anthropic, but it may be much more than the company is expecting.

Speaking at the company’s developer conference yesterday, Anthropic CEO Dario Amodei said that while the company is planning for 10x growth this year, it could be as much as 80x, calling the overwhelming demand “crazy” and that he looked forward to more modest growth, saying such growth is ”too hard to handle.”

The demand is so great that Anthropic partnered with Elon Musk’s xAI to buy up the bulk of computing from his Colossus data center in Tennessee.

Snap ends Perplexity deal, says advertising business took a hit from “geopolitical headwinds” in Q1
The company reported earnings results on Wednesday.
Tesla’s made-in-China vehicle sales jumped 36% in April
The numbers appear to show Tesla’s China wholesale volumes stabilizing.
McDonald’s Q1 results come in above Wall Street estimates
It also saw sales growth in international stores.
Tesla’s Model Y just cleared a new federal safety bar
NHTSA announced that Tesla Model Y is first to pass new Advance Driver Assistance System tests.

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