Disney and Uber Earnings Take Center Stage 06/05/2026

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Market wrap:

• U.S. stocks climbed to fresh records Tuesday as investors took comfort from stronger earnings and signs that Middle East tensions may be stabilizing. The S&P 500 rose 0.8%, while the Nasdaq Composite gained 1%, with both indexes posting new intraday and closing highs. The Dow Jones Industrial Average advanced 356.35 points, or 0.7%. The rally followed another round of upbeat corporate results. About 85% of S&P 500 companies that have reported so far have beaten earnings estimates, while 77% have topped revenue forecasts. Sentiment was also helped by comments from Defense Secretary Pete Hegseth, who said the U.S.-Iran ceasefire “certainly holds.” He added that two U.S. commercial ships and American destroyers had safely crossed the Strait of Hormuz, suggesting the key shipping lane remains open. On the surface, earnings season looks exceptional. The S&P 500 is tracking for 27% year-over-year profit growth, which would mark the strongest quarter since 2021 and more than double Wall Street’s expectations from three months ago. 
• But the headline figure comes with caveats. Excluding a handful of one-off accounting gains from the largest companies, underlying earnings growth is closer to 16%. That is still solid, though the strength appears narrower, more tech-driven and less clean than the headline suggests. Investors have also been selective in rewarding results, suggesting expectations remain high despite the strong numbers. Walt Disney, CVS Health, Kraft Heinz, Marriott and Uber Technologies report before Wednesday’s opening bell. Traders will also watch ADP’s April private payrolls report.

AMD Surges as AI Demand Supercharges Outlook

• Advanced Micro Devices (AMD) soared 15% in after-hours trading after the chipmaker delivered stronger-than-expected results and issued upbeat guidance fueled by booming AI demand. First-quarter adjusted earnings came in at $1.37 per share on revenue of $10.25 billion, ahead of LSEG estimates for $1.29 per share and $9.89 billion in revenue. Sales climbed 38% from a year earlier, while net income nearly doubled to $1.38 billion. The company’s data center business remained the key growth engine, with revenue jumping 57% to $5.8 billion as demand for AI chips continued to accelerate. CEO Lisa Su said the segment is now the “primary driver” of AMD’s revenue and earnings growth. For the current quarter, AMD forecast revenue of about $11.2 billion, comfortably above analyst expectations of $10.52 billion. 
• The company also struck an increasingly confident tone on AI, saying it sees a path to “tens of billions” of dollars in AI data center revenue next year. AMD is preparing to launch its Helios AI rack-scale systems later this year, positioning itself as a major challenger to Nvidia in the race to power large-scale AI infrastructure. Investor enthusiasm around AMD has intensified as hyperscalers and AI firms rush to secure computing capacity. OpenAI and Meta Platforms (META) have already signed on for Helios deployments, strengthening AMD’s position as a key secondary supplier in the AI hardware market. The stock has now more than tripled over the past year as investors bet the AI spending boom is still in its early stages.

Stocks on the move:

• Super Micro Computer (SMCI): Shares surged 19% after the server maker issued a stronger-than-expected fourth-quarter profit outlook. The company expects earnings of 65 cents to 79 cents per share, above LSEG estimates of 55 cents.
• Arista Networks (ANET): Shares dropped nearly 14% after first-quarter adjusted gross margin came in slightly below expectations. Its second-quarter revenue forecast was broadly in line with Wall Street estimates.
• Lucid Group (LCID): Shares fell 2% after the EV maker reported a wider-than-expected first-quarter loss and revenue that missed estimates.
• Klaviyo (KVYO): Shares sank 18% after second-quarter adjusted operating income guidance fell short of expectations. The company also said CFO Amanda Whalen will step down later this year.
• Devon Energy (DVN): Shares lost nearly 2% after first-quarter adjusted earnings and production came in slightly below Wall Street forecasts.

Watchlist: AMD, ANET, LCID, DVN, MU, NVO, UBER, CVS, MAR

Key Economic Events Today:

EST time

08:15 am: USD ADP Non-Farm Employment Change
09:30 am: USD FOMC Member Musalem Speaks
10:30 am: USD Crude Oil Inventories


Earnings

BMC (Before Market Open): Novo Nordisk (NVO), Walt Disney Company (DIS), Uber Technologies (UBER), CVS Health Corp. (CVS), Marriott International. (MAR)

AMC (After Market Close): Arm Holdings (ARM), Applovin Corp. (APP), DoorDash (DASH)


The TEFS Analyst team wishes you a successful day!