Good morning investors! Investors appear confused as earning reports continue to pour in.
Today we cover:
The new labor report
AMD and Super Micro report
The EV situation
📊 Economy and News
US Labor Market Snapshot: March 2026
US job openings fell slightly to 6.866 million in March, missing forecasts of 6.835 million, while the rate dipped to 4.1% from 4.2%.
Hiring surged 655,000 to 5.554 million (rate to 3.5%), but layoffs rose to 1.867 million (1.2%). This stability supports Fed holding rates at 3.50%-3.75% amid inflation and U.S.-Iran tensions easing oil prices.
College grad (22-27) unemployment stayed at 5.6%, with underemployment at 41.5%; non-degree peers fell to 7.2%. AI pressures entry-level jobs, challenging young graduates.
Global hits:
Turkey’s inflation target may rise due to Iran conflict.
Hungary’s incoming PM warns of budget deficit reaching 6.8% of GDP.
Saudi Arabia reports $33.5B budget deficit in first quarter.
Reminder: Trump says US to pause Hormuz operation, Iran deal close. Elsewhere, U.S. industries testify on tariffs as trade probe hearing begins.
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📈 Stocks
S&P 500 7,259.22 (+0.82%)
DJIA 49,298.25 (+0.73%)
NASDAQ 25,326.12 (+1.03%)
BRENT CRUDE 109.9 (-1.37%)
* Prices as of May 6th, 12:20 AM UTC
AMD and Super Micro Report
Some major names announced earnings yesterday:
Advanced Micro Devices reported first-quarter results that topped analysts’ estimates. For the second quarter, the chipmaker said it expects about $11.2 billion in revenue, beating expectations. In addition to CPUs and GPUs, AMD is also expected to ship its first full rack-scale system for AI data centers, Helios, later this year. It’s meant to rival Nvidia’s Grace Blackwell and Vera Rubin systems that sell for upwards of $3 million. Both OpenAI and Meta have already signed up for shipments of Helios, marking AMD’s system as a viable second option for AI giants and hyperscalers scrambling to secure enough compute. The report helped the stock jump 15%.
Super Micro reported better-than-expected quarterly guidance, despite a revenue miss. The server maker said in March it severed ties with a co-founder who was named in a federal indictment in March. For the fiscal fourth quarter, management called for 65 cents to 79 cents in adjusted earnings per share on $11 billion to $12.5 billion in revenue. The LSEG consensus was for earnings of 55 cents per share and $11.07 billion in revenue. The stock jumped 18% in extended trading.
Interesting: Frontier Airlines expects a revenue boost from Spirit Airlines’ collapse over the weekend. Also, Microsoft, Google and xAI will let the government test their AI models before launch.
Surprising EV sale figures: BYD's passenger EV sales fell for an eighth straight month in April, delivering 314,100 new energy vehicles—a 15.7% year-over-year drop but up 6.2% from March—amid intensifying domestic competition. Exports hit a record 135,098 units, up over 70% year-on-year, highlighting growing overseas reliance as Q1 profits plunged 55.4%.
Rivals shone: Leapmotor reached 71,387 deliveries (+73.9%), Zeekr 31,787 (+131.6%), Xiaomi over 30,000 (+7.1%), Nio 29,356 (+22.8%), while Xpeng dipped 11.5% to 31,011.
💵 Personal Finance
Spirit Airlines Shuts Down: What Travelers Need to Know
Spirit Airlines has ceased all operations. The ultra-low-cost carrier, known for its bright yellow planes, rock-bottom fares, and à la carte fees, shut down overnight after failing to secure a $500 million government bailout. The collapse ends the airline’s turbulent run and eliminates thousands of cheap flights across the U.S., Latin America, and the Caribbean, while costing roughly 17,000 jobs.
Spirit’s website now displays a message that the airline is “winding down all operations,” replacing its booking platform. The carrier had filed for bankruptcy twice in less than a year and struggled with rising costs, grounded aircraft due to engine issues, a blocked merger with JetBlue, and intensifying competition from legacy carriers offering basic economy fares.
For Spirit Ticket Holders
Direct bookings (credit/debit card): Spirit says it will automatically issue refunds.
Bookings through travel agencies: Contact the agency for refunds.
Loyalty points, vouchers, or credits: Reimbursement will be handled later through the bankruptcy process, though experts say recovery odds are very low.
Travelers are advised not to go to the airport, as Spirit’s staff have been laid off and no customer service will be available on-site.
Help from Other Airlines
Several carriers have stepped in to assist displaced passengers, similar to their response during natural disasters:
JetBlue is capping one-way fares at $99 for affected travelers (proof of Spirit itinerary required; call 1-800-JETBLUE) through May 6. It also capped fares on the Fort Lauderdale–San Juan route.
Southwest Airlines is capping domestic one-way fares at $200 (up to 500 miles), $300 (up to 1,000 miles), and $400 (longer trips). It is honoring Spirit frequent-flyer status and benefits like early boarding at ticket counters.
United, American, and Frontier are also offering capped fares and assisting with rebooking.
Flight crews from Spirit are being helped home by partner airlines.
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