The Week Ahead: Jobs Data and AMD, Palantir Earnings to Test Market Strength

Market Overview

U.S. equities extended their recovery last week, supported by strong earnings and resilient economic data. The S&P 500 closed at 7,230.12, up +0.91%. The Nasdaq Composite gained +1.12% to 25,114.44, while the Dow Jones Industrial Average rose +0.55% to 49,499.28.

April capped a sharp rebound, with the S&P 500 advancing 10% for the month. The move continues to be driven by corporate earnings strength, which is offsetting pressure from higher energy prices, persistent inflation, and uncertainty around Federal Reserve policy.

The core theme remains a tug of war between strong earnings and macro headwinds. AI-driven investment, solid profit margins, and resilient consumer spending continue to support equities. At the same time, rising oil prices and a more cautious Fed are limiting upside.

Economic data continues to confirm stability. GDP rebounded in the first quarter, business investment remains strong, and consumer demand is holding up. This week’s labor market data will be key in confirming whether that trend remains intact.

Economic Releases & Notable Earnings

Monday, May 4
Before the Open:
• Tyson Foods (TSN), est. $0.78
Economic Releases:
• No releases scheduled
After the Close:
• Palantir (PLTR), est. $0.28

Tuesday, May 5
Before the Open:
• Pfizer (PFE), est. $0.72
• PayPal (PYPL), est. $1.27
Economic Releases:
• 14:00 GMT – JOLTS Job Openings
• 14:00 GMT – ISM Services Index
• 14:00 GMT – New Home Sales
After the Close:
• Advanced Micro Devices (AMD), est. $1.29

Wednesday, May 6
Before the Open:
• Walt Disney (DIS), est. $1.49
• Uber (UBER), est. $0.69
Economic Releases:
• 12:15 GMT – ADP Employment Report
After the Close:
• Arm Holdings (ARM), est. $0.58
• DoorDash (DASH), est. $0.36

Thursday, May 7
Before the Open:
• Canadian Natural Resources (CNQ), est. $0.76
• McDonald’s (MCD), est. $2.75
• Datadog (DDOG), est. $0.50
Economic Releases:
• 12:30 GMT – Initial Jobless Claims
After the Close:
• Airbnb (ABNB), est. $0.31
• Coinbase (COIN), est. $0.17

Friday, May 8
Before the Open:
• Enbridge (ENB), est. $0.69
Economic Releases:
• 12:30 GMT – Nonfarm Payrolls
• 12:30 GMT – Unemployment Rate
• 12:30 GMT – Average Hourly Earnings
After the Close:
• No reports scheduled

Central Bank Activity

Monday
16:50 GMT – John Williams (New York Fed President)

Tuesday
14:00 GMT – Michelle Bowman (Fed Governor)

Wednesday
13:30 GMT – Alberto Musalem (St. Louis Fed President)
17:00 GMT – Austan Goolsbee (Chicago Fed President)

Thursday
09:45 GMT – Lisa Cook (Fed Governor)
19:05 GMT – Philip Jefferson (Fed Governor)
19:30 GMT – John Williams (New York Fed President)

Friday
09:45 GMT – Lisa Cook (Fed Governor)
23:30 GMT – Christopher Waller (Fed Governor)
Michelle Bowman (Fed Governor)
Mary Daly (San Francisco Fed President)
Austan Goolsbee (Chicago Fed President)

Fed commentary this week is extensive and spread across multiple policymakers. With inflation still elevated and rates on hold, markets will be sensitive to any reinforcement of a higher-for-longer stance or disagreement within the committee.

Technical Outlook

Weekly Dow Jones Industrial Average Index

Dow Jones: 49,499.28 (+0.55%), support at 46,352.06 (52-week SMA), 45,057.28, 43,562.29, resistance at 50,512.79.

Weekly Nasdaq Composite Index (IXIC)

Nasdaq: 25,114.44 (+1.12%), support at 22,059.47 (52-week SMA), 20,690.25, 14,784.03, resistance at 25,223.12.

Weekly S&P 500 Index (SPX)

S&P 500: 7,230.12 (+0.91%), support at 6,583.46 (52-week SMA), 6,316.91, 5,943.23, resistance at 7,252.52.

All major indices remain above rising 52-week SMAs, confirming an intact primary uptrend.

Outlook

Labor market data is the primary macro focus this week. JOLTS, ADP, jobless claims, and Friday’s nonfarm payrolls report will provide a comprehensive read on hiring trends following recent volatility in monthly job gains. Markets will look for confirmation that employment remains firm without adding further inflation pressure.

Federal Reserve commentary remains in focus following a more cautious policy tone. With inflation still elevated and energy prices rising, any reinforcement of a higher-for-longer stance could influence rate expectations and sentiment.

Earnings remain the key support, with several important reports tied directly to the week’s main themes. Palantir will provide insight into AI software demand, while AMD will be a critical read on data center and infrastructure spending. Canadian Natural Resources adds an energy component, offering a signal on how elevated oil prices are impacting profitability. Together, these results will help determine whether strong earnings can continue to offset macro pressures.

More Information in our Economic Calendar.