Risk-on rally after ADP and earnings

May 6, 2026 at 21:00 UTC

3 min read

Chart of rising U.S. and European equities highlighting gains in Industrials and Technology sectors

Key Points

Stronger ADP private payrolls and corporate earnings beats lifted risk appetite and drove U.S. equity gains.
Canada's Ivey PMI jumped to 57.7 from 49.7, signaling expansion and supporting risk appetite.
The U.S. Treasury's Q2 refunding outlined $125 billion in coupon issuance and roughly $41.7 billion of new cash and said it should support stable auctions and limit near-term upward yield pressure.
Uber's bookings beat and it raised Q2 bookings and non-GAAP EPS guidance, prompting positive moves across mobility and delivery peers.

Global Market Summary

U.S. equity benchmarks closed higher: the S&P 500 (SPX) rose 1.46%, the Nasdaq Composite (^IXIC) gained 2.02% and the Dow Jones Industrial Average (DJIA) added 1.24% as a stronger ADP private payrolls print and several corporate earnings beats lifted risk appetite. European markets also advanced, with the CAC 40 (FRA40) up 2.94%, the FTSE 100 (UKX) up 2.15% and the DAX (DAX) up 2.12% on broad sector gains. China's Shanghai Composite (000001.SS) was flat at 0.00% on the provided snapshot.

Top Movers

Best-performing sectors included Industrials (XLI +2.59%) and Technology (VGT +2.57%); Energy (XLE -4.12%) and Utilities (XLU -1.42%) lagged. Notable winners were FLEX (up 39.69%), HUT (35.34%) and COMP (27.27%), while PRIM (-50.11%), KVYO (-32.23%) and TMDX (-23.19%) led declines.

Macro highlights

Canada's Ivey PMI jumped to 57.7 in April from 49.7, above consensus near 49.9, signaling expansion and supporting risk appetite. The U.S. Treasury outlined its Q2 refunding with $125 billion in coupon issuance and roughly $41.7 billion of new cash, a schedule the release said should support stable auction function and limit near-term upward pressure on yields (US10Y).

News that moved markets

Uber (UBER) posted a bookings beat and raised Q2 bookings and non-GAAP EPS guidance, prompting positive moves across mobility and delivery peers. Coherent (COHR)'s stronger-than-expected quarter and raised near-term guidance supported photonics and datacenter-supply trades, Marex (MRX) reported record Q1 results and a dividend increase that changed funding expectations, and Blaize (BZAI) priced a $35 million offering at $1.85 that created near-term dilution pressure on the equity. Several completed transactions closed on May 6, including Gee Automotive Companies' acquisition of 15 dealerships from Jim Click Automotive Team and Tuttle-Click Automotive Group, Mastercam Italia's acquisition of Cadline, Siris's acquisition of TAKKION, and Fenix Outdoor's purchase of a minority stake in Devold. Among announced deals, AMETEK agreed to acquire Indicor Instrumentation and CareTria announced the acquisition of CaryHealth.

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Australia Balance of Trade (MAR) — consensus A$4.25B vs A$5.686B prior, May 07, 01:30 AM | Measures trade surplus size, informing external demand and net exports' GDP contribution.

Key Takeaways

Stronger ADP and earnings beats lifted risk appetite and sent U.S. benchmarks higher: S&P +1.46%, Nasdaq +2.02%, Dow +1.24%.
Broad sector gains lifted European indices, with CAC +2.94%, FTSE +2.15% and DAX +2.12%.
Industrials and Technology outperformed, while Energy and Utilities lagged.
Notable single-stock moves included big rallies for FLEX, HUT and COMP, while PRIM, KVYO and TMDX led declines.