Drivers

1. The U Michigan final consumer sentiment revision at 10:00 AM. A revision higher narrows the consumer-cracking narrative that the WMT guide cut amplified Thursday and gives the discretionary cohort breathing room into the weekend. A revision lower extends the de-rate question and would put the consumer-staples and off-price pair trade in focus again. The 5Y inflation expectations print is the secondary tell, and a fresh print above 3.5% would re-anchor the long-end yield trade Monday.

2. Iran headline cadence into the long weekend. Trump's "few more days" framing keeps the diplomatic window open through Friday and into Memorial Day. Oil bounced in pre-market on the enriched-uranium directive, and defense names (LMT, NOC, RTX, GD) and integrated majors (XOM, CVX) carry binary tape risk into a thin holiday-weekend session. Brent above $104 is the level to watch; a sustained move above $107 puts the spring high in play.

3. The software-cohort de-rate question after WDAY's print. INTU's layoff framing was the cohort overhang into the close Thursday; WDAY's clean beat with margin expansion offers the first datapoint to the contrary. Watch CRM action into next week's print, ADP and PAYC for HR-tech read-through, and the broader SaaS cohort (NOW, ZS, MDB) for whether the Thursday pressure was idiosyncratic or thematic.

SPY daily — sitting on the 20DMA after Thursday's fade; 50DMA is the next demand zone.

QQQ daily — held the 50DMA reclaim through Thursday; NVDA digestion the cap on follow-through.

WDAY daily — clean Q1 print and margin expansion frames the cohort counterpoint to INTU.

ROST daily — 17% comp blowout confirms off-price cohort thesis after TJX's Tuesday raise.

DAVA daily — gap through 52-week lows on Q3 revenue miss and full-year guide cut.

USO daily — Iran headline whipsaw keeps crude in the $95-$105 trading range.

Equity futures are leaning higher into the open as oil eases from the Iran-headline spike, the long end of the curve catches a bid, and Wall Street looks set to lock in an eighth straight weekly gain for the S&P 500. Workday's clean Q1 print and Ross Stores' 17% comp blowout reset the software and off-price reads after Thursday's WMT and INTU pain, and CAVA is leading the consumer-discretionary tape with a beat-and-raise. The session's binary is the final University of Michigan consumer sentiment revision into a holiday-shortened weekend, with the preliminary print at a record-low 48.2 still framing the macro debate.

Indexes

Rates, FX, Commodities

Technicals

Broad indices. SPX sits at 7,400, roughly 1% above the 50DMA near 7,310 and 4.5% above the 200DMA near 7,080. The 20DMA at 7,392 was the magnet on Thursday's sell and is the first reclaim level today; resistance returns at 7,440-7,465, with 7,310-7,330 as the nearest meaningful demand zone. NDX is back above its 50DMA after Wednesday's reclaim and Thursday's hold, with the 26,400 ledge the line into the close.

Rate technicals. The 10Y at 4.58% pulls back into the middle of its three-week 4.55-4.70% range. A weekly close above 4.70% would re-engage the duration-pain trade and reopen the 4.78% spring high; a close below 4.50% would re-engage the duration bid and put the late-April lows in play. The 30Y has come off the 5.19% high to 5.09% but remains in the upper half of the post-financial-crisis range.

Breakouts. CAVA looks set to clear the post-earnings level near $98 on the open, the most consequential restaurant-cohort breakout since SHAK's spring move. RL is following through on yesterday's 10% breakout day. LLY is testing its 50DMA reclaim from above on retatrutide.

Breakdowns. INTU is set to add to Thursday's -14% on the open, with the 200DMA already broken. DAVA gapped through 52-week lows on the Q3 miss and is heading for a 20%+ drop. WMT is approaching its 200DMA near $92 after losing the 50DMA Thursday.

CAVA hourly — clearing post-earnings resistance on Q1 beat and raised FY26 same-restaurant guide.

Top Movers

Gainers

CAVA Group (CAVA) +7.5%. Q1 revenue of $434.4M beat the $418.2M consensus on 32.2% year-over-year growth, with adjusted EPS of $0.20 versus $0.18 expected. Same-restaurant sales rose 9.7% against the 6.2% consensus, with traffic up 6.8%. The company raised its full-year same-restaurant sales outlook to 4.5-6.5% from 3.0-5.0%, lifted unit growth to 75-77 new restaurants, and pushed restaurant-level margin guidance to 23.7-24.3%. Read-through is direct to fast-casual cohort names (SHAK, CMG, WING) and stands as the cleanest consumer-discretionary print of the week given the WMT cautious read on Thursday.

Workday (WDAY) +5%. Q1 FY27 adjusted EPS of $2.66 cleared the $2.49 consensus by 17 cents on revenue of $2.542B versus $2.52B expected, up 13.5% year-over-year. Subscription revenue grew 14.3% to $2.354B, and operating margin expanded to 13.3% from 1.8%. FY27 subscription revenue guidance of $9.925-9.950B brackets the prior view and implies 12-13% growth. The print reframes the INTU layoff narrative; software multiples were the binary debate Thursday, and WDAY's HR-tech AI commentary is the cohort tell into next week's CRM print.

Ross Stores (ROST) +6%. Q1 EPS of $2.02 demolished the $1.68 consensus with total sales of $6.0B up 21% and comparable store sales up 17%. Operating margin expanded 120 bp to 13.4%, and net income rose to $650M from $479M. After TJX's raise Tuesday, ROST confirms the off-price cohort thesis: trade-down behavior is widening the value franchise's share of consumer wallet, and the WMT 6% drop Thursday on guide is a different story when paired with this read. Watch BURL pre-open and DLTR ahead of next week's print.

Micron (MU) +3%. Bid in pre-market on chatter that Samsung's planned worker strike will tighten DRAM supply at exactly the moment AI-server memory pricing is firming. The read-through to the HBM-pricing trajectory is the upside lever, with WDC, STX, and SK Hynix names also catching a bid.

Losers

Endava (DAVA) -22%. Q3 revenue of £178.5M missed the £187.4M estimate as constant-currency revenue fell 8.4% year-over-year, with adjusted EPS at £0.05 versus £0.21 expected. Management cited delayed Middle East client work tied to the regional conflict, a macro-driven demand slowdown, and slower execution on outcome-based contracts. Q4 revenue guidance of £181-185M and full-year guidance of £721.8-725.8M imply a 5-6% constant-currency revenue decline for the year, framing the IT-services cohort risk into the GLOB, EPAM, and ACN reads.

Intuit (INTU) -2% (adding to -14% Thursday). The 17% workforce reduction announcement is still digesting, with the AI-pivot framing the overhang. The TurboTax FY26 revenue projection cut is the harder data point under the layoff headline, and the read-through to ADP, PAYC, and WDAY remains the most consequential software cohort question. WDAY's strong print this morning offers the first counterpoint.

Walmart (WMT) -1%. Adding to Thursday's 6.43% drop as the Q2 EPS guide of $0.72-0.74 against the $0.75 consensus and FY27 guide of $2.75-2.85 against $2.92 still anchors the trade. The 200DMA near $92 is the technical test today; a hold there preserves the multi-year trend, and a loss puts the 2025 consolidation range back in play. Read-through to KR, COST, and DLTR remains live.

Booz Allen Hamilton (BAH). Reporting Q4 FY26 pre-open with consensus at EPS $1.34 versus the $1.61 prior-year print and revenue $2.87B versus $2.97B prior year. The government-services cohort read into the DOGE-era spending cycle is the binary, with LDOS, SAIC, and CACI as sympathy proxies.

Macro Calendar

The U Michigan final is the only first-tier US release. The preliminary print at 48.2 was a record low, with gasoline prices and tariffs the top spontaneous concerns. A revision higher would soften the consumer-cracking narrative that powered Thursday's WMT-led drag; a revision lower would re-anchor the consumer-cohort de-rate. Long-run inflation expectations at 3.4% sit at the top of their post-pandemic range and matter for the Fed's framework whether the headline moves.

Earnings Today

Before open: Booz Allen Hamilton (BAH), Advance Auto Parts (AAP), Buckle (BKE). BAH is the cohort tell for the government-services and consulting complex; AAP is the auto-aftermarket print into a softer consumer setup.

After close: Light tape into the Memorial Day weekend. Focus shifts to next week's prints from CRM, NTAP, COST, DELL, MRVL, ULTA, and the May payrolls cycle.