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Schumer announced she and the pro chef were splitting up in December 2025 before filing for divorce a month later.

Schumer announced she and the pro chef were splitting up in December 2025 before filing for divorce a month later.

Mifepristone, part of a two-drug regimen given to women to terminate a pregnancy, was approved by the FDA in 2000 and access to it has expanded over recent years.

Pirates Of The Arabian

By Stefan Koopman, senior macro strategist at Rabobank

“We landed on top of it. We took over the ship, the cargo, the oil. It’s a very profitable business… We’re like pirates.” President Trump’s remarks were, once again, strikingly blunt and unfiltered, to the point of sounding almost satirical. Yet the irony is real. The US president was openly acknowledging that American naval power in the Arabian Sea is now being used in ways that mirror the practices it was once built to suppress.

Negotiating with pirates is difficult. While this weekend’s headlines finally hint at diplomacy between the US and Iran, the gap between their positions appears wider than the Strait itself. Iran continues to cling to maximalist demands, while the US rejects them as unacceptable. For now, no credible outlines of a deal have emerged.

In the meantime, Washington is trying a different tactic. The US is encouraging neutral commercial vessels to run the blockade, putting Iran’s threats to the test. It has offered to help guide stranded ships through the Strait by sharing information on safer transit routes (e.g. no mines) and, potentially, insurance support. Although US navy vessels may operate nearby, this falls short of formal military escorts, which would likely violate the ceasefire. Even so, the approach carries obvious risks, as it could still result in exchanges of fire with Iranian ships, which might then lead to further escalation.

From Washington’s perspective, that risk is not entirely unwelcome. Any Iranian attack on neutral shipping would strengthen the US public‑relations case and might make it a bit easier to assemble the international coalition that has so far proven elusive.

This is a savvy legal move by Trump.

May 1: War Powers letter formally ends hostilities, preserves force posture, asserts Article II constitutional authority.

May 3: "Project Freedom" announced as a humanitarian operation, not military.

Monday: US Navy escorts neutral… https://t.co/jEJTdw5C7C

— Chris Rollins (@ThePowerAudit) May 3, 2026

If some energy does flow out of Hormuz, it will kick the can down further down the road. The deeper problem remains that both sides believe they have won. Washington points to the destruction of much of Iran’s navy and air force, its missile‑launching capacity, and large parts of its military and industrial base. Tehran draws a different conclusion. It has survived a campaign widely seen as aiming at regime collapse, it has demonstrated its ability to strike across the Gulf and into Israel, and it has shown it can place the global economy in a chokehold.

Even as its own economy suffers from the US blockade, Tehran appears convinced it can outlast the US economically and politically, especially as Trump moves closer to the midterm elections. At present neither side holds a strong card, yet both believe time is on its side. That might look like a manageable situation were it not for oil markets losing roughly 10 million barrels a day, with inventories now running uncomfortably low.

This leaves Trump facing a binary choice. He can pursue genuine diplomacy, concede parts of Iran’s demands, and secure outcomes he wants. That path would provoke resistance from Israel and hawks in Washington, but it would also be the fastest way to restore flows through Hormuz. Or he can resume the war, whether being provoked or not, betting that another bombing campaign will achieve what the first 40 days did not.

The problem is that coercion does not stop at Iran. Its oil may be seized, but buyers are punished too. The US Treasury has escalated sanctions by targeting major Chinese oil importers, most notably Hengli, a 400,000‑barrel‑a‑day refinery accused of purchasing billions of dollars of Iranian crude. Beijing pushed back. Its commerce ministry invoked the Blocking Statute, instructing firms not to comply with what it described as unjustified and improper US sanctions. This puts large companies between a rock and a hard place, because they either have to decide to comply with US sanctions or with the Chinese rules. That points at decoupling.

Pirates also have a habit of breaking deals. Over the past year European policymakers persuaded themselves that a durable bargain with this White House was possible. That belief produced the Turnberry deal, a one‑sided concession presented as a truce to stabilize Transatlantic trade. The logic was always questionable. And this weekend president Trump said he will raise its Section 232 tariffs on European car imports back to 25% from Turnberry’s 15%, underlining how little its own deals constrain it.

The Commission’s instinct may be to reopen talks, seeking a return to the lower rate through technical adjustments or promises of rapid implementation. That reaction is understandable, but it may also miss the point. The lesson of the Greenland episode is that this administration responds more to firmness than to appeasement. On paper, Europe has options too. It still holds a list of €93bn in retaliatory tariffs, suspended after Turnberry. It also has the Anti‑Coercion Instrument, the so‑called trade bazooka, which allows restrictions on US investment or the withdrawal of intellectual property protection. The tools exist, but the question ahead is whether Europe is willing to follow China’s lead?

US pressure on Europe, and Germany in particular, is not limited to trade. Days after a call between Trump and Putin, Washington said it would withdraw 5,000 troops from Germany, part of the 37,000 still stationed there. Russia would clearly welcome such a move, as would Iran. Trump appears to see these forces as deployed mainly to protect Germany. In reality, the bases exist to allow the US to project power into Europe, the Middle East, and Africa. Their removal would weaken America’s own strategic reach.

Berlin now faces the same choice as Brussels. One option is deference, flattering a protector in the hope of restraint despite mounting evidence that protection has become transactional and unreliable. The other is acceptance and acceleration, by folding this shock into Europe’s broader defense awakening and pushing faster towards genuine strategic autonomy.

Tyler Durden Mon, 05/04/2026 - 11:20

Euphoria Season 3 like a safe full of pills: Some are pick-me-ups, some are poison.

Rudy Giuliani’s shocking weekend hospitalization came after the former mayor came down with pneumonia.

GameStop CEO's CNBC Interview Raises More Questions Than Answers On eBay Bid

Summary:

• GameStop CEO Ryan Cohen Can't Explain Basic Deal Math To CNBC Host 

• eBay Confirms Receipt of Unsolicited Proposal from GameStop

• GameStop CEO Tells CNBC: We Haven't Heard Anything Yet From eBay

• Wall Street analysts "skeptical" about the GameStop Takeover of eBay

• GameStop CEO Reveals Unsolicited Offer to Buy eBay

GameStop CEO Ryan Cohen Joins CNBC's Andrew Ross Sorkin For Interview

CNBC's Andrew Sorkin interviewed GameStop CEO Ryan Cohen earlier this morning about GameStop's bid for eBay.

Sorkin asked Cohen about "how does the math work for you? Given the price tag $56 billion, given the market cap of GameStop which is a fraction of that. I know you have this $20 billion dollar financing letter from TD but sort of walk us through how you could get to that price and how it would work."

Sorkin responded to Cohen's answer with disbelief, noting that he had not provided the basic math for how the deal would work. Cohen pointed to a press release that stated the deal is "half cash, half stock."

Sorkin pressed Cohen on the basic math, yet Cohen still couldn't provide a straight answer.

Sorkin emphasized, "I hear you. You understand that. And just trying to understand where the rest of the money would come from."

Cohen responded by repeating what he had said before: "Half cash, half stock."

Sorkin: "I'm just saying that math doesn't get to the price of your offering. So that is a pretty straightforward question. I don't get it. Where is the rest of the money coming from?"

Cohen: "Andrew, I laid it out clearly. I don't understand your question. We're offering half cash, half stock and we have the ability to issue stock in order to get the deal done. But the full details... that's on our website."

Here's the most contentious part of Ryan Cohen's CNBC Squawk Box interview about the GameStop-EBAY acquisition.

This is a HEATED back and forth, uncommon for financial news. $GME

Sorkin, at one point is in disbelief at RC's repetitive answering to his question. pic.twitter.com/MWAbYWStlp

— Reese Politics (@ReesePolitics) May 4, 2026

Why Cohen couldn't explain the basic math to CNBC viewers is a major red flag.

X users pointed out that GameStop's new 13D shows derivatives, or option calls, represent 99.89% (22,176,000 shares) of its $EBAY position.

Actual common stock owned by GameStop is about 25,000 shares, or .11% of the total position.

Wow $GME's new 13D shows derivatives (calls) represent 99.89% (22,176,000 shares) of its $EBAY position.

Compared to direct common stock of 25,000 shares, which is only 0.11% of the position. pic.twitter.com/G9EAMiJF96

— Reese Politics (@ReesePolitics) May 4, 2026

"If the deal falls through, hopefully they just sell their calls for a 50% return," one X user said, which appears to be read.

That's my read

— Reese Politics (@ReesePolitics) May 4, 2026

Polymarket odds of "Will GameStop acquire eBay" stand at 27%.

//--> //--> //--> Will GameStop acquire eBay?
Yes 29% · No 71%
View full market & trade on Polymarket

*GAMESTOP EXTENDS DROP TO SESSION-LOW 7.3% https://t.co/RGCnJjc0C0

— zerohedge (@zerohedge) May 4, 2026

Cohen is best known as the co-founder of Chewy and as an activist investor in GameStop.

Meanwhile .... "Big Short" investor Michael Burry: 

GameStop Makes Its Play
$56 Billion for eBay, Makes Perfect Sensehttps://t.co/Wk6q9MqqCn $GME $EBAY pic.twitter.com/sCs7XLsNJJ

— Cassandra Unchained (@michaeljburry) May 4, 2026

And GameStop's 'momo' traders are getting hammered by late morning, down about 7%. 

eBay Confirms Receipt of Unsolicited Proposal from GameStop

eBay confirmed that it received an unsolicited, non-binding acquisition proposal from GameStop.

eBay's Board of Directors will review the proposal to determine whether it is in eBay's and shareholders' best interests.

Wall Street Analysts Respond

eBay shares jumped as much as 13% in New York premarket trading after GameStop CEO Ryan Cohen told The Wall Street Journal that he had submitted a $56 billion takeover bid for the online marketplace.

Cohen's deal appears to be part of his strategy to transform eBay into a direct competitor to Amazon, leveraging GameStop's retail footprint and logistics infrastructure to create a larger e-commerce platform.

Wall Street analysts were broadly "skeptical" of Cohen's ability to finance the deal because eBay's market capitalization is nearly four times that of GameStop's, and Truist estimates that GameStop would need nearly $20 billion in debt financing.

Here's the latest comments from analysts, courtesy of Bloomberg:

Morgan Stanley (overweight)

• Analyst Nathan Feather notes the key question in any hypothetical acquisition scenario would be financing, as eBay's market cap is roughly four times larger than Gamestop

• "We are also initially skeptical on potential synergies. Regardless of outcome, confirmation of an offer would demonstrate eBay's increased potential strategic value"

• Notes that regardless of whether Gamestop's bid is successful, an offer would demonstrate how eBay "has been able to increase its strategic value as it has focused on its key strengths (focus categories, C2C, and recommerce) which could also be of interest to other potential acquirers"

Truist (hold)

• Analyst Youssef Squali is "skeptical of the ultimate success of this pursuit" at first glance; calls the bid "stunning"

• "GameStop CEO Ryan Cohen, who has accumulated a ~5% stake in the marketplace (through stock and options), indicated he is prepared to initiate a proxy fight to take the offer directly to shareholders if eBay's board remains unreceptive"

• Notes that Gamestop ended 2025 with a "significantly bolstered balance sheet," but deal would still require nearly $20 billion of debt financing to bridge valuation gap.

Trigon Brokerage (no rating)

• Analyst Dominik Niszcz says deal valuation is seen to be "justified by potential synergies, including significant cost savings, the combination of asset-light eBay (a weakness versus Amazon) with GameStop's physical stores and logistics, as well as a revenue 'flywheel' in collectibles and gaming products."

Meanwhile, GME shares fell 6% in premarket trading as retail traders received a real-time lesson in merger arbitrage, with the momentum stock running into a brick wall of a proposed $56 billion eBay takeover. 

GameStop CEO Reveals Unsolicited Offer to Buy eBay

Update: GameStop - the meme stonk that also happens to sell video games, is making an unsolicited offer to buy Ebay for around $56 billion, and already has a commitment letter from TD Bank to provide $20 billion in debt financing to help make it happen, the Wall Street Journal reports. 

Late last month, eBay reported strong first-quarter results. Anna Webber/Getty Images for Teen Vogue

According to Cohen, GameStop has built up a 5% stake in Ebay and is offering $125/share in cash and stock - which makes for a roughly 20% premium to Friday's closing price.

"EBay should be worth—and will be worth—a lot more money," said Cohen in an interview. "I'm thinking about turning eBay into something worth hundreds of billions of dollars."

Ryan Cohen in Miami in 2022. Anastasia Samoylova for WSJ

If eBay resists Cohen's advances, he's ready to run a proxy fight and take it directly to shareholders. 

"There is nobody who is more qualified, based on my experience, to run the eBay business," Cohen said - noting his time at GameStop, and previously Chewy - the online pet-products marketplace he co-founded. 

* * *

Three months ago, billionaire Ryan Cohen, the CEO of GameStop, told The Wall Street Journal he was eyeing a major acquisition. Fast forward to late last week, and in what appears to be an intentional leak to the same outlet, Cohen's next move may now be coming into focus: preparing an offer to buy eBay.

The WSJ cites sources who say that Cohen's GameStop has built a $12 billion position in eBay ahead of a potential offer. Notably, eBay has a market capitalization 3.8 times larger than that of the video game retailer.

Sources said Cohen could announce the offer as early as this month, and if eBay rejects it, he may take the bid directly to shareholders.

In late January, Cohen told WSJ that he was eyeing a major transaction and searching for deals in the consumer and retail space, as part of a plan to expand the business far beyond video games and collectibles. 

WSJ's Lauren Thomas noted, "GameStop had around $9 billion in cash on hand at the end of March, up from $4.8 billion a year earlier. Cohen would likely enlist his legions of online followers to rally behind a deal, too."

The report comes as GameStop shares are up about 32% this year on hopes for dealmaking, while eBay shares are up nearly 20% this year.

However, one week ago, we penned a note covering AI startup Anthropic, which quietly released a report titled "Project Deal" suggesting the company may be preparing to take on eBay.

Tyler Durden Mon, 05/04/2026 - 11:09

An investment banker-turned-farmer and philanthropist, Barry Hoffner has visited 192 of the world's 193 countries, including every "banned" country.

Supreme Court Temporarily Restores Nationwide Access To Abortion Pill

Update (05/04/2026): The U.S. Supreme Court on Monday issued a temporary order that restores full nationwide access to the abortion medication mifepristone, including through mail-order, telehealth prescriptions, and certified pharmacies, until at least May 11.

The emergency ruling pauses a May 1 decision by the conservative 5th U.S. Circuit Court of Appeals that had reinstated a nationwide requirement for in-person dispensing only. That lower-court order had threatened to sharply restrict medication abortion access across the country, even in states where abortion remains legal.

The USSC administrative stay came in response to emergency applications filed Saturday by mifepristone manufacturers Danco Laboratories and GenBioPro. The companies argued the 5th Circuit ruling would cause “immediate confusion,” “regulatory chaos,” and irreparable harm to patients and providers. Justice Samuel Alito, who handles emergency matters from the 5th Circuit, referred the matter to the full Court.

Background

Mifepristone, used in combination with misoprostol, accounts for approximately 60–70% of abortions in the United States and is also used for early miscarriage care. The FDA first approved the drug in 2000 and expanded access in 2016 and 2021, eventually allowing telehealth and mail delivery without an in-person visit requirement beginning in 2023.

In June 2024, the Supreme Court unanimously rejected a previous challenge to the FDA’s rules, ruling that anti-abortion physicians lacked legal standing to sue. The new litigation was brought by Louisiana, which claimed standing as a state harmed by the federal regulations.

What's Next

The Supreme Court’s order maintains the status quo while the justices consider the manufacturers’ request for a longer stay or further review. A decision on whether to extend the relief beyond May 11 is expected in the coming days or weeks. The case could eventually return to the high court for full briefing and argument on the merits.

The temporary restoration prevents an immediate nationwide disruption to medication abortion services at a time when the method has become the dominant form of abortion care following the 2022 Dobbs decision that overturned Roe v. Wade.

Advocates on both sides are closely watching for further developments. Reproductive health groups welcomed the pause, while opponents of expanded access expressed disappointment that the 5th Circuit’s restrictions were not allowed to take effect immediately.

The ruling marks the latest chapter in a years-long legal battle over one of the most widely used medications in reproductive health care.

* * *

Authored by Jacki Thrapp via The Epoch Times,

Americans won’t be able to receive abortion drug mifepristone in the mail, according to a temporary ruling by the U.S. Fifth Circuit Court on May 1.

“FDA conceded it had failed to adequately study whether remotely prescribing mifepristone is safe,” the three-judge panel in New Orleans ruled on Friday.

The decision will block the drug from being shipped via mail until the Food and Drug Administration (FDA) can ensure the drugs are “safe and effective” before they can be marketed in the United States.

Mifepristone, often called “the abortion pill,” is part of a two-drug regimen which allows a woman “to end a pregnancy up to 70 days into gestation,” according to Johns Hopkins University.

The FDA first approved mifepristone in 2000, but doctors were only allowed to prescribe it after three in-person visits.

The procedure changed in 2023 after the Biden administration expanded access to “medication abortion,” which provided a pathway for patients to avoid an in-person visit to the doctor and, instead, order the drug online to be shipped to their house.

The state of Louisiana challenged the rule in 2025, arguing the justification for allowing this was based on “flawed or nonexistent data.”

Louisiana alleged the medication “resulted in numerous illegal abortions” in the state and it also made women pay “thousands in Medicaid bills” for being harmed by mifepristone.

Louisiana Attorney General Liz Murrill called Friday’s decision a “victory for life!”

“The Biden abortion cartel facilitated the deaths of thousands of Louisiana babies (and millions in other states) through illegal mail-order abortion pills. Today, that nightmare is over, thanks to the hard work of my office and our friends at Alliance Defending Freedom,” Murrill wrote.

“I look forward to continuing to defend women and babies as this case continues.”

A bill to ban mifepristone was introduced by Sen. Josh Hawley (R-Mo.) in March.

“The science is clear: The chemical abortion drug is inherently dangerous to women and prone to abuse. Yet major companies like Danco Laboratories are making billions off it,” Hawley said.

Hawley’s bill would also allow women to sue manufacturers for damages if they are harmed by the chemical abortion.

Rep. Delia C. Ramirez (D-Ill.) criticized the federal court decision on social media.

“Mifepristone is safe and reliable,” Ramirez wrote in an X post on Friday.

“IT SAVES LIVES.
 Extremist attempts to control our bodies and restrict our choices make women less safe. The right to make decisions about our bodies and our healthcare are OURS. They don’t belong in the hands of judges or politicians.”

Tyler Durden Mon, 05/04/2026 - 11:04

"This Is Unacceptable": Duffy Sounds Off After United Jet Clips Light Pole, Truck In New Jersey

Transportation Secretary Sean Duffy joined Fox Business on Monday morning, where he described Sunday's midair incident, in which a commercial jumbo jet's landing gear clipped a light pole and truck on a New Jersey highway, as "unacceptable," despite the aircraft being flown by "really well-trained pilots."

"So I don't want to get ahead of the investigation. Again, it seems pretty clear a light pole at least was hit. Was the truck hit? That will be ascertained as the NTSB arrives today. The FAA is going to arrive today. They're in contact with United," Duffy said.

United Airlines Boeing 767 aircraft (N77066) struck a light pole on the New Jersey Turnpike on approach at Newark Liberty International Airport on Sunday afternoon.

The Flight UA169, operated by a Boeing 767-424 from Venice, Italy, with 221 passengers and 10 crew members on… pic.twitter.com/Stpzf7hJ1Z

— FL360aero (@fl360aero) May 3, 2026

Local news outlet Fox Baltimore confirmed that a delivery truck owned and operated by the Baltimore-based Schmidt Bakery was struck by the United Airlines jet.

Chuck Paterakis of H&S Family of Bakeries said the driver had departed from the Baltimore metro area and was headed to a company depot in New Jersey when the incident happened near Newark Liberty International Airport. He said the driver suffered minor injuries from broken glass.

Duffy continued, "This is unacceptable. We have really well-trained pilots. This should never happen in America."

A photo has been posted on social media showing the moment United Airlines flight 169 struck a semi-truck on final approach to Newark Liberty International Airport yesterday.

The truck driver has since been released from hospital the Port Authority of New York and New Jersey… pic.twitter.com/wvMMWeb7pl

— Breaking Aviation News & Videos (@aviationbrk) May 4, 2026

He added, "The big and small incidents we study, we look at and we learn from and we take action on, and that's why America is the safest place to fly. We have the safest guys, the busiest guys, bar none, and we're the best because we look at every incident and learn from it."

Sec. Duffy on the United Airlines collision at Newark: This is unacceptable. We have really well-trained pilots. This should never happen in America. An incident like this, we study and we learn from, and we take action on. That’s why America is the safest place to fly. pic.twitter.com/SzshEpfZ7I

— Breaking911 (@Breaking911) May 4, 2026

Why the United Airlines flight had a low angle of attack during final approach will be determined and released in a future FAA report on the incident.

Tyler Durden Mon, 05/04/2026 - 11:00

Democrats are defenders of democracy — except when they lose. Then they want to change the rules.

While Harris remained on the sidelines of the high-stakes gubernatorial primary, she did not hesitate to weigh in on several other key California races.

The reality star sparked concern when he appeared to fall asleep during a cast interview.

The reality star sparked concern when he appeared to fall asleep during a cast interview.

Gabriel Batista, 59, is believed to have been snapped up in the croc-infested Komati River in South Africa when he was swept away in raging floodwaters last week.

Among the mountain of sneaker options, here are some standout picks that you may want to consider adding to your collection.

There are massive changes in Orlando already.

Roughly 150 people are currently trapped on the Dutch cruise liner off the African coast after three passengers died and others became seriously sick with symptoms.

CLARITY Act Stablecoin Yield Rules Finalized: 'Go Time' For Crypto Bill

Authored by Ciaran Lyons via CoinTelegraph.com,

The US CLARITY Act, which aims to provide the US crypto industry with more regulatory clarity, could now move closer to becoming law after new stablecoin yield provisions were published, according to Coinbase chief legal officer Faryar Shirzad.

“It’s time to get CLARITY done,” Shirzad said in an X post on Friday, after US Senator Thom Tillis and US Senator Angela Alsobrooks published the final text aimed at settling the stablecoin yield dispute between the banking and crypto industries, which has centered on whether such yields would harm the banking system’s competitiveness.

“In the end, the banks were able to get more restrictions on rewards, but we protected what matters – the ability for Americans to earn rewards, based on real usage of crypto platforms and networks,” Shirzad said.

Extract of the “SEC 404. Prohibiting interest and yield on payment stablecoins” document. Source: Alex Thorn

The text titled “SEC 404. Prohibiting interest and yield on payment stablecoins” states that no crypto firm may pay “any form of interest or yield” to customers solely for holding stablecoins, akin to a bank deposit or any similar interest-bearing product. 

Source: Patrick Witt

However, it allows firms to offer rewards tied to “bona fide activities.” Some industry executives voiced frustration with the ruling. Helius Labs CEO Mert Mumtaz said, "The clarity of not getting risk-free yield on your dollars without using a bank."

Polymarket traders anticipate 55% odds of CLARITY passing in 2026

It marks a significant step forward for both the legislation and the broader crypto industry, as the stablecoin yield debate had been one of the main roadblocks delaying its passage, despite expectations earlier this year that it would move through Congress.

Source: Toly Yakovenko

“Now that this issue is behind us, it’s time to focus on the broader bill,” Shirzad said.

Traders on the Polymarket crypto prediction market now see a 55% chance of the CLARITY Act being signed into law in 2026, up 9% over the past 24 hours.

Many in the industry are now calling for the bill to be marked up. Coinbase CEO Brian Armstrong said shortly after the announcement, “Mark it up.”

Senate Banking Committee could schedule markup “imminently”

Galaxy Digital head of firmwide research Alex Thorn said the “release of text suggests that Senate Banking will schedule markup imminently, as soon as the week of May 11.”

However, Thorn warned that he expects “the banks to increase their opposition efforts.”

US Senator Bernie Moreno recently said that he anticipates the CLARITY Act to “get done” by the end of May. On April 11, US Senator Cynthia Lummis said, “It’s now or never.”

Tyler Durden Mon, 05/04/2026 - 10:40

Key Events This Week: Payrolls, Quarterly Refunding, Confidence, And More Earnings

Key data releases this week will be the US April jobs report and the University of Michigan’s consumer survey. Other economic events feature the US Treasury quarterly refunding announcement and rate decisions in Australia, Norway and Sweden. Corporate earnings include AMD, Palantir and Rheinmetall.

The focus this week will be on the US April jobs report due Friday. Economists see payrolls up +65k in April, down from +178k in March, with a
slightly faster earnings growth rate (+0.3% vs +0.2% in March) and a stable unemployment rate (4.3%). Other labor market indicators due will include the JOLTS report on Tuesday and the ADP report on Wednesday.

Elsewhere, US indicators will include the University of Michigan’s consumer survey for May on Friday (our US economists forecast some rebound in sentiment from 47.6 in April to 52.2), the ISM services index on Tuesday and Q1 non-farm productivity data on Thursday. Rounding out US events, there will also be the quarterly US Treasury refunding announcement on Wednesday.

From central banks, policy rate decisions will be due from the Reserve Bank of Australia on Tuesday (expect a hike) and Sweden’s Riksbank and
Norway’s Norges on Thursday. There will also be plenty of speakers from the Fed and the ECB.

European indicators next week will include the April CPI reports in Switzerland (Tuesday) and Sweden (Wednesday), as well as March industrial production, factory orders and trade in Germany. In politics, the focus will be on the local elections in the UK on Thursday.

Elsewhere, there will be an OPEC+ meeting this Sunday. Finally, the busy corporate earnings schedule continues with highlights including tech names Palantir, AMD and CoreWeave and big consumer stocks Walt Disney and McDonald’s, amongst others. Defence firms Rheinmetall and Leonardo will also be in focus. Other notable European firms releasing results feature Shell, Ferrari and AB InBev. In Japan, the list includes Toyota, Sony and Nintendo.

Source

Courtesy of DB, here is a day-by-day calendar of events

Monday May 4

• Data: US March factory orders, Italy April manufacturing PMI, budget balance, new car registrations
• Central banks: Fed's Williams speaks, ECB's Simkus, Dolenc, Villeroy, Kocher, Guindos and Nagel speak
• Earnings: Palantir, ON Semiconductor, Paramount Skydance, Pinterest, Norwegian Cruise Line

Tuesday May 5

• Data: US April ISM services, March JOLTS report, trade balance, new home sales, UK April new car registrations, France March budget balance, Canada April services PMI, March international merchandise trade, New Zealand Q1 labor force survey, Switzerland April CPI
• Central banks: RBA decision, Fed's Barr and Bowman speak, ECB's Panetta and Lane speak
• Earnings: AMD, HSBC, Arista Networks, Eaton, Shopify, Anheuser-Busch InBev, Pfizer, UniCredit, KKR, TransDigm, Ferrari, Occidental Petroleum, Electronic Arts, PayPal, Coupang, Live Nation Entertainment, Leonardo, Prudential Financial, GLOBALFOUNDRIES, Fiserv, Astera Labs, Devon Energy, IQVIA, Super Micro Computer

Wednesday May 6

• Data: US April ADP report, UK April official reserves changes, China RatingDog April PMIs, France March industrial production, Italy April services PMI, March retail sales, Eurozone March PPI, Sweden April CPI
• Central banks: Fed's Musalem and Goolsbee speak, ECB's Lane and Cipollone speak
• Earnings: ARM Holdings, Novo Nordisk, Walt Disney, AppLovin, Uber, CVS Health, Equinor, Marriott, Johnson Controls International, Infineon, DoorDash, Apollo, Warner Bros Discovery, Medline, BMW, Coherent, Orsted, NRG Energy, Axon Enterprise, Veolia Environnement, Vestas, Fresenius, Kraft Heinz, Albemarle, Flutter Entertainment, Verisure, Deutsche Lufthansa, Blue Owl Auctions: US Treasury quarterly refunding announcement

Thursday May 7

• Data: US Q1 nonfarm productivity, unit labor costs, March construction spending, consumer credit, April NY Fed 1-yr inflation expectations, initial jobless claims, China April foreign reserves, UK April construction PMI, Japan April monetary base, Germany April construction PMI, March factory orders, France March trade balance, current account balance, Q1 wages, Eurozone March retail sales
• Central banks: Riksbank decision, Norges Bank decision, BoJ minutes of the March meeting, Fed's Hammack and Williams speak, ECB's Kocher, Villeroy, Guindos, Lane and Schnabel speak
• Earnings: Shell, McDonald's, Gilead, Enel, McKesson, Howmet Aerospace, Engie, Airbnb, Cloudflare, Rheinmetall, CoreWeave, Cheniere Energy, Vistra, Coinbase Global, Rocket Lab, Datadog, Siemens Healthineers, Legrand, Rocket Cos, Block, Banca Monte dei Paschi di Siena, Expedia, Vonovia, Affirm, DraftKings, Unity Software
• Other: UK local elections

Friday May 8

• Data: US April jobs report, May University of Michigan survey, March wholesale trade sales, Japan March labor cash earnings, Germany March trade balance, industrial production, Canada April labour force survey
• Central banks: Fed’s Cook speaks, ECB's Guindos speaks 
• Earnings: Toyota, Sony, Intesa Sanpaolo, Nintendo, Commerzbank, Amadeus IT

* * * 

Finally, looking at just the US, the key economic data release this week is the employment report on Friday. There are several speaking  engagements by Fed officials this week, including events with Vice Chair for Supervision Bowman and Governor Barr on Tuesday and Governor Cook on Friday. 

Monday, May 4 

• 10:00 AM Factory orders, March (GS +2.3%, consensus -0.1%, last flat)
• 12:50 PM New York Fed President Williams (FOMC voter) speaks: New York Fed President John Williams will deliver keynote remarks during the Cynosure Group Spring Symposium at the Yale Club. Speech text and Q&A are expected. On April 16, Williams said, “The current stance of monetary policy is well positioned to balance the risks to our maximum employment and price stability goals." He also said, "Lately, the labor market has been displaying conflicting signs. In recent months, much of the hard data point to a stabilization in the balance between supply and demand, while some of the soft data suggest a labor market that continues to gradually soften."

Tuesday, May 5 

• 08:30 AM Trade balance, March (GS -$61.2bn, consensus -$59.7bn, last -$57.3bn) 
• 09:45 AM [note deletion of manufacturing] S&P Global US services PMI, April final (last 51.3)
• 10:00 AM ISM services index, April (GS 54.0, consensus 53.7, last 54.0): We estimate that the ISM services index was unchanged at 54.0 in April. Our non-manufacturing survey tracker increased slightly in April but remained below the latest ISM services reading (+0.8pt to 52.4).
• 10:00 AM New home sales, March (GS 680k, consensus 668k, last 587k [January]): Census will jointly release new home sales data for the months of February and March. We forecast that new home sales increased to a seasonally adjusted annualized rate of 680k in March after falling sharply in January, potentially reflecting the impact of poor weather in late January.
• 10:00 AM JOLTS job openings, March (GS 6,750k, consensus 6,850k, last 6,882k): We estimate that JOLTS job openings edged down to 6.75mn in March based on the signal from online measures of job postings from Indeed and LinkUp.
• 10:00 AM Fed Vice Chair for Supervision Bowman speaks: Fed Vice Chair for Supervision Michelle Bowman will speak at the 2026 Women in Housing and Finance Symposium. Q&A is expected. 
• 12:30 PM Fed Governor Barr speaks: Fed Governor Michael Barr will participate in a moderated conversation about his career path and international financial regulation. On March 26, Barr said, "Given the considerable uncertainty about the potential effects of developments in the Middle East on our economy, as well as the other factors I mentioned, it makes sense to take some time to assess conditions. Our current policy stance puts us in a good place to hold steady while we evaluate incoming data, the evolving forecast, and the balance of risks."

Wednesday, May 6 

• 08:15 AM ADP employment change, April (GS +170k, consensus +120k, last +62k)
• 09:30 AM St. Louis Fed President Musalem (FOMC non-voter) speaks: St. Louis Fed President Alberto Musalem will participate in a moderated discussion at the Mississippi Bankers Association 2026 Annual Convention. On April 1, Musalem said, "I believe the current policy rate… will likely remain appropriate for some time," but "I could support additional easing if a greater risk of a weakening labor market becomes apparent, … [or] to prevent the real rate from rising if actual or expected inflation falls," or "I could support raising the policy rate to avoid an inadvertent real easing that would result from holding the policy rate constant if core inflation or medium- to long-term inflation expectations moved persistently higher and away from 2%."
• 01:00 PM Chicago Fed President Goolsbee (FOMC non-voter) speaks: Chicago Fed President Austan Goolsbee will participate in a panel on the financial mechanics and real-economy implications of the AI investment surge at the 2026 Milken Institute Global Conference. On April 14, Goolsbee said, "The longer this inflation disruption goes, the more likely it is that rate cuts would be put off." He added, "I have some concern about piling the energy shock on inflation before the tariff shock went away. That’s a dangerous spot to be in."

Thursday, May 7 

• 08:30 AM Nonfarm productivity, Q1 preliminary (GS +1.0%, consensus +1.2%, last +1.8%); Unit labor costs, Q1 preliminary (GS +2.8%, consensus +2.5%, last +4.4%)
• 08:30 AM Initial jobless claims, week ended May 2 (GS 190k, consensus 205k, last 189k): Continuing jobless claims, week ended April 25 (consensus 1,791k, last 1,785k)
• 10:00 AM Construction spending, March (GS +0.5%, consensus +0.3%, last -0.3% [January]): Construction spending, February (GS +0.4%); Census will jointly release construction spending data for the months of February and March. We forecast that construction spending increased by 0.4% in February and 0.5% in March after falling 0.3% in January, potentially reflecting the impact of poor weather.
• 01:00 PM Minneapolis Fed President Kashkari (FOMC voter) speaks: Minneapolis Fed President Neel Kashkari will participate in a fireside chat at Northern Michigan University. In his essay explaining his dissent at the April FOMC meeting, Kashkari said, "I supported the Federal Open Market Committee’s (FOMC) decision to hold the federal funds rate at this week’s meeting, but I dissented against the FOMC’s action because I did not think it was appropriate to continue to include the following phrase in the policy statement: ‘In considering the extent and timing of additional adjustments to the target range for the federal funds rate.’” He added, "Given recent economic and geopolitical developments and the high level of uncertainty about the outlook, I do not believe [an easing bias in the statement] is appropriate at this time. Instead, the FOMC should offer a policy outlook that signals that the next rate change could be either a cut or a hike, depending on how the economy evolves."
• 02:05 PM Cleveland Fed President Hammack (FOMC voter) speaks: Cleveland Fed President Beth Hammack will participate in a fireside chat at the 2026 Ohio CEO Summit. In her essay explaining her dissent at the April FOMC meeting, Hammack said "I dissented from the post-meeting statement because I did not believe it was appropriate to include an easing bias around the future path for monetary policy... I see this clear easing bias as no longer appropriate given the outlook." 
• 03:30 PM New York Fed President Williams (FOMC voter) speaks: New York Fed President John Williams will participate in a moderated discussion on the regional economy at the Hudson Valley Pattern for Progress event. 

Friday, May 8 

• 05:45 AM Fed Governor Cook speaks: Fed Governor Lisa Cook will speak on tokenization and the financial system at a Central Bank of West African States conference. Speech text is expected. 
• 08:30 AM Nonfarm payroll employment, April (GS +75k, consensus +62k, last +178k); Private payroll employment, April (GS +80k, consensus +75k, last +186k); Average hourly earnings (MoM), April (GS +0.3%, consensus +0.3%, last +0.2%); Unemployment rate, April (GS 4.3%, consensus 4.3%, last 4.3%): We estimate nonfarm payrolls increased 75k in April. On the positive side, the big data indicators of job growth we track were solid and higher frequency measures of layoffs remained low. On the negative side, we expect a 5k decline in government payrolls—reflecting a 10k decline in federal government payrolls that is partly offset by a 5k increase in state and local government payrolls. We estimate that the unemployment rate was unchanged on a rounded basis at 4.3% in April. That said, the bar for rounding down to 4.2% is not high from an unrounded 4.26% in March. We estimate average hourly earnings rose 0.3% month-over-month in April, reflecting neutral calendar effects.
• 10:00 AM University of Michigan consumer sentiment, May preliminary (GS 50.0, consensus 49.4, last 49.8); University of Michigan 5-10-year inflation expectations, May preliminary (GS 3.5%, last 3.5%)
• 07:30 PM Fed Governors Waller and Bowman, San Francisco Fed President Daly (FOMC non-voter), and Chicago Fed President Goolsbee (FOMC voter) speak: Fed Governors Christopher Waller and Michelle Bowman, San Francisco Fed President Mary Daly, and Chicago Fed President Austan Goolsbee will speak on a panel at the Hoover Institution Monetary Policy Conference 2026.

Source: DB, Goldman

Tyler Durden Mon, 05/04/2026 - 10:30