Morning Market Notes 05-05-26

Market Calendar

$SPX & $QQQ

Risk-on tape into the open: QQQ +0.73%, SPY +0.46%, IWM +0.81%. VIX getting smoked -3.83%. Yesterday's protection bid is unwinding fast.

Yesterday's war-news flinch is fading. Vol is dumping and SPY pushed back above the 720 call wall premarket.

Macro day is loaded — Job openings, ISM services, and Fed's Bowman all at 10, then Barr at 12:30. ISM services is the print to watch.

Let's have a sesh.

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