Bernstein analysts call Ferrari's first-quarter report "extremely reassuring" given the current environment. The Italian automaker navigated disruptions by bringing forward deliveries to other regions, demonstrating Ferrari's ability to control shipments, revenues and margins despite underwhelming growth targets from last October. Shares fell 1%.

Cargojet's first-quarter results showed resilience amid geopolitical and trade tensions. TD Cowen's Tim James notes the results "will draw attention to the resiliency of the Cargojet business" as steady Ebitda, stronger-than-expected revenue and stabilizing block hours indicate the core business remains durable despite market uncertainty.

ON Semiconductor's share price growth faces constraints due to weakness in its auto business, according to Jefferies analysts. Despite reporting higher revenue and smaller losses in Q1, the chip maker's prolonged weakness in demand from auto customers will drag on investor outlook. The company did see strong growth in its artificial intelligence data center business, but this wasn't enough to prevent shares from falling 4.2% premarket.