Stock market today: Nasdaq, Dow, S&P 500 futures slip as Wall Street braces for CPI inflation report

17 hours ago 2

Updated Tue, May 12, 2026 astatine 4:14 AM CDT 2 min read

US banal futures fell connected Tuesday arsenic investors waited for the latest speechmaking connected user ostentation to supply clues to the Iran war’s interaction connected the system and to assistance acceptable expectations for the way of involvement rates.

Dow Jones Industrial Average futures (YM=F) nudged down 0.1%, portion S&P 500 futures (^GSPC) shed astir 0.3%, aft the wide benchmark clinched a caller grounds high. Contracts connected the tech-heavy Nasdaq 100 (NQ=F) led losses, down 0.6% connected the heels of a winning time for spot stocks connected Wall Street.

Markets are bracing for an important trial with Tuesday’s merchandise of the Consumer Price Index (CPI) for April. The ostentation information volition beryllium scrutinzed for signs of pass-through from higher vigor prices from the Strait of Hormuz blockade, successful nutrient costs successful particular. A blistery speechmaking could reset expectations for Federal Reserve monetary policy, particularly successful airy of Friday’s stronger-than-expected April jobs report. Economists expect header CPI to person risen 3.7% successful April.

Also connected Tuesday, President Trump volition footwear disconnected a travel to China, wherever helium volition conscionable with the country’s President Xi Jinping. Trade and AI are expected to apical the leaders’ agenda, and Trump has invited 16 apical executives, including Tesla CEO Elon Musk and Apple CEO Tim Cook, to articulation him during the visit.

In the background, escalating tensions betwixt the US and Iran inactive keeping investors connected edge. Trump said the US-Iran ceasefire statement betwixt the 2 countries is connected “massive beingness support” amid a stalemate implicit a imaginable bid plan. Oil prices continued to rally, with West Texas Intermediate (CL=F) crude up 2.3% to transverse the cardinal $100 a tube mark, portion Brent crude futures (BZ=F) were up 1.8% astatine implicit $106 a barrel.

Earnings play besides rolls on, with results expected from Applied Materials (AMAT), Cisco Systems (CSCO), Alibaba Group (BABA), and Birkenstock (BIRK).

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Wall Street says banal marketplace euphoria has echoes of 1999, but a firmer foundation

Wall Street is flashing signs of a banal marketplace melt-up, oregon a accelerated and unexpected emergence successful banal prices, notes Yahoo Finance’s Ines Ferré.

That’s led immoderate strategists to gully uncomfortable parallels to the dot-com bubble of the precocious 1990s. But immoderate spot a firmer ground for the enthusiasm.

Ines reports:

Semiconductor stocks person been gapping up truthful accelerated that marketplace watchers are reaching for the playbook from the run-up twelvemonth to the dot-com crash.

"Since the 3/30/26 debased and successful peculiar implicit the past mates of weeks, it Feels Like 1999," Evercore ISI strategist Julian Emanuel and his squad wrote successful a note. "Relatives, friends, doctors, Uber drivers are each talking astir AI/Tech stocks."
But Emanuel and his squad constituent retired that enthusiasm successful 2026 is built connected a firmer instauration than the dot-com era.
In 1999, “dot-com darlings” traded astatine a median price-to-earnings aggregate of astir 152 times, meaning investors paid $152 for each $1 of profit. Today's "AI Class of 2026" trades astatine astir 39 times earnings.
"Valuations are high, but not Y2K extremes," Emanuel wrote.

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Oil holds astir $100 a tube aft Trump rejects bid proposal

Bloomberg reports:

Oil steadied arsenic US President Donald Trump formed uncertainty implicit the ceasefire with Iran aft rejecting Tehran’s latest bid offer, prolonging the effectual closure of the captious Strait of Hormuz.
Brent (BZ=F) crude traded supra $104 a tube aft advancing 2.9% successful the erstwhile session, portion West Texas Intermediate (CL=F) was adjacent $98. Trump told reporters successful the Oval Office that the truce was connected “massive beingness support” portion deriding the Iranian effect to his connection to extremity the 10-week war.

A ceasefire has been successful spot since aboriginal April and has held adjacent aft a bid of flareups successful unit recently, including attacks connected ships. The near-closure of the Strait of Hormuz has importantly disrupted flows of crude, earthy state and fuels to planetary customers, raising concerns astir an ostentation crisis.

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GameStop shares spike past autumn successful after-hours rollercoaster aft Roaring Kitty posts connected X

Bloomberg reports:

GameStop Corp (GME). shares spiked and past rapidly dropped successful postmarket trading Monday aft cryptic societal media posts showed up and past disappeared from the societal media relationship of Keith Gill, the fiscal influencer known arsenic “Roaring Kitty,” who became salient during the 2021 meme-stock craze.

GameStop’s banal jumped arsenic overmuch arsenic 13% earlier paring those gains to commercialized little aft the posts — including 1 depicting a cat, and different with a representation of the online quality Pepe the Frog wearing Roaring Kitty’s trademark reddish bandanna — were deleted astir 5:40 p.m. successful New York, little than an hr aft they went up.
Shares of Chewy Inc., which was founded by GameStop’s existent main enforcement officer, Ryan Cohen, besides roseate arsenic overmuch arsenic 3% earlier erasing the move.

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