Consumer prices rose to an annual rate of 3.8% in April
Stocks are lower across the board as investors unpack this morning's inflation data, with the April consumer price index (CPI) rising 0.6% to an annual rate of 3.8% -- the highest reading since May 2023. Meanwhile, tech investors are taking profits, pressuring the Nasdaq-100 Index (NDX) down triple digits following Monday's record close.
The S&P 500 Index (SPX) and Dow Jones Industrial Average (DJI) sit modestly lower as well, the former just off its first close above 7,400. Crude prices continue to climb amid U.S.-Iran turmoil, with West Texas Intermediate (WTI) last seen trading at $101.
- What could bring a momentum shift for the SPX, per Senior V.P. of Research Todd Salamone.
- What to look for ahead of Nextpower earnings, due out after the close.
- Plus, two stocks making outsized post-earnings moves; WEN soars on take-private buzz.
5 Things You Need to Know Today
- The Cboe Options Exchange saw more than 3.6 million call contracts and 1.6 million put contracts traded on Monday. The single-session equity put/call ratio fell to 0.43, while the 21-day moving average stayed at 0.59.
- Under Armour Inc (NYSE:UAA) is down 14.8% premarket, after a wider-than-expected first-quarter loss and disappointing guidance, though revenue came in-line with estimates. Coming into today, the equity is up 21.9% year to date.
- The shares of Plug Power Inc (NASDAQ:PLUG) are up 11.7% in electronic trading, after posting a narrower-than-expected first-quarter loss on a revenue beat, with Oppenheimer reiterating its "perform" rating, touting the stock's turnaround progress. Year to date, PLUG is up 78.7%.
- Wendy's Co (NASDAQ:WEN) is soaring 17% ahead of the open, after the Financial Times reported Nelson Peltz’s Trian Fund Management was looking for a bid to take the fast food chain private. The stock hit a 12-year low earlier this month, down 18.8% in 2026.
- More inflation, economic data later this week.
Asian Stocks Mixed Amid Geopolitical Uncertainty
Asian markets traded mixed Tuesday as Trump’s grim assessment of the Iran ceasefire rattled investor confidence. Against that backdrop, Japan’s Nikkei 225 managed to add 0.5%, with the 10-year bond yield rising to nearly 30-year highs. South Korea’s Kospi pared early losses and fell 2.3%, pulling back after notching a fresh record high on Monday. Elsewhere, Hong Kong’s Hang Seng shed 0.2% and China’s Shanghai Composite dropped 0.3%.
European stocks are under sharp pressure amid geopolitical tensions and worries surrounding U.K. Prime Minister Keir Starmer’s premiership. At last look, London’s FTSE 100 is 0.4% lower, with the 10-year gilt rising as 70 Labour Party lawmakers call for Starmer to resign. Germany’s DAX is off by 1.1%, even after a post-earnings pop from Bayer, while France’s CAC 40 has dropped 0.6%.