U.S. stock futures dipped slightly on Tuesday morning as investors awaited the release of the latest Consumer Price Index (CPI) report. This data is being closely watched for indications of how the new tariff policies affect inflation. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 (SPX) were down 0.44%, 0.17%, and 0.34%, respectively, at 4:28 a.m. EST, May 13.
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April’s CPI data is expected to show steady inflation at 2.4% year-over-year, while core inflation, which excludes food and energy, is likely to hold at 2.8% annually.
In Monday’s regular trading session, all three major indices rallied. The Dow Jones, the S&P 500, and the Nasdaq Composite (NDAQ) surged by 2.81%, 3.26%, and 4.35%, respectively.
This upside was due to a temporary easing of trade tensions between the U.S. and China after the two nations agreed to reduce their respective tariffs by 115% for 90 days. This helped reduce concerns about an escalating trade war and global economic slowdown.
Importantly, Goldman Sachs (GS) economists lowered the estimated U.S. recession risk from 45% to 35% following the pause on Chinese tariffs. The firm cited a smaller-than-expected impact on GDP growth, a reduced risk of disruptive tariffs, and a positive signal for future trade policies as reasons for the change.
In major after-market action, Archer Aviation’s (ACHR) stock rose nearly 5% following a narrower-than-expected Q1 loss. Also, Rigetti Computing (RGTI) dropped over 13% after its Q1 sales missed expectations, raising concerns about growth and market demand. In contrast, Coinbase (COIN) jumped 8% as it prepares to join the S&P 500 on May 19, replacing Discover Financial (DFS), which is being acquired by Capital One (COF).
In today’s earnings calendar, JD.com (JD), Oklo (OKLO), and Intuitive Machines (LUNR) are scheduled to release quarterly numbers.
Meanwhile, the U.S. 10-year treasury yield was down, floating near 4.451%. Simultaneously, WTI crude oil futures are trending higher, hovering near $62.02 per barrel as of the last check.
At the same time, the Gold Spot U.S. Dollar Price rose to $3,220 per ounce on Tuesday, as traders wait for the U.S. April CPI report. However, U.S.-China tariff deal optimism may limit further gains.
Elsewhere, European indices opened slightly higher today. Investor optimism faded as trade uncertainty remains and markets await further negotiations.
Asia-Pacific Markets Traded Mixed Today
Asia-Pacific indices were mixed today ahead of the key U.S. inflation report.
At the same time, the Hong Kong index was down 1.87%. Also, China’s Shenzhen Component index closed lower by 0.13%, while the Shanghai Composite index was up 0.17%. Further, Japan’s Topix and Nikkei indices gained 1.1% and 1.43%, respectively.
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