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International
US Equity Markets Mixed After Hot Inflation Data, Higher Crude Oil Prices
US equity indexes were mixed on Tuesday after hotter-than-anticipated inflation data and higher crude oil prices amid US-Iran peace negotiation deadlock.* The US seasonally adjusted consumer price index jumped by 3.8% in April from 3.3% in the prior month, according to data released Tuesday by the Bureau of Labor Statistics, compared with the 3.7% consensus.* The CPI increased 0.6% in April, as expected, following a 0.9% increase in the previous month. Core CPI gained 0.4%, higher than the consensus estimate for a 0.3% increase.* June West Texas Intermediate crude oil rose $4.22 to settle at $102.28 per barrel, while July Brent crude, the global benchmark, was last seen up $3.53 at $107.75.* Zebra Technologies (ZBRA) shares were up roughly 11%, the highest on the S&P 500, after the company reported higher fiscal Q1 non-GAAP earnings and net sales, and issued fiscal Q2 and 2026 non-GAAP EPS outlook above analysts' estimates.* Shares of Qualcomm (QCOM) and Intel (INTC) dropped nearly 12% and 6.5%, respectively, the steepest slides on the S&P 500 and the Nasdaq, amid a sell-off in the tech sector following the extended closure of the Strait of Hormuz.
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International
Daily Roundup of Key US Economic Data for May 12
The consumer price index rose by 0.6% in April after a 0.9% gain in the previous month and was up 0.4% excluding food and energy prices after a 0.2% gain.The gain lifted the year-over-year increase to 3.8% from 3.3% in March, while the core measure was up 2.8% year-over-year after a 2.6% rate in the previous month.Food prices rose by 0.5%, while energy prices increased by 3.8%. Gasoline prices alone were up 5.4%.Owners' equivalent rents rose by 0.5% and regular rents were also up 0.5%, both faster than in the previous month and accounting for about one-third of the overall gain.In addition, prices of new vehicles fell by 0.2% after a 0.1% gain in the previous month and used vehicle prices held steady after a 0.4% decline.The National Federation of Independent Business' monthly sentiment index rose to 95.9 in April from 95.8 in March, with gains in seven of the 10 components, particularly the earnings trend."Inflationary pressures continue to be a challenge for Main Street," said NFIB Chief Economist Bill Dunkelberg. "While small business optimism is currently fragile, the benefits of the Working Families Tax Cut Act should start to feed into the private sector over the next few months."The US Treasury reported a $215.02 billion budget surplus in April, smaller than the $258.40 billion deficit reported in April 2025. The fiscal year-to-date gap narrowed to $953.56 billion from $1.049 trillion.Redbook reported that US same-store retail sales were up 9.6% year-over-year in the week ended May 9, stronger than a 7.8% gain in the prior week due to seasonal sales and Mother's Day spending.
International
US Treasury April Budget Surplus Smaller Than Expected, Narrower Than Year Ago
The US Treasury posted a $215.02 billion budget surplus in April compared with the $220 billion surplus expected in a survey compiled by Bloomberg and smaller than the $258.40 billion budget surplus a year earlier.The monthly deficit was $164.1 billion in March.Through the first seven months of the fiscal year, the deficit is $953.56 billion, smaller than a $1.048 trillion gap in the same period a year earlier.