Pre-market briefing Pre-Market Briefing — May 13, 2026
Today at a Glance
Previous Session Recap
US equities came under profit-taking pressure on Tuesday after the April CPI headline printed 3.8% — the highest since May 2023 — beating the 3.7% consensus. The Dow ($DJI) closed essentially flat at +0.11%, but the S&P 500 fell to 7,400.96 (-0.16%) and the Nasdaq dropped to 26,088.20 (-0.71%) as semiconductors and big tech led the weakness. Qualcomm ($QCOM) was the standout loser, plunging 11–12% in its worst session since 2020. Micron ($MU) lost 3.6% and AMD ($AMD) fell 2% as profit-taking spread broadly after a one-month rally. In after-hours trading, Oklo ($OKLO) reported Q1 EPS of $-0.19, slightly above the $-0.20 estimate, but the stock moved just -0.86% with no significant reaction.
Current Market Tone
Heading into Wednesday's open, futures markets are attempting a rebound. S&P 500 futures are +0.24% and Nasdaq futures +0.80%, signaling a recovery attempt, while Dow futures sit at -0.24%, reflecting lingering profit-taking pressure. Polymarket prices an 83% probability of a higher open for the S&P 500, but April PPI (consensus +0.5% m/m) at 9:30 PM KST, pre-market earnings from Alibaba ($BABA), and post-close earnings from Cisco ($CSCO) will be the deciding factors for direction. With WTI crude trading above $102 and the 10-year Treasury yield holding the 4.4% range, risk appetite remains intact but the dominant tone is cautious wait-and-see rather than aggressive buying.
Pre-Market News Roundup
Today's Events
The earnings focus today centers on two big names: Alibaba ($BABA, BMO) in the evening KST and Cisco ($CSCO, AMC) in the early hours. Both will serve as benchmarks for the market's view on AI infrastructure and cloud monetization.
Macro Calendar
Today marks the pivot point of a week that delivers the second side of the inflation story.
Consensus is +0.5% m/m for the headline. Coming right on the heels of yesterday's CPI print of 3.8% YoY (the highest since May 2023), the key question is whether inflationary stickiness is also persisting at the producer level. A print above consensus would push back June rate-cut expectations further, driving the 10-year Treasury yield higher and adding pressure to big tech and high-growth names. A print below consensus could provide short-term rebound justification for semiconductors such as Qualcomm ($QCOM) and Micron ($MU), which were sold off yesterday.
Chair Jerome Powell's term expires Friday, May 15. Kevin Warsh's nomination to the Fed Board of Governors has already cleared, and a full Senate confirmation vote for the Chair position is expected within the week. Powell has decided to remain on the Board as a governor after his term ends. This adds short-term policy uncertainty around the direction of monetary policy and dot-plot interpretation, and the tone of the new Chair's first message ahead of the June FOMC could set the market's direction.
Dividend Watch
Stocks in Focus
Here are three names worth watching today, based on technical signals and earnings momentum.
Today's Game Plan
Stay calm today and focus on the flow rather than the headline prints.
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