Most Important News

1. US April CPI Rises 3.8% Year-on-Year;
2. Trump Calls Ceasefire 'Massive Life Support'; Iran Threatens Uranium Enrichment;
3. Korean Stocks Plummet Amid Citizen Dividend Proposal;
4. Piper Sandler Sets Tesla Price Target at $500;

US stock futures slipped on Tuesday, weighed down by higher oil prices, as traders reacted to the release of April’s consumer price index reading.

As of 03:45 PM Riyadh Time, S&P 500 futures were 0.27% lower, and Nasdaq 100 futures dropped 0.7%. Futures tied to the Dow Jones Industrial Average were down 2 points, or 0.00%.

West Texas Intermediate crude surged 3% to over $101 per barrel after President Donald Trump criticized the US-Iran ceasefire as "unbelievably weak," while Iran demanded war reparations and sanctions relief.

April's CPI rose 0.6% month-over-month, pushing the annual inflation rate to 3.8%, the highest since May 2023 and above the 3.7% forecast.

Marci McGregor of Bank of America advised viewing any weakness as a buying opportunity, citing strong corporate profits and labor market conditions.

As of 03:44 PM Riyadh Time, top pre-market movements are as follows:

US Treasury Yields and Dollar Rise, Rate Cut Expectations Cool

The 10-year US Treasury yield rose 4 basis points to 4.78%, reaching a high since November 2025. The dollar index increased 0.3% to 106.8, a six-month peak. Rate cut expectations have cooled, with CME FedWatch showing only an 18% chance of a December 2026 rate cut, down from 62% a month ago. High rates pressure growth stocks, especially in tech sectors.

Musk, Cook Among CEOs in China Visit; Nvidia's Huang Absent

Bloomberg reports that Tesla's Elon Musk, Apple's Tim Cook, and Boeing's Kelly Ortberg are invited to join President Trump’s visit to China. Other CEOs include Goldman Sachs' David Solomon, Blackstone's Stephen Schwarzman, BlackRock's Larry Fink, Citigroup's Jane Fraser, and Meta's Dina Powell McCormick. NVIDIA's CEO Jensen Huang is notably absent from the delegation.

Trump Calls Ceasefire 'Massive Life Support'; Iran Threatens Uranium Enrichment

President Trump stated the ceasefire agreement is 'Massive Life Support' after Iran rejected US proposals and made new demands. An Iranian official warned of increasing uranium enrichment to 90% if attacked. The stalled US-Iran talks heightened market concerns, pushing US and Brent crude futures up over 3%.

Boeing Deal Hype Dominates

Trump's China summit with US CEOs targets rare earths and aviation; Boeing Company(BA.US) may get its first major jet order since 2017. Read in detail>>

Korean Stocks Plummet Amid Citizen Dividend Proposal

South Korea's Kospi index fell 2.3%, with the leveraged ETF Direxion Daily South Korea B(KORU.US) dropping over 19% pre-market. The decline followed a Facebook post by Kim Yong-beom, suggesting a "citizen dividend" from AI industry profits. Initially, the market panicked, causing a 5.1% intraday drop. Kim later clarified the funds would come from AI-related taxes, not new profit taxes, helping stabilize market sentiment.

Intel May Secure Tesla AI6 Chip Order Amid US Pressure

A post by insider Jukan on X suggests Intel Corporation(INTC.US) could win Tesla Motors, Inc.(TSLA.US)'s AI6 chip production order, allegedly due to pressure from the Trump administration. This follows Apple's recent chip deal, aligning with efforts to boost US semiconductor manufacturing. Such developments are seen as potential achievements for the administration ahead of midterm elections, highlighting its push for reshoring critical industries.

Hims & Hers Health Faces Pre-Market Drop After Disappointing Q1 Results

Hims & Hers Health(HIMS.US) reported Q1 sales of $212 million, falling short of the expected $225 million, and a net loss of $12 million, compared with a forecast $3 million profit. The company also reduced its annual sales guidance from $920-950 million to $890-910 million. Consequently, $HIMS shares plummeted 14.6% in pre-market trading.

Piper Sandler Sets Tesla Price Target at $500

Piper Sandler has raised its target price for Tesla Motors, Inc.(TSLA.US) to $500, citing the potential of Tesla's humanoid robot, Optimus. Analyst Alexander Potter developed a comprehensive model covering Tesla's 17 product lines. He values the core business, including EVs, energy storage, FSD software, insurance, Supercharger network, and autonomous taxi services, at $400-$420 per share. Potter suggests that at $400 per share, investors effectively gain the Optimus business for free.

NVIDIA Surges, Adding More Value Than Oracle's Market Cap in 4 Days

Over the past four trading days, NVIDIA Corporation(NVDA.US) shares have risen by 14%, increasing its market cap by $591 billion, surpassing Oracle Corporation(ORCL.US)'s current total market cap of $557 billion. Bernstein analysts suggest that this surge reflects investor confidence in strong capital expenditure commitments from major cloud service providers, indicating sustained demand for NVIDIA's chips.

Quantum Computing Shares Surge 30% Pre-Market on Revenue Jump

Quantum Computing Inc.(QUBT.US)'s Q1 revenue soared 93.87% year-over-year to $3.7 million, compared to $39,000 in 2025. The increase is attributed to the February acquisition of Lumina Semiconductor. Despite the revenue growth, the company reported a net loss of $4.1 million, or $0.02 per share, compared to a net profit of $17 million, or $0.13 per share, in the previous year, marking a shift from profit to loss.

AST SpaceMobile Drops Over 11% Pre-Market on Disappointing Q1 Results

AST SPACEMOBILE INC(ASTS.US)'s Q1 revenue reached $14.73 million, a significant increase from $718,000 last year but well below Wall Street's $39 million expectation. The company reported a net loss of $191 million, compared to a $45.7 million loss last year, far exceeding analyst predictions of $86.8 million. The per-share loss was $0.66, up from $0.20 last year and above the expected $0.24 loss.

Cisco Rises Over 1% Pre-Market, Surpasses $100 Ahead of Earnings

Cisco Systems, Inc.(CSCO.US)'s shares rose over 1% pre-market, surpassing the $100 mark after hitting an all-time high yesterday, up 2.23%. The stock is up nearly 30% this year. Cisco is set to release its fiscal Q3 earnings after the market closes on May 13. Wall Street expects a 9.9% year-over-year revenue increase to $15.56 billion and a non-GAAP EPS rise of 8.3% to $1.04.

Sea Q1 Revenue Beats Expectations, EPS Misses

Sea(SE.US) reported Q1 revenue of $7.097 billion, up 46.6% year-over-year, exceeding the $6.413 billion forecast. Net profit rose 6.7% to $438.2 million, while adjusted EBITDA grew 9.3% to $1 billion. EPS was $0.67, missing the $0.70 market expectation.