On May 8, 2023, U.S. stock indexes are showing mixed results, with the S&P 500 down 0.19%, the Dow Jones down 0.47%, and the Nasdaq 100 up 0.05%. The U.S. April Producer Price Index (PPI) rose 1.4% month-over-month and 6.0% year-over-year, significantly exceeding expectations. This marks the largest year-over-year increase in over three years, contributing to concerns over persistent inflation and rising bond yields, with the 10-year Treasury note yield hitting a 10-month high of 4.49%.
In the same week, mortgage applications increased by 1.7%, while the WTI crude oil prices remain slightly lower amidst ongoing market adjustments. The International Energy Agency reported a significant decline in global oil inventories, projecting continued supply challenges. Furthermore, chipmakers like Nvidia have seen stock gains ahead of the upcoming trade summits between U.S. President Trump and China’s Xi Jinping, amid hopes for trade deals that could benefit the semiconductor industry.
In corporate news, major tech stocks reported supportive earnings, with 83% of the 454 S&P 500 companies that reported beating estimates, and a projected 12% year-over-year increase in Q1 earnings. Conversely, Wix.com fell over 31% due to disappointing profit margins.
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