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Markets Move Lower: Oil Flows Stalled, China Summit Looms
Rick Ducat, CMT
May 12, 2026
Markets are lower this morning, with all four major equity index futures in the red and the Nasdaq 100 (/NQ) as the worst performer as computer chip companies pull back from highs.
The latest Consumer Price Index report is expected to show inflation at nearly three-year highs with consensus forecasts coming in at an annual rate of 3.7%, partially due to surging oil prices.
Some notable names are slumping after earnings with AST Spacemobile (ASTS) down almost -12% after a revenue miss, while Hims & Hers Health (HIMS) is down -15% after reporting a quarterly loss. Other economic data today includes the ADP Employment Report, while today’s earnings feature Oklo (OKLO), JD.com (JD), and On Holdings (ONON).
Morning Movers
Snapshot (as of 7 AM ET)
Oil (/CL) – Oil prices are +3.26%
Gold (/GC) – Gold is down -0.34%
Bitcoin (/BTC) – The cryptocurrency futures are down -1.62%
VIX – The CBOE Volatility Index futures are up 0.34%
U.S. Dollar (/DX) – Dollar futures are up 0.31%
Biggest Premarket Movers (as of 7 AM ET)
Symbol | Product | Mark % Change (Winners) |
|---|---|---|
ZBRA | ZEBRA TECHNOLOGIES C A | 14.76% |
TGT | TARGET CORP | 2.16% |
APA | APA CORP | 1.96% |
Q | QNITY ELECTRONICS IN | 1.93% |
LOW | LOWES COS INC | 1.84% |
Symbol | Product | Mark % Change (Losers) |
|---|---|---|
INTC | INTEL CORP | -4.86% |
SNDK | SANDISK CORP | -3.91% |
QCOM | QUALCOMM INC | -3.59% |
MU | MICRON TECHNOLOGY IN | -3.38% |
LITE | LUMENTUM HLDGS INC | -3.05% |
Economic Data
Time (ET) | Event |
|---|---|
8:15 AM | ADP Employment Change Weekly |
8:30 AM | Core Inflation Rate MoM APR |
8:30 AM | Core Inflation Rate YoY APR |
8:30 AM | Inflation Rate MoM APR |
8:30 AM | Inflation Rate YoY APR |
2:00 PM | Monthly Budget Statement APR |
4:30 PM | API Crude Oil Stock Change MAY/08 |
Notable Earnings
Premarket | Postmarket | Premarket Tomorrow | Postmarket Tomorrow |
|---|---|---|---|
SE, JD, ONON, TME | OKLO | BABA, NBIS, TSEM, BIRK | CSCO |
Upgrades/Downgrades
Citi upgrades Lowe’s to Buy from Neutral
BofA upgrades Autodesk to Buy from Neutral
Truist upgrades Matador to Buy from Hold
Raymond James downgrades Gitlab to Market Perform from Outperform
Piper Sandler downgrades Lenz Therapeutics to Neutral from Overweight
Stifel downgrades Nyxoah to Hold from Buy
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