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Stock market caution: Futures slip as Wall Street awaits April CPI amid rising oil prices
At a glance
- •Nasdaq 100 futures led premarket weakness while S&P 500 futures pulled back from record closing highs.
- •April CPI, expected to show 3.7% year-over-year inflation, is the primary near-term market catalyst.
- •Rising oil prices WTI and Brent reflect supply disruptions tied to the near-closure of the Strait of Hormuz.
- •The US released 53.3 million barrels from the Strategic Petroleum Reserve as part of a coordinated IEA effort to add 172 million barrels to markets.
- •Notable corporate moves: PLUG surged after strong revenue and profit-path commentary; HIMS fell after a surprise quarterly loss; QUBT rallied on revenue growth; eBay rejected a $55B bid from GameStop.
- •Geopolitical developments and the CPI reading together could force a reprice of the Fed outlook and drive market volatility.
Market snapshot and drivers
US stock futures slipped Tuesday as a tech-led rally cooled and investors positioned for Aprils Consumer Price Index (CPI) release. Nasdaq 100 futures (NQ=F) led the losses, down about 0.7%, while S&P 500 futures (^GSPC) fell roughly 0.4% after fresh record closing highs. Dow futures (YM=F), which include fewer technology names, were largely flat following a recent winning day on Wall Street.
The CPI report is now the markets near-term focal point. Economists expect headline CPI rose 3.7% year-over-year in April, and traders will be watching for signs that higher energy prices from disruptions in the Strait of Hormuz are passing through into broader inflation particularly food costs. A hotter-than-expected reading could force investors to reprice the outlook for Federal Reserve policy, especially after a stronger-than-expected April jobs report at the end of last week.
Geopolitics, oil and macro spillovers
Escalating tensions around the USIran stalemate continued to unsettle markets. President Trump said the US-Iran ceasefire was on massive life support after rejecting Tehrans latest response, and Kuwait reported a skirmish involving Irans Revolutionary Guard Corps. Traffic through the Strait of Hormuz a key chokepoint for global energy flows remained effectively halted, intensifying concerns about lost supply.
Oil prices resumed a sharp rally amid the unrest. West Texas Intermediate crude (CL=F) climbed about 3.7% to trade above $101 a barrel, while Brent crude futures (BZ=F) rose roughly 3.4% toward $108 a barrel in one update and were trading above $104 in other session notes. Market participants cited supply disruptions and comments from Saudi Aramcos CEO Amin Nasser, who warned the world could lose significant barrels of supply the longer the conflict continues. Gasoline prices have followed, averaging about $4.50 per gallon nationally.
In response to the supply squeeze, the US released 53.3 million barrels from the Strategic Petroleum Reserve as part of a coordinated International Energy Agency agreement to push 172 million barrels into markets an effort to blunt price spikes and ease consumer pain at the pump.
Corporate news and market breadth
Beyond macro headlines, several individual companies moved markedly in premarket trading. Fuel-cell maker Plug Power (PLUG) jumped about 11% after reporting strong revenue growth and progress toward targets for profitability by Q4 2026. Telehealth operator Hims & Hers (HIMS) slid more than 14% after reporting a surprise first-quarter loss as it pivots toward brand GLP-1 treatments. Footwear maker On Holding (ONON) beat expectations but fell about 4% premarket; its co-CEO said its premium pricing strategy is resonating with consumers.
In the nascent quantum computing space, Quantum Computing Inc. (QUBT) surged roughly 27% after reporting a material revenue increase from $39,000 a year earlier to $3.69 million in Q1, despite rising costs that pressured profitability. D-Wave Quantum (QBTS) also saw shares tick higher following its earnings.
M&A and meme-stock drama punctuated the morning. eBay rebuffed GameStops (GME) $55 billion takeover bid, calling the proposal neither credible nor attractive, and flagged concerns about financing, leverage, and governance. GameStops stock has continued to be volatile: separate social-media posts tied to the Roaring Kitty persona briefly sent shares spiking in after-hours trading before gains faded. Chewy, founded by GameStops CEO Ryan Cohen, also experienced short-lived movement in sympathy.
On the international front, President Trump began a trip to China to meet President Xi Jinping, bringing 16 invited US executives along and putting trade and artificial intelligence squarely on the agenda. China-focused tech exposure is already under the microscope: the Invesco China Technology ETF (CQQQ) has rallied back toward a long-term trendline, though it remains well below its peak.
What to watch next
Traders will scrutinize the CPI print for any evidence that energy-driven price pressure is spilling into the broader economy. A hotter reading would increase the probability of a more hawkish Fed stance, which could amplify market volatility. At the same time, the oil markets reaction to developments in the Gulf and coordinated SPR releases will be a key determinant for both inflation expectations and consumer-level fuel costs.
