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Whereas last week was “Jobs Week,” over the next few trading sessions we’ll get “Inflation Week” — particularly on Wednesday morning with a fresh Consumer Price Index (CPI) for May and Producer Price Index (PPI) Thursday morning. Expectations are for inflation to have moderated month over month.
Estimates are currently for +0.5% CPI growth from the prior month, -10 basis points (bps) below the +0.6% last reported. Core CPI is expected to have reached +0.3%, down from +0.4% for April. Year over year is a different story, however: +4.2% on headline would be an advance of +40 bps month over month, while year over year core is anticipated to have ticked up +10 bps to +2.9%.
PPI on headline is expected to be slashed more than in half from the previous month — +0.6% from +1.4% in April — with core estimated at +0.4% from +0.6% prior. Year over year, we don’t see new projections currently, but last month saw some of the highest inflation numbers since late 2022: +6.0% on headline and +4.4% on core. Clearly, anything close to these numbers this week will illustrate an inflation narrative rather unwelcome to our current economy.
Pre-Markets Improving After a Rough Friday
The final trading session of last week is one to forget: the Dow fell -695 points, and it got off easy; the S&P 500 shed -200 points, -2.65%, and the tech-heavy Nasdaq got routed Friday: -1121 points, -4.18% — it’s worst single day of trading since the fallout from tariff “Liberation Day” in April 2025. It was a good day for booking profits in Tech; this morning fills some of those deep craters dug in the market indexes last week.
For instance, memory and data storage chip-maker MicronMU shares are up +7% this morning, after tumbling roughly -13% on Friday, pulling back from its recent $1 trillion market cap. This came after astounding +750% growth in its share price over the past year, as it joins the AI revolution in a big way. Micron is still a Zacks Rank #1 (Strong Buy) this morning.
Hostilities have reportedly ceased between Iran and Israel this morning, after a weekend of launching missiles. Oil prices are up a point and a half or so this morning, but well off the recent highs when it was unclear which direction this war was going to go. Oil companies — especially the integrated “super-majors” — are up this morning, led by BPBP +2.3% at this hour.
Q1 earnings season is essentially over — a week or two after the calendar close of Q2 at the end of this month earnings season will pick back up again — though we do see some late companies posting numbers ahead of today’s open: Campbell’s Soup CPB beat the Zacks consensus by 2 cents to $0.50 per share, Duluth HoldingsDLTH reported a much slimmer loss than expected and shares are up +6% on the news, and FuelCell EnergyFCEL missed expectations by -20% but the stock is still up. After the close, we’ll hear from Vail ResortsMTN and Trip.comTRIP.
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Solventum is leveraging a $93B TAM with strong global presence, trusted brands, and innovation across wound care, dental, and health IT. Margin expansion and restructuring savings, it for sustained growth and shareholder value.
Burlington is benefiting from strategic execution, strong demand, margin expansion, store productivity gains, expansion opportunities and financial strength.
Liberty Global is benefiting from a profitability turnaround, improving broadband momentum, strategic value-unlock initiatives and strong liquidity, positioning the company for sustained growth.
Citizens Financial’s focus on BSO plans, strategic and efficiency initiatives, and inorganic growth moves aid its financials. A solid liquidity position enables sustainable capital distributions.
Berkshire Hathaway is poised to benefit from its insurance business, manufacturing, service and retail business, disciplined capital management as well as acquisitions.
Automation, launch of new products and services, development of proprietary software and expanding global client base will support Interactive Brokers’ recurring commissions and interest income.
Unfavorable currency movement and macroeconomic concerns are major dampeners. Strong competitors in the large medical device market also pose a tough challenge for Boston Scientific.
Fresenius Medical Care AG & Co. (FMS)Downgraded: 05/23/26
Volume volatility, fading reimbursement benefits, China pricing actions, inflation, and heavy investment spending keep the near-term earnings trajectory constrained.
Integer Holdings’ operation in a highly regulated healthcare industry and a stiff competitive space is a major headwind. Other issues like dependence on third-party suppliers and customers persist.
Oilfield service providers like Baker Hughes face volatility due to oil and gas companies' exposure to fluctuating commodity prices, as they support upstream firms in setting up wells efficiently.
Tyson Foods leverages a diversified protein portfolio, strong chicken performance and global expansion to deliver resilient growth and long-term shareholder value.
Foodservice and international growth, disciplined pricing and brand-led innovation support earnings, while portfolio actions and productivity enhance resilience over time.
Robust loan growth and stabilizing funding costs will keep aiding Bank of America’s NII growth. Opening of new financial centers, along with digital upgrades, will aid cross-selling opportunities.
Broadcom is a leading player in the semiconductor market based on its expanding product portfolio, multiple target markets, accretive acquisitions and strong cash flow.
Alibaba benefits from its dominant e-commerce ecosystem, expanding cloud and AI businesses, improving international operations, and strong financial flexibility that supports long-term growth.
AbbVie’s Skyrizi and Rinvoq, are performing extremely well, bolstered by approval in new indications, which should support top-line growth in the next few years.
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