Overnight US stocks | In April, inflation in the United States accelerated, with the three major indices showing mixed movements. Qualcomm (QCOM.US) fell by 11%.

On Tuesday, the three major indexes had mixed movements, with the Nasdaq and the S&P 500 falling. Consumer prices in the United States rose 3.8% year-on-year in April, reaching a new high since May 2023. US StocksAs of the close, the Dow Jones Industrial Average rose 56.09 points, or 0.11%, to 49760.56 points; the Nasdaq fell 185.92 points, or 0.71%, to 26088.20 points; the S&P 500 fell 11.88 points, or 0.16%, to 7400.96 points. The semiconductor sector generally fell, with Qualcomm (QCOM.US) falling 11%, Micron Technology, Inc. (MU.US) falling 3.5%, Intel Corporation (INTC.US) and SanDisk (SNDK.US) falling over 6%. The Nasdaq Golden Dragon Index fell 0.82%, while JD.com, Inc. Sponsored ADR Class A (JD.US) rose 3%. European StocksGermany's DAX30 index fell 404.34 points, or 1.66%, to 23951.07 points; the UK's FTSE 100 index fell 10.94 points, or 0.11%, to 10258.49 points; France's CAC40 index fell 76.46 points, or 0.95%, to 7979.92 points; the Euro Stoxx 50 index fell 83.89 points, or 1.42%, to 5811.56 points; Spain's IBEX35 index fell 289.00 points, or 1.62%, to 17563.50 points; Italy's FTSE MIB index fell 679.45 points, or 1.37%, to 48985.50 points. Asian Stock MarketsThe Nikkei 225 index rose 0.52%, South Korea's composite stock price index fell 2.29%, India's Sensex index fell 1.92%, and the Straits Times Index rose 0.07%. US Dollar IndexThe US dollar index, which measures the US dollar against six major currencies, rose 0.35% on the day, closing at 98.298 in the foreign exchange market. At the close of the New York foreign exchange market, 1 euro was exchangeable for 1.1741 US dollars, lower than the previous trading day's 1.1775 US dollars; 1 pound was exchangeable for 1.3532 US dollars, lower than the previous trading day's 1.3629 US dollars. 1 US dollar was exchangeable for 157.59 Japanese yen, higher than the previous trading day's 157.21 Japanese yen; 1 US dollar was exchangeable for 0.7808 Swiss francs, higher than the previous trading day's 0.7782 Swiss francs; 1 US dollar was exchangeable for 1.3701 Canadian dollars, higher than the previous trading day's 1.3673 Canadian dollars; 1 US dollar was exchangeable for 9.2926 Swedish krona, higher than the previous trading day's 9.2235 Swedish krona. CryptocurrencyBitcoin fell more than 1.3%, trading at $80688.1, while Ethereum fell more than 2%, trading at $2287.85. Crude OilThe price of light crude oil futures for June delivery on the New York Mercantile Exchange rose $4.11 to close at $102.18 per barrel, up 4.19%; the price of Brent crude oil futures for July delivery on London International Financial Futures Exchange rose $3.56 to close at $107.77 per barrel, up 3.42%. Precious MetalsSpot gold closed at $4715.17 per ounce; spot silver traded at $86.576 per ounce. Macroeconomic News US inflation accelerates in April due to rising gasoline, food, and rent prices. With the impact of the Iran war, gasoline prices continue to rise, coupled with the surge in grocery prices, US inflation continued to accelerate in April. Data released by the US Bureau of Labor Statistics on Tuesday shows that the CPI rose 3.8% year-on-year compared to the same period last year, marking the fastest increase since 2023, with a month-on-month increase of 0.6%. Core CPI rose 0.4% month-on-month and 2.8% year-on-year, partly due to statistical abnormalities in rent measurement indicators caused by the government shutdown in 2025. The data indicates that the impact of the war on the US economy is becoming significant as energy costs soar. If oil prices continue to rise, consumers may cut spending. US semiconductor stocks post the largest intraday drop in over a year. US semiconductor stocks experienced one of their toughest trading days this year on Tuesday, with some of the market's top-performing stocks experiencing dramatic reversals. Broadcom Inc. (AVGO.US), Intel Corporation (INTC.US), and Micron Technology, Inc. (MU.US) were among the top five stocks with the largest declines in the S&P 500 and Nasdaq 100. The Philadelphia Semiconductor Index, which has risen over 60% this year, fell as much as 6.8% intraday, marking the largest intraday decline in over a year and ultimately closing down 3%. Almost all component stocks closed lower, with Qualcomm (QCOM.US) leading the decline with an 11.4% drop. The only stock that rose was NVIDIA Corporation (NVDA.US), which has underperformed the sector overall this year. Murphy, Co-Head of Derivative Strategy at Susquehanna International, said, "The historic rally of chip makers cannot last forever. This sell-off should have happened earlier after the amazing gains, but because the market is still full of FOMO sentiment, this pain may not last long." US Appeals Court temporarily suspends unfavorable ruling on Trump's 10% global tariffs. A US appeals court on Tuesday suspended an unfavorable ruling by a lower court against the 10% global tariffs imposed by the Trump administration under Section 122 of the Trade Act, allowing these tariffs to continue to apply to three importers who were granted exemptions last week. The US International Trade Court ruled against these new tariffs last Friday, but did not completely prohibit their imposition, prompting the Trump administration to appeal. During the period of the suspension of the ruling, these tariffs will be reapplied to two companies that filed lawsuits and to the state of Washington. The US Federal Appeals Court issued a short-term administrative stay and is considering whether to implement a longer-term pause. Washington was identified as an importer because it paid the relevant tariffs through its public research institution, the University of Washington. The businesses and the state of Washington have seven days to oppose the extension of the suspension of the ruling in their favor. The 10% global tariffs, implemented in February, are set to expire in July. New York Fed: US consumer loan delinquency rates remain high but do not continue to deteriorate. In the first quarter of 2026, the proportion of delinquent consumer loans in the US remained stable, with a slight decrease in new delinquent loans. According to data from the quarterly report on household debt and credit released by the New York Fed on Tuesday, the total share of loans that were at least 30 days overdue remained steady at 4.8% after steadily increasing for six consecutive quarters, remaining unchanged from the previous quarter. Nevertheless, the overall delinquency rate remains at its highest level since 2017. The report shows that the new default rates of most loan categories have fallen, except for auto loans and home equity lines of credit. Student loans continue to face severe pressure, with 11% of student loans in default, an improvement from 16% in the fourth quarter of 2025. Raskin confirmed as Federal Reserve governor, vote on chair expected on Wednesday. The US Senate officially confirmed Sarah Bloom Raskin as a governor of the Federal Reserve Board, with a 51-45 vote on Wednesday. Raskin replaces Stephen Milan, whose term has ended, and her term as governor began on February 1 of this year. The Senate has initiated the confirmation process for Raskin to serve as Federal Reserve Chair concurrently, a four-year appointment, and held a "cloture vote," starting the countdown to the earliest approval of her appointment to this leadership position on Wednesday local time. Current Chair Jerome Powell's term is set to end on Friday. Stock News Jensen Huang's total compensation for the 2026 financial year drops 27% as NVIDIA Corporation (NVDA.US) growth slows, leading to a reduction in stock awards. NVIDIA Corporation CEO Jensen Huang's total compensation for the 2026 financial year dropped 27% to $36.30 million, due to a decline in the value of his stock awards. According to NVIDIA Corporation's DEF 14A filing submitted on Tuesday, the value of Huang's stock awards, which accounted for the majority of his compensation, fell 36% to $24.80 million in the fiscal year ending January 25. In the 2025 fiscal year, he received $38.80 million in stock awards, bringing his total compensation to $49.90 million. While NVIDIA Corporation remains the world's most valuable company, its stock price surge over the past year has noticeably slowed. After tripling in 2023 and more than doubling in 2024, the stock rose 39% last year. NVIDIA Corporation shares have risen 18% this year, ranking at the bottom in terms of growth among major chip companies. Huang's basic salary for the 2026 fiscal year was unchanged at $1.5 million, with non-equity incentive plan compensation remaining at $6 million. Alphabet Inc. Class C discusses rocket launches with SpaceX, aiming to send orbital data centers into space. Alphabet Inc. Class C (GOOGL.US) is in talks with Elon Musk's SpaceX about a rocket launch agreement to send orbital data centers into space, according to media reports citing sources familiar with the matter. Alphabet Inc. Class C is also reportedly in discussions with other rocket launch companies regarding potential agreements. A partnership with Alphabet Inc. Class C would mark Elon Musk's second time reaching an agreement with his AI competitor, whom he had publicly criticized in the past, and comes as SpaceX's highly anticipated and critical initial public offering approaches. Last week, Anthropic agreed to utilize all of the computing power at SpaceX's Colossus 1 facility in Memphis and expressed interest in partnering with the rocket company to develop gigawatt-scale orbital data centers. Major Bank Ratings Oppenheimer: Raises target price on Oracle Corporation (ORCL.US) from $210 to $235.