Preview of US Stock Market | Three major stock index futures have mixed movements, chip stocks are generally rising before the market opens, and the April PPI will be announced tonight.

Pre-market Market Trends 1. On May 13th (Wednesday) pre-market, the futures of the three major U.S. stock indices were mixed. As of the time of writing, Dow Jones futures were down 0.23%, S&P 500 index futures were up 0.24%, and Nasdaq futures were up 0.71%. 2. As of the time of writing, the German DAX index rose 0.80%, the UK FTSE 100 index rose 0.04%, the French CAC40 index fell 0.40%, and the Euro Stoxx 50 index rose 0.35%. 3. As of the time of writing, WTI crude oil fell 0.43% to $101.74 per barrel, while Brent crude oil rose 0.06% to $107.84 per barrel. Market News The 10-year U.S. bond yield is approaching the "psychological life-and-death line" of 4.5%! Senior strategist boldly predicts: it will break through 5% within the year. London Standard Bank's G10 strategy director Barro predicts that due to continued inflationary pressures, the 10-year U.S. bond yield will reach 5% this year. The surge in energy prices resulting from the Middle East conflict has led to a steep drop in U.S. government bonds and other bond markets. This not only poses risks that could spill over into other areas of the economy, but also increases market measures of inflation risk. If the yield breaks above 5%, it will exacerbate concerns about debt sustainability, put pressure on global corporate borrowing costs, and may lead to a rotation of funds from the stock market to the bond market. Chip stocks hit hard! But momentum correction can't shake the "AI bull market narrative". Chip stocks, the driving force behind the U.S. stock market bull market and at the core of the global AI computing investment craze, experienced one of the most challenging trading days of the year on Tuesday. Inflation data surpassing expectations, the growing divergence between the U.S. and Iran on restarting negotiations, and the momentum trading indicators reaching historically extreme levels of short-term sell-offs have led to a significant decline in chip stocks on Tuesday. Traders are betting that the U.S. inflation rate could approach the 5% mark this year, warning that economists underestimate the risk. The U.S. April CPI rose at the fastest pace since May 2023, but traders on the Kalshi platform believe that inflation is expected to peak. Despite a 3.8% overall year-over-year increase in April, traders believe that price hikes are almost certainly going to exceed 4% by 2026, with a nearly two-thirds probability that it will go above 4.5%. These traders also believe that the possibility of inflation exceeding 5% this year is close to 40%, a situation that has not occurred since February 2023. Goldman Sachs Group, Inc.: Energy impact deepens interest rates "higher for longer", strong dollar yet to be continued. Goldman Sachs Group, Inc. says that with energy price shocks driving yields higher, combined with the relative resilience of the U.S. economy, the short-term trend for a stronger dollar is expected to continue. The combination of rising inflation and relatively robust economic growth implies that U.S. Treasury yields will remain elevated for a longer period of time. The Fed's "changing of the guard" enters its final stage as the Senate confirms Kevin Walsh as a director. The U.S. Senate on Tuesday approved a key vote on Kevin Walsh, confirming his entry into the Federal Reserve Board, bringing him one step closer to assuming the role of Fed chairman. Equity News U.S. chip stocks rose in pre-market trading. By the time of writing on Wednesday, Micron Technology, Inc. (MU.US) was up over 5%, Qualcomm (QCOM.US) was up 4%, Intel Corporation (INTC.US) was up nearly 3%, NVIDIA Corporation (NVDA.US), and AMD (AMD.US) were up nearly 2%. Nebius (NBIS.US) reported better-than-expected Q1 results, with pre-market stock prices soaring. The financial report showed that cloud computing service provider Nebius' first-quarter revenue increased by 684% year-on-year to $399 million, surpassing market expectations. Adjusted EBITDA was $129.5 million, beating market expectations of $87.2 million. Adjusted net loss was $100.3 million, beating market expectations of $176 million. As of the time of writing, Nebius was up over 13% in pre-market trading on Wednesday. Highlights of June WWDC leaked in advance: Apple Inc. (AAPL.US) is planning to introduce a "fully customizable" camera app in iOS 27, and Siri and system interactions will undergo a comprehensive overhaul. Apple Inc. plans to upgrade its "Camera" app to make it fully customizable. According to sources, users will be able to choose which functions appear in the app and where they are placed. This includes control options for flash, exposure, timer, and resolution. The updated Camera app will also include a Siri mode, allowing users to leverage Apple's visual intelligence capabilities. "The AI fusion era" is here! From AI chat windows to full-scenario intelligent systems, Alphabet Inc. Class C (GOOGL.US) intends to embed Gemini into the Android ecosystem. Alphabet Inc. Class C plans to use the latest Android system update to transform the most cutting-edge AI application tool, Gemini, from a simple AI chat system to a core operation layer that covers various Android terminal ecosystems such as smartphones, browser operating systems, smart car driving systems, laptops, wearable devices, etc. Walmart Inc. (WMT.US) is reportedly planning to lay off or transfer around 1,000 corporate employees to accelerate AI and technology integration. The retail giant Walmart Inc. is undergoing another round of adjustments to its corporate team. According to sources, the company is planning to lay off or transfer around 1,000 corporate employees to further integrate its global technology and artificial intelligence (AI) product teams. Alibaba Group Holding Limited Sponsored ADR (BABA.US) report annual revenue of 1,023.67 billion yuan, a 3% year-on-year increase. Alibaba Group Holding Limited Sponsored ADR released its financial results for the quarter ending in March 2026, with total revenue reaching 243.38 billion yuan, a 3% year-on-year increase. Excluding revenue from disposed businesses such as SUNART RETAIL and Yintai, the year-on-year revenue growth on the same basis was 11%. Net profit attributable to ordinary shareholders was 105.904 billion yuan. Net profit was 102.127 billion yuan, a 19% year-on-year decrease. Wenze Zhixing (WRD.US) releases Q1 financial report: quarterly revenue up 58%, Robotaxi users double. In the first quarter, the company's total revenue reached 114 million yuan, a 58% year-on-year increase. The company's operational losses were further narrowed due to improved operational efficiency and resource optimization. Gross profit increased by 56% year-on-year to 39.6 million yuan, with a gross profit margin of 35%, leading the industry. Important Economic Data and Events Preview 8:30 PM Beijing Time: U.S. April PPI annual rate 11:00 PM Beijing Time: U.S. May IPSOS primary consumer sentiment index PCSI 11:30 PM Beijing Time: 2028 FOMC voter and Boston Fed President Collins speech at the Boston Economic Club 1:15 AM Beijing Time the next day: 2026 FOMC voter and Minneapolis Fed President Kashkari participate in a discussion hosted by the local Chamber of Commerce Earnings Preview Thursday pre-market: Honda (HMC.US), Viking Holdings (VIK.US), CSI Solar Co., Ltd. CECEP Solar Energy (CSIQ.US)