Summary

Equities were broadly higher on the week, with the Nasdaq leading at +3.21%, the S&P 500 adding +2.24%, and the Dow gaining +0.94%, while the 10-year Treasury yield rose +9 bps to 4.48%. Economic data painted a mixed picture, as April’s labor market showed surprising resilience with nonfarm payrolls adding +115,000 jobs well ahead of the +65,000 estimate, though inflation remained a persistent concern with headline CPI accelerating to +3.8% year over year and PPI surging +6.0% year over year, well above estimates. Fed Governor Stephen Miran submitted his resignation, stating he will vacate his seat when incoming Fed Chair Kevin Warsh assumes his role, while markets have begun pricing in roughly a 50% probability of a rate hike at the January meeting. On the corporate side, Cisco surged +13% on strong AI-driven earnings, Nebius rallied +15% on a +684% revenue surge, and Cerebras soared +68% in its Nasdaq debut after raising $5.55 billion in the largest U.S. tech IPO since Uber, while Biogen fell -6% on disappointing drug trial results. In broader markets, WTI crude jumped +7.5% as Iran talks stalled, spot silver surged +6.1% while gold slipped -0.78%, the dollar rose +0.84%, and Bitcoin advanced +0.68% following the passage of the Clarity Act through the Senate.

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10-Year Treasury Yield

• Current Rate: 4.48% (as of May 14, 2026) 
• Week-to-Date Movement: +9bps (from 4.39% on May 7, 2026)   

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Major U.S. Equity Indices Performance

• S&P 500: 7,337.11 → 7,501.24 (+2.24% WTD)  
• Dow Jones Industrial Avg: 49,596.97 → 50,063.46 (+0.94% WTD)  
• Nasdaq Composite: 25,806.20 → 26,635.22 (+3.21% WTD)

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Notable Market Events

Macroeconomic Data: 

April’s labor market showed surprising resilience, with nonfarm payrolls adding +115,000 jobs, well ahead of the +65,000 consensus estimate, while the unemployment rate held steady at 4.3%. Wage growth came in slightly softer than expected, with average hourly earnings rising +3.6% year over year (est. +3.8%) and +0.2% month over month (est. +0.3%). On the inflation side, the picture was less encouraging, as headline CPI accelerated to +3.8% year over year and +0.6% month over month amid persistent Middle East tensions. Inflation once again outpaced wage growth, with real average hourly earnings slipping -0.3% on a yearly basis, while core CPI remained elevated at +2.8% year over year and +0.4% month over month. Producer prices added to the concern, with PPI surging +6.0% year over year, well above the +4.8% estimate, and +1.4% month over month, significantly exceeding the +0.5% forecast. Import prices rose +4.2% year over year while export prices jumped +8.8% over the same period. On the consumer side, retail sales grew +0.5% in April, in line with expectations but a notable step down from March’s +1.6% gain driven by higher energy prices, and existing home sales edged up just +0.2% month over month, falling well short of the +2.0% estimate. 

Economic Policy: 

Fed Governor Stephen Miran officially submitted his resignation letter on Thursday, stating he will vacate his seat on the central bank’s board when, or just before, incoming Fed Chair Kevin Warsh assumes his role. The Fed continues to navigate a challenging macroeconomic backdrop, as rising energy prices persist in pressuring both consumer and producer prices. With both CPI and PPI running hot in April, the 10-year Treasury yield climbed to 4.48%, its highest level since July 2025, while the 30-year yield crossed above 5.00%. According to swaps tied to the Fed Funds rate, markets have begun pricing in the possibility of rate hikes, with roughly a 50% probability of a hike being assigned to the January meeting.

Business: 

Cisco (NYSE: CSCO) shares rose +13% on Thursday after the company reported solid earnings, with surging AI orders contributing to the beat, though the company also announced plans to cut roughly 4,000 jobs. Shares of Nebius (NYSE: NBIS) rallied +15% after reporting a Q1 revenue beat, with sales growing +684% on increased demand for its data centers, while the company also outlined plans to spend between $16 billion and $20 billion this year. Shares of Biogen (NYSE: BIIB) fell -6% on Thursday after the company announced plans to advance an experimental Alzheimer’s disease drug to late-stage testing despite disappointing mid-stage trial results. Shares of Cerebras (NYSE: CBRS) surged +68% in its Nasdaq debut, valuing the chipmaker at $95 billion. The company priced its offering late Wednesday, raising $5.55 billion in what marks the largest IPO for a U.S. technology company since Uber’s (NYSE: UBER) market debut.

Markets: 

Risk assets were broadly positive on the week. WTI crude jumped +7.5% as talks with Iran stalled, showing no signs of resolution in the Middle East. Precious metals were mixed, with spot gold falling -0.78% while spot silver surged +6.1%. The dollar rose +0.84% as rates moved higher, and Bitcoin advanced +0.68% following the passage of the Clarity Act through the Senate. 

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Stock Sector Performance

All performance figures and market events are sourced from Bloomberg as of market close 5/14/2026, using the prior Friday’s market open as the start date.

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