US stocks finished modestly higher across the board on Monday, with the Dow grinding up, the S&P 500 and Nasdaq notching fresh record closes, and energy leading as oil jumped +3.09% to $98.37/bbl on renewed Middle East tensions and “CPI Eve” nerves.
Today’s Tape: Edges Up, Not Blows Out
- The S&P 500 pushed to a new all‑time high above 7,400, with gains of roughly a quarter to a third of a percent into the close.
- The Nasdaq also eked out another record, helped by ongoing AI enthusiasm and a fresh leg in select chip names.
- The Dow started in the red but recovered to finish slightly positive, reflecting a “buy-the-dip” bias despite headline risk.
- The small caps on the Russell 2000 also rose .33% to 2,870.64.
Trading had all the hallmarks of an index‑level melt‑up: narrow gains at the top, leadership in energy and AI, and plenty of skepticism underneath the surface.
Macro: Between Jobs Strength and CPI Jitters
The macro backdrop coming into today was shaped by Friday’s stronger‑than‑expected April payrolls report, which showed 115,000 new jobs versus ~55,000 expected and helped power last week’s breakout to new highs. The unemployment rate held around the mid‑4% area, keeping the “slow‑but‑still‑growing” narrative intact.
At the same time, earlier CPI data showed inflation re‑accelerating on the back of energy, with March headline CPI up 3.3% year‑over‑year and gasoline prices jumping over 20% in a single month, something the Fed has been watching closely. That makes tomorrow’s April CPI report the single dominant macro catalyst this week, with consensus looking for roughly 0.6% month‑over‑month headline and 0.3% core, and markets keen to see whether energy costs start bleeding more visibly into core categories.
Fed‑speak and rate expectations remain the quiet driver in the background: solid growth plus sticky inflation argues for patience, and the bar for near‑term cuts stays high, even as equities grind higher.
Geopolitics, Oil, and the Energy Bid
The “hard” macro data shared the stage today with a renewed geopolitical shock premium. Over the weekend, President Donald Trump rejected Iran’s latest peace proposal on the conflict that has effectively choked off traffic through the Strait of Hormuz. In a social‑media post he branded Iran’s response “TOTALLY UNACCEPTABLE,” signaling that negotiations are stalled and the naval standoff will likely persist.
That rhetoric helped push Brent crude up roughly 3%‑plus toward and above the 100‑dollar mark, with West Texas Intermediate climbing into the high‑90s as traders priced in prolonged constraints on crude and LNG flows. The International Energy Agency has already described this as the largest supply shock in modern history, and today’s move reinforced that oil remains a primary inflation transmission channel.
Energy stocks responded in kind, leading the S&P 500 as investors rotated toward producers, refiners, and other beneficiaries of elevated crude, even as high pump prices weigh on consumer sentiment.
AI and Semis: Still the Market’s Security Blanket
Despite the geopolitical noise, enthusiasm around AI and the chip complex continues to be the market’s dominant equity theme. Today’s tape again saw “AI infrastructure” at the center of flows—semiconductor names and key AI hardware suppliers stayed in demand, with investors treating them as secular growth stories that can outrun macro bumps.
This comes after a six‑week winning streak for both the S&P 500 and the Nasdaq, propelled in no small part by AI‑linked earnings and guidance. With more tests of the theme on deck—earnings this week from companies like Cisco (CSCO, $98.72, +2.23%), Alibaba, and Applied Materials (AMAT, $435.36, +6.03%)—positioning around AI remains a core driver of breadth and sentiment.
For now, traders appear comfortable paying up for secular growth in chips and cloud, even as they hedge cyclical and rate‑sensitive areas into tomorrow’s CPI.
The Week Ahead: CPI “Event Risk” Front and Center
Markets head into Tuesday in an uneasy equilibrium: record equity prices, a firm energy bid, and a Fed that is in no rush to pivot. The calendar gets busy quickly:
- Tuesday: April CPI, the marquee event, with headline and core readings likely to reset rate‑cut odds for the June and September FOMC meetings.
- Wednesday: Producer Price Index, giving a read on pipeline inflation pressures.
- Thursday: Retail sales, key for assessing how much high gas and food prices are biting the consumer.
- Friday: Preliminary University of Michigan sentiment, which has already slumped toward crisis‑era lows despite equity records.
The overarching setup: risk assets are priced for a “soft‑ish landing” with still‑resilient growth, while energy‑driven inflation and geopolitical risk keep the macro ceiling low. For now, the market is choosing to focus on AI earnings and momentum, but tomorrow’s CPI print will test just how much inflation heat investors are willing to look through.
VP Watchlist Updates
Below is an update‑style snapshot on the VP Watchlist names for the week, focused on recent catalysts, positioning, and narrative rather than precise price moves.
Amwell® (NYSE: AMWL, $8.15, +2.26%)
Amwell® (NYSE: AMWL), a leading provider of a comprehensive SaaS-based technology-
enabled healthcare platform, announced (May 5) financial results for the first quarter ended Mar. 31, 2026.
“Entering 2026, Amwell’s main focus was to consolidate our platform to fulfill the unmet needs of our Payer and Provider customers. The Technology-Enabled Care infrastructure we have developed to fill that gap in the market continues to gain traction as customers recognize its clear advantages: lower costs, better outcomes, stronger market share and an increased level of control and agility. Our platform is performing well and built to leverage the latest AI-powered innovations, positioning it as essential infrastructure for tech-enabled care delivery,” said Dr. Ido Schoenberg, Chairman and CEO of Amwell. “We are seeing powerful validation of the platform with significant pipeline growth and a number of meaningful renewals. With this momentum and the favorable regulatory tailwinds, Amwell is well-positioned for continued strong execution this year and to reach our goal of positive cash flow from operations in the
fourth quarter.”
FMC Corporation (NYSE: FMC, $13.11)
FMC Corporation (NYSE:FMC) reported (April 29) first quarter 2026 results above guidance with Adjusted EBITDA above high end of range, reaffirms full-year outlook. Their first quarter 2026 revenue of $759 million, down 4 percent versus first quarter 2025. First quarter 2026 revenue, excluding India, was $762 million, down 4 percent versus first quarter 2025, which included India. On a GAAP basis, the company reported a loss of $2.25 per diluted share in the first quarter, a decrease of $2.13 versus first quarter 2025. First quarter adjusted loss per diluted share of $0.23 was down 41 cents versus first quarter 2025. FMC Corporation also announced today that its board of directors declared a regular quarterly dividend of 8 cents per share, payable on July 16, 2026, to shareholders of record as of the close of business on June 30, 2026.
Eupraxia Pharmaceuticals (EPRX, $7.42)
Eupraxia Pharmaceuticals Inc. (EPRX), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need, announced (May 5) the first Eosinophilic Esophagitis Endoscopic Reference Score (EREFS) data from its ongoing Phase 1b/2a part of the RESOLVE trial evaluating EP-104GI for the treatment of eosinophilic esophagitis (“EoE”). These data were also presented at the ongoing Digestive Disease Week (“DDW”) conference in Chicago. “The EREFS is an important, validated visual index of severity of EoE disease in the esophagus of patients. It measures edema, rings and strictures and other visible markers of disease often associated with symptoms. Today’s data demonstrated improvement in two key outcomes with EP-104GI in the treatment of EoE: first, that a full injection protocol of 20 injections resulted in more pronounced improvement than a protocol with fewer injections and less coverage area within the esophagus; second, with the higher number of injections, a consistent response in both the inflammatory and fibrotic sub scores of EREFS was observed,” said Dr. James A. Helliwell, Chief Executive Officer of Eupraxia. “This EREFS data being reported at DDW is consistent with the improvements we have seen in EoE symptoms and tissue health (EoEHSS) and suggests improvement in inflammation, fibrosis and the associated narrowing of the esophagus.”
Eurpraxia announced on Friday, May 1, the appointment of Dr. Jeymi Tambiah as Chief Medical Officer (CMO) as well as the retirement of Dr. Mark Kowalski, Eupraxia’s current CMO. Dr. Jeymi Tambiah (MB ChB, FRCS, MS, FAPCR, FFPM), is a Board Certified Cardiothoracic Surgeon physician scientist who practiced at Guys and St Thomas’ Hospitals prior to entering the biopharmaceutical industry in 2008. Dr. Tambiah brings over 18 years of experience in clinical development, medical and regulatory strategy, and product commercialization across pharmaceutical and biotechnology organizations.
Eupraxia recently co-hosted a Tribe Public www.TribePublic.com, CEO Presentation & Q&A Webinar event, Wednesday, April 1 titled “Turning EOE Into a Once-a-Year Appointment.” The event featured James A. Helliwell, M.D., Co‑founder and CEO of Eupraxia Pharmaceuticals (NASDAQ: EPRX), who discusses the company’s precision drug‑delivery platform, its approach to Eosinophilic Esophagitis (EoE), and broader pipeline priorities, followed by a focused 5–10 minute Q&A. You may watch it now at this Youtube link.
Innodata Inc. (NASDAQ: INOD, $103.83, +22.37%)
Innodata Inc. (NASDAQ: INOD) just turned in the kind of quarter that makes even jaded AI investors sit up straighter, with the stock exploding higher today and now boasting a powerhouse year‑to‑date run.
Modular Medical (MODD, $3.82, +.53%)
- Modular Medical, Inc. (NASDAQ:MODD), a leader in innovative, patient-centric insulin delivery, saw (May 1) CEO Jeb Besser join Tribe Public’s members to unpack a simple question with big implications: what happens when an “almost‑pumper” market finally meets an FDA‑cleared device built for the rest of us, not just the superusers? Tribe Public hosted its CEO Presentation and Q&A Webinar, “From FDA Wins to Scaling Manufacturing – What Investors Should Watch,” on Friday, May 1, 2026, at 8:00 a.m. PT / 11:00 a.m. ET. In keeping with Tribe’s reputation for efficient programming, the session ran approximately 30 minutes, pairing a focused prepared talk with a 5–10 minute live Q&A segment that allowed investors to drill into timelines, capital needs, and commercial strategy. Besser’s formal remarks were framed under the title “From FDA Wins to Scaling Manufacturing – What Investors Should Watch,” setting the tone for a discussion that sat at the intersection of regulation, innovation, and recurring‑revenue hardware. By registering, attendees also joined Tribe Public’s membership base, ensuring they will receive future invitations to CEO briefings, sector spotlights, and investor wish‑list events.
- Modular Medical announced (APRIL 19) the pricing of a registered direct offering consisting of 750,000 shares of the Company’s common stock at an offering price of $4.50 per share. The gross proceeds to the Company from the Offering are estimated to be approximately $3.4 million before deducting placement agent fees and other offering expenses. The Offering is expected to close on or about April 21, 2026, subject to the satisfaction of customary closing conditions.
- Modular Medical’s latest regulatory milestone upgrades the narrative: the company has now (April 9) secured FDA 510(k) clearance for its Pivot tubeless insulin patch pump, moving from “launch‑ready” to “launch‑approved” in the heart of the fast‑growing diabesity market. The FDA has cleared Modular Medical’s Pivot patch pump as a tubeless, removable insulin delivery system, formally validating the device’s design and performance for commercial use in U.S. adults living with diabetes. The clearance converts what had been a Q1 2026 launch “subject to FDA response” into a tangible commercial pathway, giving the company permission to sell into an insulin pump market that has been estimated at roughly 8 billion dollars globally. Pivot is engineered as a simplified, two‑part patch pump with a 3‑milliliter removable reservoir, no need for battery recharging, and the ability to bolus without a dedicated controller, aiming squarely at patients who have stayed on multiple daily injections because traditional pumps felt too complex, cumbersome, or costly. By clearing Pivot, the FDA is effectively endorsing Modular Medical’s attempt to make advanced insulin delivery feel less like adopting a gadget and more like upgrading a daily habit.
The InterGroup Corporation (INTG, $36.88, +.11%)
- InterGroup Corporation delivered (Feb. 17) a notably stronger quarter, highlighted by a 20% jump in total revenue to $17.3 million and a 27% surge in hotel revenue as renovated rooms returned to service and travel demand improved. The company swung from a prior-year net loss to $1.0 million in net income, with operating income more than doubling to $2.0 million, underscoring better cost control and improved operating efficiency. Management further enhanced liquidity and sharpened strategic focus by selling a non-core 12‑unit Los Angeles multifamily property, generating a meaningful gain and additional working capital while maintaining stable performance across its real estate portfolio.
Volato Group, Inc. (SOAR) & M2i Global, Inc. (MTWO, +11.20%)
- Volato Group, Inc. (NYSE American: SOAR) today announced voting results indicate that the shareholders have approved the previously announced merger with M2i Global, Inc. (“M2i Global”)(OTCQB: MTWO) with 99% of the shares of common stock present or represented by valid proxy at the special meeting voting in favor of the merger. This marks a significant milestone toward closing the transaction and advancing Volato’s strategic expansion into the critical minerals sector. The number of shares of common stock present or represented by valid proxy at the special meeting was 15.1 million, representing approximately 40% of the total number of shares of common stock entitled to vote. Management believes that the approval reflects strong shareholder alignment with the Company’s strategic direction and long-term growth plans.
Nokia (NOK, $13.92, +8.58%)
- Inseego’s (INSG) planned acquisition of Nokia’s fixed wireless access business is shaping up as one of those rare telecom deals where both sides can plausibly claim they got the better end of the bargain—and the market, at least for now, seems inclined to agree. Layer in Jim Cramer’s very public embrace of Nokia as a “winner” that’s “back,” and you get a story that reads less like a turnaround pitch deck and more like a quietly confident comeback chapter in global connectivity.
- Nokia recently served Wall Street a quietly confident Q1, the kind of quarter that doesn’t light up the meme feeds but does make long-only portfolio managers reach for their notebooks instead of the antacids.
NVIDIA (NVDA, $219.44, +1.96%)
NVIDIA will host a conference call on Wednesday, May 20, at 2 p.m. PT (5 p.m. ET) to discuss its financial results for the first quarter of fiscal year 2027, which ended April 26, 2026. The call will be webcast live (in listen-only mode) oninvestor.nvidia.com.
McDonald’s (MCD, $274.60)
- Morgan Stanley (April 21) has adjusted its price target on McDonald’s (MCD) to $334, maintaining an Equal Weight stance on the stock. The firm’s analyst highlighted consumer strength heading into first-quarter results, noting that earnings quality will likely vary across the restaurant and food distribution landscape . While some operators may face headwinds, the underlying consumer backdrop remains robust, which could support McDonald’s performance as one of the industry’s quality players positioned to navigate the current environment .
Tesla (TSLA, $445, +3.89%)
Tesla’s latest reveal reads a bit like a family group chat gone public—over $500 million in revenue tied to Elon Musk’s own empire, because apparently vertical integration now includes your boss’s other companies. Meanwhile, the solar business is having a cloudy moment, robotics competition is heating up, and just to keep things interesting, Tesla snagged a jaw-dropping 370 Semi order. Oh, and in case that wasn’t enough, there’s talk of a casual $119 billion chip manufacturing push—because why not add semiconductors to the to-do list?
Serina Therapeutics (NYSE: SER, $1.60)
Serina Therapeutics (NYSE: SER) (www.serinatx.com) seems to have have just traded itself into Wall Street’s good graces, pairing fresh capital with a late-session pop that suggests investors are finally starting to connect the dots between polymer chemistry and portfolio returns. In Huntsville, Alabama, Serina Therapeutics announced definitive agreements for a private placement of common stock and pre-funded warrants that could bring in up to 30 million dollars in gross proceeds. The first 15 million dollar tranche is expected to close on March 20, 2026, with a second tranche of up to 15 million dollars anticipated by April 30, 2026, subject to customary closing conditions.
What makes the deal stand out in a biotech tape crowded with discounts is the pricing: the securities are being sold at about 2.25 dollars per share, a roughly 68 percent premium to Serina’s March 17 closing price, signaling that insiders are willing to pay up for exposure to the company’s clinical agenda. The financing also adds board-level heft, with director Greg Bailey, M.D., stepping into a Co-Chairman role as he leads the investment, a move that effectively puts the capital and the governance on the same optimistic page. Learn more here.
Intel (INTC, $129.44, +3.64%)
Intel’s latest rally is more than just another chip stock pop; it’s the market’s way of voting “yes” on a reshuffled AI and manufacturing order in which Intel (INTC), Apple (AAPL), and Nvidia (NVDA) are quietly rehearsing for a new ensemble performance. Beneath the headlines about exploratory talks and record highs is a deeper story about supply chains, national strategy, and a former laggard that suddenly finds itself back on center stage.
Everspin (MRAM, $39.86, +47.68%)
Chandler, AZ’s Everspin’s (MRAM) new $40 million defense pact reads less like a routine semiconductor contract and more like a carefully scripted act in Washington’s ongoing bid to onshore critical tech—with an Arizona memory specialist unexpectedly cast in a leading role.
The Sources
- Yahoo Finance – “Dow rises, S&P 500 and Nasdaq eke out records as chip stocks rally, oil rises after Trump rejects peace deal”
https://finance.yahoo.com/markets/stocks/live/stock-market-today-monday-may-11-oil-rise-trump-rejects-peace-225625559.htmlfinance.yahoo - CNBC – “Stock market news for May 11, 2026”
https://www.cnbc.com/2026/05/10/stock-market-today-live-updates.htmlcnbc - Barron’s – “S&P 500 Hits Record Led by Energy Stocks Despite Cease…” (live coverage)
https://www.barrons.com/livecoverage/stock-market-news-today-051126barrons - WSJ – “Stock Market Today: Chip Stock Frenzy Continues; Oil Rises” (live coverage)
https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-05-11-2026wsj - Investopedia – “Stock Market Today: Major Indexes Close Higher as S&P …”
https://www.investopedia.com/stock-market-today-dow-jones-s-and-p-500-05112026-11971208investopedia - Reuters – “S&P 500 inches to higher close, AI fervor edges out Iran …”
https://www.reuters.com/business/us-stock-futures-subdued-talks-with-iran-stall-2026-05-11/reuters - Trading Economics – “United States Stock Market Index – Quote – Chart”
https://tradingeconomics.com/united-states/stock-markettradingeconomics - Crestwood Advisors – “May 2026 Economic and Market Update: New Highs and …”
https://www.crestwoodadvisors.com/may-2026-economic-and-market-update/crestwoodadvisors - HeygoTrade – “US Market Outlook May 11–15 2026: CPI Is Key”
https://www.heygotrade.com/en/news/weekly-economic-outlook-2026-05-11/heygotrade - Freedom Grid (Substack) – “6:00 AM ET | Iran War, Week 10 | CPI Eve – Freedom Grid”
https://freedomgrid.substack.com/p/freedom-grid-morning-brief-monday-7cffreedomgrid.substack
