US stocks erased early gains and finished mixed on Tuesday as a hotter‑than‑expected April CPI report rattled rate‑cut hopes and knocked the air out of the recent tech‑led melt‑up.
Index recap
- The S&P 500 (-.16%) and Nasdaq (-.71%) slipped from record territory as big tech and chip names finally took a breather after a powerful multi‑week run.
- The Dow (+.11%) proved more resilient, helped by more defensive, value‑oriented names, and briefly traded higher even as growth stocks sold off.
- Small caps and cyclicals also lost ground intraday, giving back part of Monday’s broad advance that had lifted all major benchmarks to or near new highs. The Russell 2000 fell .97% at the close.
Macro and inflation: CPI lands ‘hot’, fear sets in…
- April CPI came in above expectations and marked the fastest annual pace in roughly three years, reviving worries that the inflation flare‑up is not fully behind the economy.
- Headline consumer prices rose about 3.8% year‑on‑year, with the Bureau of Labor Statistics highlighting a sharp jump in energy costs as a key driver.
- Energy prices are up roughly 17.9% over the past year, with gasoline alone up more than 28%, reflecting supply disruptions and shipping bottlenecks tied to the ongoing U.S.–Iran conflict.
Rates, Fed expectations, and oil
- The hotter CPI print pushed Treasury yields higher as traders marked down the odds of near‑term Fed rate cuts and repriced the path of policy into year‑end.
- Oil extended its recent climb and closed at 4102.42, +4.43% today, as markets weighed both persistent geopolitical risk in the Middle East and the potential for energy‑driven inflation to linger.
- President Donald Trump’s recent comments that a ceasefire with Iran is on “life support” underscored the fragility of the situation and kept a firm bid under crude.
Sectors and notable movers
- Technology and semiconductor stocks, the market’s leadership group in recent weeks, led Tuesday’s pullback as investors locked in profits after record closes for the S&P 500 and Nasdaq on Monday.
- The chip complex, which has been the poster child for AI enthusiasm and capex‑driven growth, saw gains stall as higher yields and renewed inflation fears weighed on high‑duration assets.
- Energy shares outperformed as investors rotated toward beneficiaries of higher crude prices and inflation protection, partially offsetting weakness in growth pockets.
Big picture
- Tuesday’s action marked a classic “good news, bad news” moment: resilient growth and earnings are keeping the expansion intact, but the re‑acceleration in prices is challenging the soft‑landing narrative and the timeline for easier policy.
- Strategists highlighted that, after a strong run from March’s lows and a record‑setting start to May, bouts of volatility around each incremental inflation print are likely to persist as markets calibrate how much economic heat the Fed can tolerate.
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, $7.89)
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, $13.15, +.31%)
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, $7.62, +2.56%)
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.
Modular Medical (MODD, $3.585)
- 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, $39.42, +6.89%)
- 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)
- 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, $13.17)
- Nokia is quietly turning the humble home router into a mini network strategist, and Wall Street is starting to notice. NVIDIA’s billion‑dollar bet on the Finnish vendor in 2025 only sharpened that narrative, tying living‑room Wi‑Fi to the coming 6G, AI‑native era. Nokia has rolled out “agentic AI” for home and broadband networks, aiming to move consumer connectivity from reactive trouble‑ticket handling to proactive, autonomous optimization. Instead of waiting for a frustrated customer to reboot the router, Nokia’s software layer watches traffic patterns, anticipates congestion, and adjusts in real time to keep streaming, gaming, and video calls on track. The company describes agentic AI as a paradigm where AI systems set and pursue goals with limited or no human intervention, making decisions continuously rather than executing one‑off predictions. In practice, that means fleets of micro‑agents embedded in broadband platforms like Corteca and other access software, each tasked with jobs such as fault isolation, congestion management, or quality‑of‑experience tuning.
NVIDIA (NVDA, $220.78, +.61%)
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, $274.84, +.09%)
- 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, $433.45)
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, $1.63, +1.88)
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, $120.61)
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, $44.01, +10.41%)
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.
PACS Group, Inc. (PACS, $41.01, +28.56%)
PACS Group, Inc. is giving Wall Street a reason to smile, with its Salt Lake City roots, NYSE ticker PACS, and a stock that is rallying smartly today while still showing solid gains over the year despite bouts of volatility. Salt Lake City is better known for powder snow and tech start‑ups than for post‑acute care roll‑ups, but PACS Group, Inc. is quietly rewriting that script. The post‑acute and skilled‑nursing operator, listed on the New York Stock Exchange under the ticker PACS, has emerged as one of the healthcare sector’s more intriguing growth stories, pairing Mountain West pragmatism with Wall Street ambitions. The company’s latest first‑quarter report underscored that ambition, as management delivered both stronger revenue and higher earnings than many analysts had penciled into their models. For an industry often described in muted tones—reimbursement schedules and occupancy rates do not typically inspire cocktail‑party chatter—PACS has managed to turn solid execution into something close to market buzz.
BuzzFeed, Inc. (BZFD, $1.39, +90.44%)
BuzzFeed, Inc. (NASDAQ: BZFD) has entered into a transaction agreement with Allen Family Digital, LLC, an affiliate of Byron Allen’s family office, that would see Allen invest $120 million for a majority stake in the once high-flying digital media pioneer. Under the deal, Allen’s vehicle will purchase 40 million shares at $3.00 apiece, giving it roughly 52% of BuzzFeed’s outstanding shares when the transaction closes.
The Sources
- Yahoo Finance – “Stock market today: Nasdaq, S&P 500, Dow futures fall as Wall Street braces for CPI inflation data”finance.yahoo
- Yahoo Finance – “Stock market today: Dow rises, S&P 500 and Nasdaq retreat on hot inflation print, tech sell‑off” (user‑provided link; mirror headline in live economy stream)wsj+1
- CNBC – “S&P 500 slips from record Tuesday as chips rally takes a breather and inflation comes in hot: Live updates”cnbc
- Investopedia – “Stock Market Today: Tech Shares Lead Declines as S&P 500, Nasdaq Close Lower; Oil Prices Add to Gains; Core CPI Comes in Hotter Than Expected”investopedia
- TheStreet – “Stock Market Today (May 12, 2026): Nasdaq, Russell 2000 dip 2% as inflation print, oil prices rise”thestreet
- Business Insider – “Hottest inflation print in 3 years has derailed record stock rally”businessinsider
- Wall Street Journal – “Stock Market Today: Dow, Nasdaq Sink on Soaring Inflation — Live Updates” (CPI/market live blog)wsj
