--- title: "SG Morning Brief | S&P Grinds to Another Record as Iran Talks Collapse and CPI Looms" type: "News" locale: "en" url: "https://longbridge.com/en/news/286014982.md" description: "US OvernightThe S&P 500 rose 0.19% to a record 7,412.84, the Nasdaq Composite inched up 0.1% to a record 26,274.13, and the Dow added 95.31 points (+0.19%) to 49,704.47. All three indexes hit new intraday highs before fading into the close as oil surged nearly 3% to $98.25 per barrel. Trump called Iran's counter-proposal \"TOTALLY UNACCEPTABLE\" and said the ceasefire was \"on life support,\" ending any near-term hope for a deal to reopen the Strait of Hormuz. The 10-year Treasury yield rose 4." datetime: "2026-05-12T00:51:48.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/286014982.md) - [en](https://longbridge.com/en/news/286014982.md) - [zh-HK](https://longbridge.com/zh-HK/news/286014982.md) --- # SG Morning Brief | S&P Grinds to Another Record as Iran Talks Collapse and CPI Looms ## US Overnight The S&P 500 rose 0.19% to a record 7,412.84, the Nasdaq Composite inched up 0.1% to a record 26,274.13, and the Dow added 95.31 points (+0.19%) to 49,704.47. All three indexes hit new intraday highs before fading into the close as oil surged nearly 3% to $98.25 per barrel. Trump called Iran's counter-proposal "TOTALLY UNACCEPTABLE" and said the ceasefire was "on life support," ending any near-term hope for a deal to reopen the Strait of Hormuz. The 10-year Treasury yield rose 4.6 bps to 4.41%. Despite record closes, only 37.8% of US stocks advanced — the narrowest breadth in weeks, with semiconductors and energy doing all the heavy lifting. Copper hit a record close of $6.4605. ### Key Movers **Circle (CRCL) +16%** — The USDC stablecoin issuer surged 15.91% to $131.76 after reporting Q1 revenue of $694 million (+20% YoY) and announcing a $222 million ARC Token presale backed by BlackRock, a16z, Apollo, and ARK Invest. USDC circulation grew 28% to $77 billion, while on-chain transaction volume exploded 263% to $21.5 trillion. **Qualcomm (QCOM) +10%** — Qualcomm surged after CEO Cristiano Amon confirmed the company will begin shipping data center chips to a "large hyperscaler" within the calendar year. The move opens a new revenue stream beyond mobile and positions Qualcomm as a credible third option for AI inference alongside Nvidia and AMD. **Nvidia (NVDA) +2%** — Nvidia rose 1.97% to $219.44, hitting a new all-time intraday high of $222.30 before pulling back. The stock led the semiconductor complex higher ahead of its May 20 earnings report, with the Philadelphia Semiconductor Index (SOX) surging 2.59% to 12,081 — a new record — while the broader market barely advanced. ## SGX Preview The STI closed at 4,921.90 on Thursday May 8, down 0.41% from the prior close of 4,941.96, as traders locked in gains near record territory. Monday's (May 11) close was not yet available at time of writing. DBS is trading near S$58.50, with OCBC around S$20.19 and UOB near S$22.70. Rising oil prices are a double-edged sword for Singapore banks: higher rates support net interest margins, but energy-driven inflation pressures the trade-dependent economy. Today's US CPI release (8:30 PM SGT) is the key catalyst — a hot print could push the 10-year yield higher and weigh on rate-sensitive stocks in tomorrow's session. ## Asia Pre-Market US futures data for Tuesday morning was not yet available at time of writing. Monday's session closed with the VIX up 6.9% to 18.38, the sharpest volatility spike in weeks, signaling CPI-related hedging. WTI crude settled at $98.25 (+2.97%), gold at $4,745.60 (+0.31%), and Bitcoin at $81,715 (+1.25%). The macro setup heading into CPI is tense: oil back near $100, the Iran ceasefire collapsing, and the 10-year yield at 4.41%. A benign CPI print would relieve pressure; a hot print could trigger the first meaningful pullback since late March. ## Today's US Earnings and Economic Calendar Event Time (ET) Time (SGT) Consensus April CPI (MoM) 8:30 AM 8:30 PM +0.6% April Core CPI (MoM) 8:30 AM 8:30 PM +0.4% April CPI (YoY) 8:30 AM 8:30 PM +3.7% April Core CPI (YoY) 8:30 AM 8:30 PM +2.7% No major SG-relevant earnings today. Trump begins his China visit, where technology trade and rare earth exports are expected to be discussed. **Data Spotlight: April CPI** — Headline CPI is expected at +0.6% MoM / +3.7% YoY, driven by surging gasoline prices. Core CPI at +0.4% MoM is the number to watch — March core was just +0.2%, so a jump to +0.4% would confirm the inflationary impulse the FOMC hawks warned about. S&P Global Ratings forecasts headline CPI could reach 5% for full-year 2026. ## One More Thing Seven consecutive record closes for the S&P 500, each on thinner breadth. Monday's advance was carried by just 37.8% of stocks. That is the signature of a momentum-driven, mega-cap-led market. The CPI print tonight is the stress test. If inflation comes in cool, the concentration is justified — growth stocks thrive when rates expectations ease. If inflation comes in hot, the same mega-caps that carried the index up are the most rate-sensitive on the way down. Ed Yardeni raised his year-end S&P target to 8,250, calling earnings "phenomenal." He may be right. The question tonight is whether inflation lets the market get there. _This briefing is for informational purposes only and does not constitute investment advice._ ## Related News & Research - [Iran cut back oil production by 400,000 bpd, US energy secretary says](https://longbridge.com/en/news/285579143.md) - [CPI Preview: Another Red Hot Print Made Even Hotter By Soaring Memory And One-Time Quirk](https://longbridge.com/en/news/286033327.md) - [Triboo unit Direct Performance acquires ISPD Italia’s database assets](https://longbridge.com/en/news/286050147.md) - [10:37 ETNewforma Announces AI-Powered Innovations and Open Ecosystem Strategy at Newforma World 2026](https://longbridge.com/en/news/285572858.md) - [What are the main events for today?](https://longbridge.com/en/news/286046404.md)