S&P 500, Nasdaq, Dow Futures Mixed As Markets Digest Trump’s Iran Ceasefire Remarks, Hot Inflation — Why NVDA, WOK, RCAT, SLS, RVI Are In Focus

• Oil prices remained elevated, with Brent crude near $107 a barrel and WTI above $102 a barrel.
• Markets are closely watching Trump’s May 14-15 summit with Chinese President Xi Jinping.
• Traders now await Wednesday’s producer price index report and speeches from Fed officials Susan Collins and Lorie Logan.

U.S. stock futures edged mostly higher late Tuesday as hotter inflation data, surging oil prices and rising Treasury yields kept Wall Street on edge ahead of another key inflation report and U.S. President Donald Trump’s summit with Chinese President Xi Jinping.

As of 10:55 p.m. ET, Nasdaq 100 futures rose 0.2% while S&P 500 futures gained 0.1%. Dow futures, meanwhile, reversed earlier gains and traded slightly lower.

On Stocktwits, retail sentiment toward the SPDR S&P 500 ETF Trust (SPY) was ‘bullish’ amid ‘normal’ message volume, while sentiment toward the Invesco QQQ Trust (QQQ) and SPDR Dow Jones Industrial Average ETF Trust (DIA) was ‘bullish’ amid ‘high’ message volume.

US Market Drivers

Stocks were also weighed down by another sharp surge in oil prices after Trump criticized the ceasefire between the U.S. and Iran as “unbelievably weak” and “on massive life support” after rejecting an “unacceptable” counterproposal from Tehran. “I would call it the weakest, right now, after reading that piece of garbage they sent us — I didn’t even finish reading it,” Trump said.

Here’s how the major U.S. indexes fared during Tuesday’s session: 

Brent crude traded near $107 a barrel after rising almost 8% over the past three sessions, while West Texas Intermediate crude hovered near $102.

Trump later attempted to calm markets during an interview with Fox News, saying that oil prices would decline once the war ends.  "As soon as this war is over, which will not be long, you're going to see oil prices drop and you're going to see a stock market which is already at the highest point in history, go through the roof.”

Markets are also monitoring Trump’s highly anticipated May 14-15 summit with Chinese President Xi Jinping in Beijing, where trade talks are expected to dominate despite the ongoing conflict in Iran. Trump said before departing Washington that trade would be the primary focus of the meeting and said the U.S. had Iran “very much under control.”

The summit comes as China remains one of Iran’s largest oil buyers and as global markets continue to grapple with disruptions tied to the Strait of Hormuz blockade. Bloomberg reported that Trump is seeking business deals and a possible extension of the trade truce reached with China last fall, while Beijing enters negotiations with stronger leverage tied to its control over critical rare-earth supply chains.

Trump called his relationship with Xi “fantastic” and said the two countries were “doing very well.”

Trending Stocks To Watch On NYSE, Nasdaq

Nvidia (NVDA): The stock slipped nearly 1% in after-hours trading after Nvidia confirmed that CEO Jensen Huang joined Trump’s China delegation for trade talks with Xi Jinping after reports that he was initially not invited.

Sellas Life Sciences (SLS): The stock jumped 16% in extended trading after the company said its late-stage Regal leukemia trial is now just two patient events away from triggering a topline data readout.

Wendy’s (WEN): The stock logged its best day in nearly three months on Tuesday after reports said that activist investor Nelson Peltz’s Trian Fund Management is exploring financing options for a potential take-private deal.

Work Medical Technology Group (WOK): The stock surged another 70% in after-hours trading after the company unveiled an AI-biotech partnership and expanded its blockchain-based healthcare infrastructure and “BioToken” initiatives.

Red Cat Holdings (RCAT): The stock slumped 10% after hours following the drone technology company's announcement of a $200 million underwritten public stock offering priced between $9.4 and $9.9 per share.

Robinhood Ventures Fund I (RVI): The stock hit a record high on Tuesday amid Robinhood’s plans for Robinhood Ventures Fund II, which aims to expand retail investor access to private startups, including OpenAI and Stripe.

How Global Markets Are Performing Today

The yield on the benchmark 10-year Treasury note remained near the key 4.5% level, while gold traded around $4,720 an ounce after inflation data boosted expectations for tighter monetary policy. Silver traded above $87 an ounce and remained one of the strongest-performing precious metals this month.

The Kobeissi Letter said on X that the “U.S. bond market crisis is intensifying,” noting that the 30-year Treasury yield moved above 5% while the benchmark 10-year yield approached the closely watched 4.5% level that previously triggered Trump’s “90-day tariff pause” earlier this year. They also warned that mortgage rates could climb back above 7% if long-term yields continue rising.

Among the key catalysts for Wednesday are April’s producer price index report and speeches from Boston Fed President Susan Collins and Dallas Fed President Lorie Logan. Economists polled by Dow Jones expect headline PPI to rise 0.5% month over month, matching March’s pace, while core PPI is expected to increase 0.3%.

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