TRDX Daily US Market Briefing for May 12th, 2026 – TRDX Daily US Market Briefing

TRDX Daily US Market Briefing — May 12, 2026

Sector Heatmap

Tech

XLK

−1.2%

Financials

XLF

−0.3%

Energy

XLE

+1.5%

Healthcare

XLV

−0.4%

Industrials

XLI

−0.5%

Cons.Disc.

XLY

−0.8%

Cons.Stap.

XLP

−0.2%

Materials

XLB

−0.4%

Real Estate

XLRE

−1.0%

Utilities

XLU

−0.5%

Comm.Svcs.

XLC

−0.7%

All values ~est. pre-market · Energy the sole green sector as WTI crude surges +2.4% amid Iran supply fears · Tech leads declines on hot CPI crushing rate-cut thesis · Rate-sensitive Real Estate hardest hit after sector.

Market Bias

44 Fear

Futures: S&P −0.45%, Nasdaq −0.99% — broad risk-off into the CPI print. (−8 pts)
VIX: 18.09, +5.24% — elevated but sub-20 range keeps the reading from tipping extreme. (0 pts)
Newsletter sentiment: Reuters “Ceasefire on Life Support” + CNBC Morning Squawk flagging hot CPI nervousness — tone firmly bearish. (−8 pts)
CNN Fear & Greed: 66 (Greed) — prior session’s reading, pre-CPI. Greed positioning into a hot print historically amplifies the drawdown. (+10 pts)
CPI shock: April headline +0.6% MoM SA (vs. ~+0.3% expected) — primary bearish catalyst for today. Macro context not captured in a single indicator.

Sources: Reuters Morning Bid, CNBC Morning Squawk, CNN Fear & Greed Index, BLS CPI Release May 12 2026

Overall Economic Summary

Today’s primary macro catalyst is the April CPI print from the Bureau of Labor Statistics — and it came in scorching hot. Headline CPI rose 0.6% month-over-month (seasonally adjusted), more than doubling consensus expectations near 0.3%, while year-over-year inflation re-accelerated to 3.8% — the highest reading since early 2025. Core CPI (ex food and energy) also surprised to the upside at +0.4% MoM and +2.8% YoY. The combination of crude oil sitting above $97/bbl on renewed Iran supply-risk concerns and sticky services inflation means the Fed’s last-mile problem is getting worse, not better. Rate-cut expectations that were baked into June and September meetings are now being rapidly repriced out of the curve, sending the 10-year Treasury yield toward 4.39% and killing the multiple-expansion thesis that has powered growth and AI names since the spring.

The geopolitical backdrop adds another layer of uncertainty. Reuters is reporting the Iran-Russia ceasefire is “on life support,” which directly sustains elevated crude prices and contributes to the core inflation pressure via energy pass-through. Simultaneously, President Trump is heading to China in what Reuters describes as a trip where he needs wins — trade uncertainty remains a wildcard for supply chains and semiconductor policy. The convergence of domestic inflation surprise, elevated geopolitical risk, and an unresolved trade posture creates a distinctly risk-off setup. High-beta growth, AI infrastructure, and rate-sensitive names are in the crosshairs.

The sector implications are clear-cut: any name that benefited from “rate cuts are coming” positioning — AI cloud, high-multiple growth software, space tech — faces forced multiple compression. Energy is the counterintuitive winner, with crude running on geopolitical risk. Consumer discretionary faces dual pressure: hot inflation erodes real spending power while several marquee names report earnings today. The earnings slate (QBTS, ONON, RAL all BMO) adds individual-stock volatility on top of the macro headwind.

Market Sentiment

The regime is BEARISH. S&P 500 futures are down 0.45% (7,403.50, −33.25 pts), Nasdaq futures are down 0.99% (29,131.25, −292.75 pts), and Dow futures are off approximately 0.30% (~est). The Nasdaq’s outsize underperformance relative to the S&P confirms institutions are selling growth/tech hardest on the inflation surprise — exactly the sector where this portfolio hunts. The hot CPI re-confirms the regime call. Today I’m filtering short setups only. The best setups are momentum fades and earnings disasters in preferred-sector names that were priced for perfection. Long-side interest exists only in the counter-regime slot in Secondary Movers where a hard earnings catalyst is present.

⚠️ BEARISH REGIME ACTIVE — SHORT SETUPS ONLY in Top 5 · Up to 2 counter-regime longs may appear in Secondary Movers where hard earnings catalyst is confirmed

Key Market Stats

S&P Futures

7,403

−0.45% · −33 pts

Nasdaq Futures

29,131

−0.99% · −293 pts

Dow Futures

~43,340

−0.30% ~est

10Y Yield

4.39%

+0.022 · +0.50%

VIX

18.09

+0.90 · +5.24%

WTI Crude

$97.72

+$2.30 · +2.41%

Brent

~$101.50

~+2.2% ~est

Gold

$4,668

−$63 · −1.34%

DXY

~104.8

~+0.4% ~est

Economic Calendar

Time (ET)	Event	Actual	Consensus	Prior	Impact
8:30 AM	April CPI (MoM SA)	+0.6%	~+0.3%	+0.2%	HIGH
8:30 AM	April CPI (YoY NSA)	+3.8%	~3.4%	3.2%	HIGH
8:30 AM	April Core CPI (MoM SA)	+0.4%	~+0.3%	+0.3%	HIGH
8:30 AM	April Core CPI (YoY NSA)	+2.8%	~2.6%	2.6%	HIGH
~2:00 PM	Fed Speaker Watch (post-CPI remarks possible)	—	—	—	MED

⚡ CPI already released — all four reads beat estimates. This is the biggest inflation upside surprise in several months. Market reaction is live. Source: US Bureau of Labor Statistics, May 12 2026

Today’s Earnings

QBTS D-Wave Quantum Inc. BMO

Consensus EPS: −$0.08 · Revenue est: $4.2M · Options pricing: ±18.8% move

D-Wave reports Q1 FY2026 results this morning. The stock is down −7.82% pre-market, suggesting a miss or disappointing bookings commentary. Watch the earnings call for any revision to 2026 guidance — management cited $32.8M in January bookings alone at the last call. With the stock priced for growth and quantum computing facing a “prove it” moment from institutions, any crack in execution will be punished aggressively. Conference call at 8:00 AM ET.

ONON On Holding AG BMO

Consensus EPS: $0.27 · Revenue est: $821.5M · Prior year EPS: $0.21

On Holding beat top and bottom lines — EPS and revenue both above estimates — and raised full-year gross margin guidance to at least 64.5%. However, direct-to-consumer (DTC) sales disappointed, spooking growth investors who pay a premium for DTC leverage. The stock is down −3.06% pre-market. The earnings call at 8:00 AM ET is key: if management explains the DTC miss as temporary (wholesale shift, timing) the stock could recover; if it’s structural, expect continued selling. The market priced in ±9.66%.

RAL Ralliant Corporation BMO

Q1 2026 results — conference call 8:30 AM ET

Ralliant — formerly part of Fortive’s Sensing & Measurement segment, providing power grid monitoring, defense safety systems, and critical environment sensing under brands including Qualitrol and Gems Sensors — is gapping up +9.97% pre-market on apparent Q1 results beat. RVOL of 8.16× is the highest in today’s entire scanner, suggesting heavy institutional accumulation. This is the sole counter-regime long in today’s setup. Defense/sensing/critical infrastructure names can trade independently of macro on strong fundamental catalysts.

ASTS AST SpaceMobile Inc. AMC (reported last night)

Actual EPS: −$0.66 vs. −$0.20 est · Actual Revenue: $14.7M vs. $36.6M est

ASTS delivered an earnings disaster last night. Revenue missed by 60%, EPS missed by 3.3×, and management guided for a $155–160M asset write-off in Q2 due to satellite loss. This erases the liquidity story that attracted institutions in Q4 2025. The company still has FCC approval for US direct-to-device service and partnerships with Verizon, AT&T, and FirstNet — but execution risk is now front and center. The stock is gapping down −11.91% and remains a top short until the write-off is fully priced in.

Key Events Today

April CPI Release — Already Out (MARKET MOVER)

8:30 AM ET · Bureau of Labor Statistics

Headline CPI +0.6% MoM SA, +3.8% YoY NSA. Core +0.4% MoM, +2.8% YoY. Both reads beat across the board — the single most important macro print of the week landed hawkish. Fed funds futures will re-price; first-cut probability for June and September will drop materially. Watch for Fed officials making post-CPI remarks today — any dovish pushback could give relief to growth names but would likely be transient.

Trump China Trip — Geopolitical Wildcard

All Day · Reuters / CNBC coverage

President Trump heads to China in what Reuters characterizes as a trip where he needs diplomatic wins. The composition of the delegation — who is and isn’t joining — is itself a market signal. Any hint of a semiconductor export licensing deal or supply-chain rapprochement could provide a bid for semis (INTC, AMD, NVDA); any escalation or failed optics could amplify today’s tech selloff. Monitor headlines throughout the session.

Iran Ceasefire Status — “On Life Support”

All Day · Reuters Morning Bid

Reuters is characterizing the Iran ceasefire as fragile. WTI crude jumping +2.4% to $97.72 partly reflects this risk — any further deterioration keeps energy elevated and adds inflationary impulse to an already-hot CPI environment. For day traders: energy names (XLE) are the counter-trade today; if ceasefire collapses, crude spikes further and Energy sector leads. Watch XOM, COP, and the broader XLE ETF as a regime hedge indicator.

Multiple BMO Earnings Conference Calls

8:00 AM ET (QBTS, ONON) · 8:30 AM ET (RAL)

Three BMO earnings calls staggered within the first hour of trading. QBTS and ONON call simultaneously at 8:00 AM — monitor for guidance commentary that could move sector sentiment beyond just the individual names. RAL’s 8:30 AM call could add volatility heading into the open if results or guidance surprise further to the upside.

Top 5 Movers — Bearish Regime (4 Short · 1 Counter-Regime Long)

#1 INTC Intel Corporation

Semiconductors · Preferred Sector · SHORT

$129.44

−4.91% gap

Pre-mkt Vol: 3,159,621 (avg ~1.6M, 3.23× rel.) ATR(14): $6.89 Float: ~5.0B shares Beta: 2.33

Catalyst

Intel has rallied ~26% since early April, driven by a Q1 2026 earnings beat (EPS $0.29 vs. $0.01 expected), a preliminary Apple chip manufacturing agreement, and Lip-Bu Tan’s announced collaborations with NVIDIA. Today, the hot CPI print (+0.6% MoM) forces a repricing of the rate-cut timeline that was the primary fuel for Intel’s foundry re-rating. Additionally, profit-taking is natural after a 26% run in weeks. Intel is at ~$129 — the “is Intel heading to $150” narrative is now being challenged.

Why It’s Moving

INTC has the largest absolute pre-market volume (3.16M shares) in today’s scanner, indicating heavy institutional engagement on the short side. The CPI print destroys the rate-cut multiple expansion story across semis — foundry economics are sensitive to financing costs and enterprise capex cycles. With Nasdaq futures off nearly 1%, INTC as a high-beta (2.33) semiconductor name carries outsized downside capture. The Apple deal is still real, but the stock was priced for execution that won’t be visible in revenue for 12–18 months. Institutions that bought the news are now selling into the macro headwind.

Key Daily Price Levels

VWAP anchor: ~$128.50 (opening area). Expected opening range: $126–$131. 20-day MA: ~$118 ~est (below current price after the recent run). 50-day MA: ~$105 ~est. ATR(14): $6.89. Bias: Short. Look to initiate on failed bounce into $130–$131 (pre-market gap level) within the first 15 minutes. The $127 VWAP break is the trigger for aggressive entries.

Support & Resistance

Resistance: $131.00 (pre-market open / gap reference), $134–$136 (recent multi-week high area). Support: $122–$123 (prior breakout level / base of recent run), $118 (technical support / 20-day area ~est), $112–$113 (pre-April base, strong floor).

Wyckoff Phase

Distribution — stock topped out after euphoric foundry news and is beginning a markdown phase catalyzed by macro regime shift.

Sources: Intel Q1 2026 IR press release · Yahoo Finance “Intel Stock Up 26%” · CNBC.com INTC quote · Reuters Morning Bid · BLS CPI May 12 2026

#2 ASTS AST SpaceMobile, Inc.

Space Technology · Preferred Sector · SHORT

$82.55

−11.91% gap

Pre-mkt Vol: 588,799 (avg ~240K, 3.53× rel.) ATR(14): $7.21 Float: ~388M shares Beta: 0.69 (1Y)

Catalyst

ASTS reported Q1 2026 earnings after the close yesterday — and they were a disaster. Revenue came in at $14.7M versus the $36.6M Wall Street consensus — a 60% miss. EPS was −$0.66 versus −$0.20 expected — a 3.3× miss. Management also guided for a $155–160M asset write-off in Q2 due to satellite loss. Despite regulatory wins (FCC approval for US direct-to-device broadband, partnerships with Verizon, AT&T, and FirstNet), the execution gap is now impossible to ignore. The $155M write-off alone exceeds what most models had as the company’s annual capex run rate.

Why It’s Moving

This is a strong fundamental short with a multi-layer catalyst: execution failure, Q2 write-off guidance, and a macro backdrop (hot CPI, risk-off) that punishes unprofitable space-tech on a leveraged multiple. The stock was pricing in satellite network buildout success — today’s revenue miss and satellite loss reveal that execution is materially behind schedule. Beta of 0.69 (1Y) reflects the stock’s relatively contained historical swings, but the -11.91% gap on this volume suggests this is not a bounce-back setup on day one. RVOL 3.53× confirms institutions are liquidating.

Key Daily Price Levels

VWAP anchor: ~$82–$84 (opening area). Expected opening range: $80–$87. Yesterday’s close (implied): ~$93.71. ATR(14): $7.21. Bias: Short. Best entry on any bounce attempt toward $86–$88 (gap-fill area) in the first 30 minutes. A clean break below $80 psychological level accelerates the move toward the $75 target zone.

Support & Resistance

Resistance: $87–$88 (gap-fill zone / partial retracement), $93.71 (prior day close — full gap fill target). Support: $75.34 (1× ATR below pre-market price), $72.00 (prior technical base), $66–$68 (deeper structural support from prior consolidation).

Wyckoff Phase

Markdown — post-distribution phase triggered by fundamental earnings failure; likely multi-day.

Sources: Benzinga “AST SpaceMobile Shares Tumble: Did Execution Delays Kill the Rally?” · 247wallst.com “Live: Will ASTS Stock Soar Tonight on Q1 Earnings?” · Yahoo Finance ASTS quote · CNBC ASTS quotes

#3 QBTS D-Wave Quantum Inc.

Quantum Computing · SHORT · ⚠️ Quantum Caution Active

$24.03

−7.82% gap

Pre-mkt Vol: 4,788,773 (avg ~3.1M, 4.04× rel.) — HIGHEST in scanner ATR(14): $1.68 Float: ~370M shares Beta: 2.28

⚠️ QUANTUM SHORT CAUTION: Quantum computing names (IONQ, RGTI, QBTS) are prone to violent intraday reversals even on significant pre-market down gaps. QBTS qualifies this session because: (1) earnings catalyst is a hard fundamental event, and (2) RVOL 4.04× ≥ 3× threshold is met. Position sizing: reduce to ½ normal size. Scale in only on confirmed breakdown, not at the open.

Catalyst

D-Wave Quantum reports Q1 FY2026 results before the open today (8:00 AM ET conference call with CEO Dr. Alan Baratz). Options traders expected ±18.8% — the −7.82% pre-market move is within that range but on the lower end, suggesting the miss may be moderate rather than catastrophic. Consensus was −$0.08 EPS and $4.2M revenue (+50% sequential increase). Any shortfall in bookings guidance — particularly versus the exceptional $32.8M January bookings management highlighted last quarter — will trigger selling. The stock carries a 12 Buy / 1 Hold Wall Street consensus with a $36.91 mean target (63% above current), meaning any disappointment hits a crowded long.

Why It’s Moving

QBTS has the highest pre-market volume in today’s entire scanner (4.79M shares, RVOL 4.04×) — institutional conviction on both sides is high. The hot CPI adds a macro headwind on top of the earnings risk: quantum computing is a high-multiple, unprofitable growth sector that gets punished disproportionately when rate-cut timelines extend. The risk: options expected 18.8% — if the actual results come in mixed (slight miss, maintained guidance), an initial sell could reverse sharply into a cover rally. Do NOT short at the open indiscriminately.

Key Daily Price Levels

VWAP anchor: ~$24.00 (opening). Expected opening range: $22.50–$25.50. Yesterday’s close (implied): ~$26.07. ATR(14): $1.68. Bias: Short with caution. Wait for the 8:00 AM call to complete and for price to confirm below $23.50 (pre-market support zone) before entering. Target: $22.35 (1× ATR below) then $20.00 (key psychological floor). Stop above $25.50.

Support & Resistance

Resistance: $25.71 (pre-market open reference / prior session structure), $27–$28 (prior consolidation and earnings expectation zone). Support: $22.35 (1× ATR below), $21.00 (intermediate), $20.00 (round number / major institutional floor).

Sources: BusinessWire QBTS Q1 2026 earnings date release · Barchart.com “Mark Your Calendars for May 12” · TipRanks QBTS options pricing · MEXC News Q1 2026 earnings preview

#4 NOW ServiceNow, Inc.

Enterprise Cloud Software · Preferred Sector · LONG — Counter-Regime

$91.49

+2.36% gap · holding green on bearish tape

Pre-mkt Vol: 390,735 (5-min RVOL: 3.72×) ATR(14): $5.21 Market Cap: ~$94B Beta: 0.90 — defensive growth, resilient on down days

Catalyst

ServiceNow reported Q1 2026 earnings on April 22, posting a 21% EPS beat ($0.97 vs. $0.80 expected) and $3.67B in subscription revenue (+22% YoY). The company raised its full-year 2026 subscription revenue guidance by $205M to $15.735–$15.775B. Since reporting, Bernstein raised its price target to $236 (from $226, Outperform) and Citi reiterated Buy. The company’s Armis acquisition expands its AI security TAM, and its Agentic AI platform is showing genuine enterprise traction. CEO Bill McDermott has publicly targeted a $1 trillion valuation — the kind of narrative that sustains institutional accumulation on pullbacks.

Why It’s Moving

NOW is gapping UP +2.36% on a day when Nasdaq futures are off ~1% on the CPI shock — this is counter-regime strength, and it stands out. Beta of 0.90 means NOW moves less than the broader market and tends to attract capital rotation from high-beta names on risk-off days. Enterprise SaaS with multi-year subscription contracts is largely insulated from short-term rate-move volatility — recurring revenue doesn’t reprice with every CPI print. The 5-min RVOL of 3.72× is real institutional buying pressure in the pre-market, not passive price float. When a stock gaps UP on a down tape with above-average volume, that’s the market telling you something.

Key Daily Price Levels

VWAP anchor: ~$91.50 (opening area based on scanner price). Expected opening range: $90.00–$93.50. ATR(14): $5.21. Bias: Long. Entry on first 5-min ORB confirmation above $92.00, or on any dip-and-hold at VWAP (~$91.00–$91.50). Target 1: $94.50 (¾× ATR above entry). Target 2: $96.70 (1× ATR above entry). Stop: $89.00 (below gap-fill / prior close). Position sizing at ½–¾ — this is a counter-regime trade in a bearish environment; size accordingly.

Support & Resistance

Resistance: $93.50–$94.00 (morning high target zone), $96–$97 (post-earnings high area), $100.00 (key psychological round number). Support: $90.00 (gap-fill / prior close area), $88–$89 (pre-earnings technical base), $85.00 (major structural support / prior consolidation floor).

Wyckoff Phase

Accumulation continuation — post-earnings base with institutional accumulation on every pullback; today’s pre-market strength on a down tape is a classic Sign of Strength (SOS) bar confirming the re-accumulation thesis.

Sources: ServiceNow Q1 2026 earnings press release (newsroom.servicenow.com) · Yahoo Finance NOW Q1 2026 earnings highlights · Bernstein/Citi analyst coverage · StockAnalysis.com NOW overview

#5 RKLB Rocket Lab Corporation

Space Technology · Preferred Sector · SHORT — Momentum Fade

$117.35

−4.56% gap

Pre-mkt Vol: 426,569 (avg ~188K, 4.15× rel.) ATR(14): $8.31 Float: ~580M shares Beta: 2.75

Catalyst

No new negative catalyst for RKLB today — this is a pure momentum exhaustion short. Rocket Lab reported exceptional Q1 2026 results on May 8 (revenue $200.3M, +63.5% YoY, backlog $2.2B), sparking a two-day institutional run that added +11.47% on Friday and another +11.26% on Monday. That’s a two-day cumulative gain of ~24%. The TRDX scanner confirmed RKLB was the best trade on both May 8 and May 11. Today, with Nasdaq off nearly 1% on hot CPI, fast-money institutional positioning from the post-earnings run is now being taken off the table. High-beta momentum names that ran 24% in two days are the first stops on a macro risk-off day.

Why It’s Moving

RKLB’s RVOL is 4.15× — institutions are taking profits from the post-earnings run while macro creates additional headwind. Beta 2.75 means RKLB captures ~2.7× the Nasdaq’s move. With Nasdaq futures at −0.99%, RKLB’s beta-implied move is roughly −2.7% from macro alone, on top of natural post-run exhaustion. ATR of $8.31 means the stock regularly moves $8+ per day — this is a high-reward momentum fade on the right side. RKLB at $117 has run ~24% in two days from roughly $94–95. Measured retracement target: the pre-earnings reaction zone of $105–$110. Note: RKLB’s fundamental thesis remains fully intact — this is a tactical short only, not a structural view. Look to re-enter long near $105 when the fade completes.

Key Daily Price Levels

VWAP anchor: ~$117.00. Expected opening range: $113–$120. Pre-earnings reaction zone: ~$105. ATR(14): $8.31. Bias: Short on momentum fade. Fade any early bounce above $119–$120. First target: $109 (1× ATR below); second target: $105. Stop above $122. Momentum fade — take profits at first target and reassess.

Support & Resistance

Resistance: $120–$122 (yesterday’s close / prior session high), $126–$127 (2-day run highs). Support: $109.04 (1× ATR below), $105.00 (round number / pre-earnings institutional floor — strong buy zone on any dip), $99–$100 (prior base).

Wyckoff Phase

End of Markup / Beginning of Distribution — two-day euphoric run is exhausting buying pressure; macro headwind confirms near-term reversal setup.

Sources: CNBC “Rocket Lab (RKLB) Q1 earnings 2026” · StockAnalysis.com RKLB · TRDX scanner May 8 & May 11 confirmed best trade both days

Research Themes

🔥 Theme 1 — “Higher for Longer” Re-Price: Short Rate-Sensitive AI Infrastructure

Today’s +0.6% MoM CPI print re-prices the entire rate-cut expectation curve. Growth companies priced on future earnings discounted at low rates get hit hardest when that discount rate rises. AI cloud and infrastructure names — pre-profitability, high-capex — are most vulnerable. The thesis: 10Y yield heading toward 4.5%+ means the “AI builds itself to profitability in 2026” narrative loses credibility with institutional investors. Short on bounces across the AI cloud complex over the next 1–3 sessions. Cover before the June CPI print — this trade has a defined window.

Key names: NETSNOWDDOGRKLBASTSCRWV

Sources: Reuters Morning Bid · BLS CPI Release May 12 2026 · Yahoo Finance futures

💡 Theme 2 — Intel Foundry Euphoria Fades: Semiconductor Profit-Taking on Macro Shock

Intel’s Q1 beat and Apple chip manufacturing deal sparked a 26% rally in weeks — positioning is crowded and extended. The hot CPI is the pin that punctures over-extended semi longs: INTC at $129 prices in foundry execution that is 3–5 years from material revenue. AMD and other semis that ran on “rate-cuts + AI capex” are double-exposed. The longer-duration trade: own semis with near-term AI revenue (NVDA, AMD) when the dust settles. Short INTC today as the highest-beta semi with the biggest recent run and the longest execution runway for foundry revenue realization.

Primary short: INTC Watch for sympathy selling: AMDMUMRVL

Sources: Yahoo Finance “Why Intel Stock Is Up 26%” · Intel Q1 2026 IR press release · CNBC Intel Q1 report

🛰️ Theme 3 — Space Tech Earnings Bifurcation: Execution Is Everything

Two space-tech names heading in opposite directions illustrate this week’s key lesson. Rocket Lab (RKLB) reported a blockbuster Q1 (+63.5% YoY, $2.2B backlog) and ran 24% in two days — the business is working, the stock just ran too fast. ASTS delivered an execution disaster (60% revenue miss, $155M satellite write-off coming in Q2). The divergence is instructive: in capital-intensive space tech, execution is the only currency that matters. RKLB is a short today purely on over-extension — it remains a buy-the-dip name at $105. ASTS is a fundamental short until the satellite write-off is fully priced. Use ASTS weakness as a lens to apply execution scrutiny to all satellite broadband peers this earnings season.

Short now: ASTSRKLB (momentum fade) Re-entry long: RKLB near $105 Peer read: LUNRPL

Sources: CNBC RKLB Q1 2026 earnings · Benzinga ASTS “Did Execution Delays Kill the Rally?” · 247wallst ASTS earnings preview

Secondary Movers

Ticker	Company	Price	Gap %	Pre-mkt Vol	Note
ONON	On Holding AG	$34.04	−3.06%	567K (6.88× RVOL)	BMO earnings: beat EPS and revenue but DTC sales disappointed; raised full-year gross margin to ≥64.5%. Highest RVOL in today’s scanner (6.88×). Consumer discretionary under dual pressure — hot CPI erodes real spending power and the DTC miss kills the premium growth multiple. Short on any open above $34.50. Target: $32–$33. ATR $1.44.
GME	GameStop Corp.	$23.17	−2.59%	540K (2.26× RVOL)	No fundamental catalyst confirmed — riding the broad risk-off. 540K pre-market shares shows retail attention. Low beta (0.75) limits downside capture. Short only if overall market stays weak; last-priority setup today. Be alert to gamma squeeze reversals if sentiment shifts intraday.
ZIM	ZIM Integrated Shipping	$26.47	−2.34%	267K (5.48× RVOL)	Shipping under pressure from global trade uncertainty — Trump China trip creates freight route ambiguity, Iran risk threatens Red Sea / Strait of Hormuz lanes. RVOL 5.48× notable for ZIM’s average volume. High beta (2.07). Short below $26.00 if macro headwinds persist. Watch: positive Trump-China trade headline reverses shipping names fast.
GLW	Corning Incorporated	$207.39	−2.25%	348K (2.91× RVOL)	Surged 12–14% last week on NVIDIA’s $3.2B AI optical fiber manufacturing investment (NC and Texas), guiding to $20B annualized revenue by end of 2026. Today’s CPI risk-off pulls profits on that run. The AI fiber thesis is structurally intact — short-term fade short only. Expect institutional buyers on pullback to $195–$200. ATR $12.09 — wide range, size accordingly.
RAL LONG ↑	Ralliant Corporation	$49.56	+9.97%	342K (8.16× RVOL)	COUNTER-REGIME LONG — Q1 2026 earnings beat driving +9.97% gap, RVOL 8.16× (highest RVOL in full scanner). Ralliant: power grid monitoring, defense safety systems, critical-environment sensing (Qualitrol, Gems Sensors, Setra). Direct AI power-infrastructure and defense-modernization beneficiary. Conference call 8:30 AM ET — wait for confirmation before entering long. Target: above $50. Stop: below $47.50. Size: ½ normal given counter-regime context.

The Days Ahead

Date	Event / Description
Wed May 13	April PPI · 8:30 AM ET The second inflation read this week. A hot PPI after today’s CPI would confirm re-acceleration and extend today’s selloff into a multi-day regime. Consensus: ~+0.3% MoM. Given today’s surprise, risk is skewed to the upside. Watch energy and food components specifically with crude above $97.
Thu May 14	April Retail Sales + Weekly Jobless Claims · 8:30 AM ET First consumer spending read under this inflation environment. Hot inflation + solid retail = stagflation fears; hot inflation + weak retail = consumer breaking. Either complicates the Fed’s path. Jobless claims watched for first signs of labor market softening — any uptick reopens the rate-cut discussion.
Fri May 15	UMich Consumer Sentiment (Prelim) · 10:00 AM ET + Industrial Production · 9:15 AM ET UMich’s 1-year and 5-year inflation expectation sub-readings are critical post-CPI shock — if consumers re-anchor expectations higher, the Fed’s hands are tied. Industrial Production gauges manufacturing health under tariff pressure depending on China trip outcomes.
Tue May 19	April Housing Starts & Building Permits · 8:30 AM ET Rate-sensitive leading indicator. With 10Y yields rising on today’s CPI, expect Housing Starts to soften further. XLRE and homebuilder names (LEN, PHM, DHI) will react. Confirms whether rate-hike-cycle damage to housing is deepening or stabilizing.
Wed May 20	FOMC Meeting Minutes · 2:00 PM ET Most watched event next week. Minutes will be scrutinized for any pre-CPI discussion of re-acceleration risk. After today’s hot print, markets will read every line for hawkish signals. Could trigger significant equity repricing if the Fed was already more concerned about inflation than the market knew at meeting time.