Global Morning Briefing — 2026년 5월 13일
U.S. stocks saw mixed results on May 12 as investors weighed persistent inflation concerns against rising tensions from the U.S.-Iran conflict. The S&P 500 dipped 0.16% to 7,400.96. Meanwhile, as President Trump travels to China for a summit with President Xi Jinping, oil prices have climbed for three consecutive days due to the deadlock in Iran negotiations, creating uncertainty for Asian markets. Investors are also closely watching inflation data amid the transition in Federal Reserve leadership from Powell to Warsh.
Global Morning Briefing — 2026년 5월 13일
Market Snapshot
| Indicator | Close/Current | Change |
|---|---|---|
| S&P 500 | 7,400.96 | -11.88p (-0.16%) |
| Nasdaq Composite | ~25,620 (est.) | -185.92p |
| Dow Jones | 49,760.56 | +56.09p (+0.11%) |
| Russell 2000 | — | Stable (vs previous day) |
| 10-Year US Treasury | — | 2-Year 3.93% (+4bp) |
| DXY | — | Slightly stronger |
| WTI Crude | — | Up 3 consecutive sessions |
| Gold | — | — |
| Bitcoin | — | — |
U.S. Market Review
The New York markets closed mixed on May 12. The S&P 500 finished at 7,400.96, down 11.88 points (0.16%), while the Nasdaq Composite fell by 185.92 points. The Dow Jones Industrial Average, however, managed a slight rebound, closing at 49,760.56, up 56.09 points (0.11%).
Market sentiment was weighed down by ongoing inflation pressures and renewed U.S.-Iran tensions. In particular, the cooling of the AI-related tech rally put noticeable downward pressure on the Nasdaq. After the S&P 500 and Russell 2000 hit record highs on May 11 (Monday) with strong semiconductor performance, the atmosphere reversed just one day later.
By sector, energy stocks showed relative strength due to rising oil prices, while tech and growth sectors struggled. According to a Schwab market briefing, "stubborn price growth" dampened investor sentiment from the opening bell.
S&P 500, Nasdaq end higher, notch weekly gains after earnings-heavy week | Reuters
S&P 500 ends down as chip stocks give up gains | Reuters
S&P 500 and Nasdaq notch records; AMD results spark AI stock rally | Reuters
S&P 500, Nasdaq end lower as inflation, Iran tensions weigh | Reuters
Wall St ends close to all-time highs in light, post-holiday session | Reuters
Key Stocks to Watch
Top Gainers
- QCOM (Qualcomm) — Up: Highlighted as a major gainer by market cap on Monday, May 12.
- MU (Micron Technology) — +15.49% on May 8 ($5,746.81): A representative stock in the semiconductor rally fueled by AI demand expectations. Included in Monday’s top market cap movers alongside Qualcomm.
- AKAM (Akamai Technologies) — +26.58% last week (5/8, $147.71): An earnings surprise triggered a surge, making it the top gainer in the S&P 500 on May 8.
Top Decliners
- Tech/Growth Stocks — Down: The Nasdaq tech sector faced widespread selling pressure on May 12 due to the cooling AI rally and inflation fears, with the index falling 185.92 points.
- Industrial/Materials — Down: Commodity price instability pressured these sectors, with the S&P 500 materials sector leading losses in the previous session (5/7, -1.83%).
Macro & Economic Indicators
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Fed Leadership Transition & Inflation Data: With the transition from Chair Powell to Chair Warsh, inflation data is significantly influencing the bond market. Rising oil prices from the U.S.-Iran conflict are boosting consumer prices, weakening expectations for Fed rate cuts and pushing the 2-year Treasury yield up 4bp to 3.93%.
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Upward Pressure on Bond Yields: Following the U.S.-Iran conflict, oil-driven inflation expectations have caused yields across the curve to rise by at least 5bp. On May 4 (Monday), the 30-year Treasury yield climbed as high as 5.03%, casting doubt on the Fed's path to monetary easing.
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Dollar & Energy Markets: The dollar showed slight strength ahead of President Trump’s visit to China. WTI crude oil prices have risen for three consecutive days as fundamental disagreements emerged in the U.S.-Iran peace talks, sustaining upward pressure on energy costs.
Global Top News
Trump visits China amid stalled Iran talks
- What happened: President Trump is traveling to China for a summit with President Xi Jinping while the U.S.-Iran situation remains deadlocked. Negotiations have made little progress due to fundamental disagreements over the Strait of Hormuz.
- Market Implications: The outcome of the summit will have a direct impact on key exports such as semiconductors and EV batteries. Meanwhile, the Iran deadlock continues to lift oil prices, burdening the inflation and current account balances of energy-importing nations.
Oil prices rise for 3rd day; Hormuz concerns persist
- What happened: Concerns over supply disruptions in the Strait of Hormuz have intensified as the U.S. and Iran display fundamental disagreements over proposals to end the conflict. Oil prices have risen for three straight days through May 12. Reuters reports that major oil companies are bracing for long-term energy market volatility following the conflict.
- Market Implications: Further oil price hikes could spark global inflation, delay Fed rate cuts, and exert upward pressure on foreign exchange rates. While domestic energy sectors might benefit, manufacturing, chemical, and airline industries face increased cost burdens.
European markets finish higher on Iran peace talk hopes (5/11)
- What happened: European markets closed higher on May 11, digesting news of U.S.-Iran peace talks. Major indices including the UK’s FTSE, Germany’s DAX, and France’s CAC all posted gains.
- Market Implications: This highlights how sensitive European investor sentiment is to Middle Eastern developments. A continued deadlock could serve as a negative lead-in for Asian market openings.
Stocks and dollar rise ahead of US-China summit (5/11)
- What happened: On Monday, May 11, U.S. markets hit record highs for the S&P 500 and Russell 2000, and the dollar ticked upward on expectations for the Trump-Xi summit. Semiconductor stocks led the gains.
- Market Implications: Progress in U.S.-China trade and tech relations will have immediate effects on companies with high export dependency on China.
Korea Market Checkpoints
Although the U.S. S&P 500 finished slightly down (-0.16%), the core variables this week remain Trump’s China visit and the U.S.-Iran deadlock. If the summit produces agreements on semiconductors, batteries, or rare earths, it could provide positive momentum for Korean IT sectors and ADRs. Conversely, rising oil prices and dampened rate-cut expectations could negatively affect foreign capital flows and keep upward pressure on exchange rates. The strength of the Russell 2000 on May 11 suggests that risk-on sentiment has not yet fully vanished.
Watch List
- Economic Indicators/Events: U.S. April CPI release — A critical variable for market volatility as it will begin to reflect the impact of the Iran conflict.
- Earnings: Final stages of the retail and consumer goods earnings season — Watch for the impact of pricing pressures on margins.
- Fed/Policy: Increased market sensitivity to Fed member comments during the transition from Powell to Warsh.
- Risk Factors: (1) Sharp rise in oil prices/global inflation if Iran talks collapse further. (2) Resurgence of tech tensions (e.g., semiconductor export controls) during the Trump-Xi summit.
Investor Action Items
- Morning Response: Monitor foreign futures positions and overnight index futures at the Korea Stock Exchange opening. Prepare for potential gap-downs if S&P 500 overnight futures remain flat or down, but be ready to react to summit-related news.
- Sector/Stocks: Evaluate semiconductor stocks (Samsung Electronics, SK Hynix) based on summit results; consider short-term trading strategies if news is positive. Monitor energy/refining sectors for potential oil-related upside.
- Risk Management: Maintain conservative position sizes during this period of dual pressure (Iran deadlock + inflation). Set strict stop-loss lines for rate-sensitive sectors (REITs, growth stocks, battery-related valuations) in case of further long-term yield spikes.
This content was collected, curated, and summarized entirely by AI — including how and what to gather. It may contain inaccuracies. Crew does not guarantee the accuracy of any information presented here. Always verify facts on your own before acting on them. Crew assumes no legal liability for any consequences arising from reliance on this content.
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