10 Things You Need to Know: May 12, 2026
Key data releases this week include: existing home sales (Mon), NFIB Small Business Optimism (Tue), CPI (Tue), PPI (Wed), import prices (Thu), retail sales (Thu), and industrial production (Fri).
CNBC
May 11, 2026
Sales of previously owned homes in April were essentially flat compared with March, rising just 0.2% (0.0% y/y) to 4.02 million units on a seasonally adjusted, annualized basis, according to the National Association of Realtors. Housing analysts were expecting a gain of more than 3%. The median price of a home sold in April was $417,700, up 0.9% from the year before.
Bloomberg
May 5, 2026
The headline ISM Services PMI dipped to 53.6 in April from 54.0 in March. That was below the consensus estimate for 53.7. Signals of softening activity, more widespread price pressures, and employment weakness add to evidence of two-sided risks to the Fed’s objectives.
Bloomberg
May 5, 2026
US job openings were little changed in March and hiring rebounded as the labor market showed continued signs of stabilization. Available positions fell slightly to 6.87 million from a revised 6.92 million in February. The hiring rate jumped to 3.5% after dropping in February to the lowest level since the onset of the pandemic.
Haver
May 8, 2026
Nonfarm payrolls rose 115k in April, exceeding an expected gain of 70k. The unemployment rate was unchanged at 4.3 percent, but when calculated with more precision it showed an increase of almost 0.1 percentage point (4.337% versus 4.258% in March). Average hourly earnings rose 0.2% (3.6% y/y)
FT, Politico
May 10, 2026, May 7, 2026
US President Donald Trump and Chinese President Xi Jinping are set to meet in Beijing this week for a high-stakes summit, marking the first US presidential visit to China in nearly a decade. The summit will focus on China’s ongoing support for Iran during the US-Israel conflict and the resulting energy crisis. Discussions will also cover sensitive topics like Taiwan, artificial intelligence, and trade, with both leaders aiming to manage tensions while seeking new agreements.
Barron’s
May 11, 2026
Nearly 90% of S&P 500 index companies have reported first-quarter results so far, with more than 85% beating earnings-per-share estimates, and 80% surpassing sales expectations. This goes a long way to explaining why stocks are at record highs, despite elevated oil prices and an uncertain path to ending the war with Iran.
Bloomberg
May 5, 2026
Bond traders are increasingly betting the Federal Reserve’s next move could be a rate hike rather than a cut, with swaps pricing better-than-even odds of an increase by April 2027. The shift reflects persistent inflation risks, elevated oil prices and growing policy uncertainty as Kevin Warsh prepares to take over as Fed chair amid divided views on the path of rates.
Bloomberg
May 11, 2026
President Donald Trump voiced support for a gasoline tax holiday to counter rising prices at the pump, as the cost of oil soars while the war with Iran drags on. Trump said he would like to pause the federal 18.4 cents a gallon tax on gasoline “for a period of time,” though it’s unclear how much of the tax cut would reach consumers at the pump. The average national price for regular gasoline has surged since the US and Iran conflict began, reaching $4.52 a gallon as of Sunday.
Bloomberg
May 10, 2026
Representatives from over 40 countries will convene to discuss their military roles in a planned mission to escort commercial ships through the Strait of Hormuz, contingent on a lasting cease-fire. The UK and France are leading these efforts to coordinate international naval contributions, including demining and air policing, with the aim of restoring safe passage for ships.