US equity indices ticked up, with the S&P 500 gaining 0.3% to 7,422.42, Nasdaq rising 0.4% to 26,343.25, and the Dow flat.
Oil prices surged, Brent crude up 3% to $104.34 per barrel and WTI up 2.9% to $98.21, heightening inflation concerns.
Traders await April CPI and PPI releases, with one‑year inflation swaps at 3.25% and two‑year swaps at 2.93%, suggesting underpriced risk.
Upcoming earnings from Alibaba, Cisco and Applied Materials are in focus, while chip stocks like Qualcomm and Micron led market gains.