CNBC — 2026-05-15#

Lead Story#

Following a week of surprisingly hot inflation data—with wholesale prices hitting a 6% annual rate—Treasury yields spiked, driving traders to abruptly flip the script and price in a Federal Reserve rate hike by December.

Markets & Economics#

The S&P 500 notched its first-ever close above 7,500 and the Dow reclaimed 50,000 on Thursday, buoyed by optimism surrounding the Trump-Xi summit and strong Cisco earnings. However, the rally stalled Friday as inflation fears returned to Wall Street with a vengeance. Consumer prices rose 3.8% annually, and top economic forecasters now project the inflation rate will reach 6% in the second quarter. Consequently, the 30-year Treasury yield topped 5.12%, and fed funds futures are now pricing in a roughly 51% probability of an interest rate hike by December. Meanwhile, the South Korean Kospi retreated 6% from record highs amid a broad tech sell-off and labor union strikes at Samsung.

Business & Earnings#

Cerebras Systems shares sank 10% on Friday after a blockbuster IPO debut that initially sent the AI chipmaker’s market cap soaring to $95 billion. In M&A news, Magnum Ice Cream stock skyrocketed 18% following reports that private equity firms Blackstone and CD&R are exploring a takeover of the newly spun-off company. Restructuring efforts continue to sweep through corporate America, with Starbucks laying off 300 U.S. corporate employees and Detroit automakers collectively shedding 20,000 salaried jobs as the industry pivots toward AI and software. Despite reporting its first annual operating loss in nearly 70 years, Honda shares jumped over 7% as investors cheered stronger-than-expected forward guidance and the automaker’s $9 billion strategic restructuring of its EV business. Additionally, Warren Buffett’s Berkshire Hathaway has returned to the airline industry, revealing a new $2.6 billion stake in Delta Air Lines.

Investing & Commentary#

Bill Ackman’s Pershing Square established a new position in Microsoft, capitalizing on a recent sell-off and betting heavily on the durability of its Azure cloud business and AI integration. On the macro front, Jim Cramer is sounding the alarm on speculative excess, warning that an upcoming SpaceX IPO could become “destructive” for the broader market by overwhelming it with excess supply. Cramer also cautioned that the “bond market’s wrath” and triple-digit oil prices could easily derail the current equity rally unless geopolitical tensions ease.

Also Worth Watching#

[China to buy U.S. oil to feed its ‘insatiable appetite,’ Trump tells Fox News] (Source): President Trump announced that China agreed to purchase U.S. crude and 200 Boeing jets following his Beijing summit with Xi Jinping.
[Billionaire Gautam Adani and nephew agree to pay $18 million in SEC settlement over fraud allegations] (Source): Shares of Adani Enterprises recovered after executives agreed to settle U.S. civil fraud claims tied to a solar contract bribery scheme.
[NFL wants certain trading contracts banned from prediction markets] (Source): The National Football League is urging the CFTC to ban specific sports-betting contracts, such as the “first play of the game,” to protect sporting integrity.
[Bristol Myers Squibb turns to China to develop new drugs] (Source): The pharmaceutical giant is partnering with China’s Hengrui Pharma to run early-stage clinical trials, signaling a major shift in global R&D strategy.