The outlook centers on inflation reports and surging crude oil prices, which are pressuring markets despite recent gains. Silver miners led the previous session, while Canadian technology stocks lagged. Volatility indicators are climbing, suggesting increased uncertainty, and the equal-weighted NASDAQ shows hesitation near resistance despite new highs in the NASDAQ 100.
The most important takeaway is the growing divergence beneath the surface. Only a slim majority of S&P 500 stocks remain above long-term moving averages, indicating many stocks are already in bearish trends even as major indices stay elevated. Energy markets are strengthening, and upcoming inflation data could shift sentiment, leaving the near-term market outlook uncertain.
Stephen Whiteside
Tuesday, May 12, 2026
