S&P 500 (SPX), Nasdaq (QQQ) Day Ahead: PPI confirms CPI, Fed in bed as inflation means red

Here is what you need to know on Thursday, May 13:

Wednesday's wake-up call to the dovish Fed was repeated with the release of PPI on Thursday. Core CPI was 0.7% versus forecasts for 0.4%. Does this mean that "buy the dip" is still in focus and "don't fight the Fed" is still the trade? As it stands, futures are doing exactly this, with the flat Dow Futures being an underperformer. 

The dollar is losing some ground as it is not the only one that can raise rates. "Thank you very much," says the German Bund, as yields rise to nearly the highest in two years.

Oil is lower as Middle East tensions rise and observers note that it has already had a pretty decent run. Bitcoin suffers "the Elon affect" as he dumps on it, saying Tesla will stop accepting it as payment due to the coal burned for mining it.

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Wall Street top news

US PPI higher than expected, core 0.7% versus 0.4%.

US Jobless claims 473k versus 490k expected.

China backs plan to exclude covid vaccines from intellectual property laws.

Bank of England deputy governor says it may need to issue a digital currency.

McDonald's (MCD) raising wages 10% in US company-owned restaurants.

DASH, AirBnB (ABNB) and Disney (DIS) report earnings after the close.

Ford (F) CEO says it is focused on having a self-driving car in 2022.

Colonial Pipeline has restarted.

BABA reported earnings ahead of expectations, shares down 2% premarket.

Sonos (SONO) reported strong earnings.

Canada Goose (GOOS) posts strong earnings.

Boeing (BA) received FAA approval for an electrical fix to some 737 Max planes.

Bumble (BMBL) beat earnings expectations but shares fell in the premarket.

Poshmark (POSH) earnings beat but shares fall heavily.

Bilibili (BILI) reported better than expected results, shares up 4% premarket.

XPEV reported good results ahead of expectations, shares up 4% premarket.

VROOM (VRM) beats earnings, shares up 13% in the premarket. 

Ups and downs

Kinder Morgan	KMI	Wells Fargo	Downgrades
Athene Holding	ATH	UBS	Downgrades
Equitrans Midstream	ETRN	Wells Fargo	Downgrades
Soliton	SOLY	Cantor Fitzgerald	Downgrades
Holly Energy Partners	HEP	Wells Fargo	Downgrades
DCP Midstream	DCP	Wells Fargo	Downgrades
Graybug Vision	GRAY	SVB Leerink	Downgrades
Lumentum Holdings	LITE	Morgan Stanley	Downgrades
Deere	DE	BMO Capital	Downgrades
ITT	ITT	Gordon Haskett	Downgrades
Graybug Vision	GRAY	Needham	Downgrades
Funko	FNKO	B of A Securities	Upgrades
Q2 Holdings	QTWO	DA Davidson	Upgrades
Cornerstone Building	CNR	DA Davidson	Upgrades
Genesis Energy	GEL	Wells Fargo	Upgrades
Energy Transfer	ET	Wells Fargo	Upgrades
Points International	PCOM	RBC Capital	Upgrades
Atara Biotherapeutics	ATRA	JP Morgan	Upgrades
BJ's Wholesale Club	BJ	JP Morgan	Upgrades
Albemarle	ALB	RBC Capital	Upgrades
GrafTech International	EAF	RBC Capital	Upgrades
Ventas	VTR	Baird	Upgrades
Lowe's Companies	LOW	Oppenheimer	Upgrades
Pure Storage	PSTG	Evercore ISI Group	Upgrades
Infinera	INFN	Wolfe Research	Upgrades
Coupang	CPNG	Deutsche Bank	Upgrades
Chatham Lodging	CLDT	Stifel	Upgrades
Array Technologies	ARRY	Credit Suisse	Upgrades
Ventas	VTR	Keybanc	Upgrades
Pioneer Natural Resources	PXD	Keybanc	Upgrades

Economic releases due

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