US Open: May Inflation Limits Declines

CPI inflation reached 4.2% in May, marking its highest level since April 2023. However, markets are drawing optimism from its core measure, which rose by a mere 0.2%. The reading weakened the dollar and allowed the US stock market to take a slight breather. After opening the session with 0.5% declines, both the NASDAQ Composite and the S&P 500 are currently hovering only slightly below the flatline.

For several days, we have observed increased risk aversion in the US. This may be associated not only with rather chaotic messaging coming from the Middle East but also with the SpaceX IPO scheduled for Friday.

Regarding the never-ending US-Iran saga – investors do not seem to interpret yesterday's attacks as a prelude to a significant escalation. We can see this in the limited increases in crude oil prices, with a barrel of Brent currently trading at just under $93.

Today's leading decliner is Super Micro Computer. The 12.5% downward move is primarily the result of news regarding plans to raise as much as $7 billion in new capital through a massive share issuance.

Figure 1: Dashboard for the Nasdaq 100 (10.06.2026)

Source: XTB Research, 10.06.2026

Figure 2: Top gainers and losers on the Nasdaq 100 (10.06.2026)

Source: Bloomberg, 10.06.2026

Figure 3: Sector heatmap for the Nasdaq 100 (10.06.2026)

Source: XTB Research, 10.06.2026

Technical Analysis

US100 (D1)

Source: xStation, 10.06.2026

Following a very strong upward impulse, the index entered a correction phase at the end of March. The price broke below the short-term ascending channel, which is the first clear signal of a weakening trend. The market is currently testing the support zone at 28,645 pts, which coincides with the 23.6% Fibonacci retracement level. The EMA50 running near 28,338 pts serves as an additional support. As long as quotes remain above this area, the declines can be treated as a correction within the dominant uptrend.

The RSI indicator is hovering near the 50 level, confirming the lack of a clear advantage for either side of the market. Meanwhile, the MACD remains in a sell signal and indicates the fading of the previous upward momentum. Technically, the market picture remains bullish in the medium term, but bears hold the advantage in the short term.

Company News

• Cracker Barrel (CBRL.US): Shares of the restaurant chain jumped by 26% after the company raised its full-year revenue forecasts, thereby beating the average estimates of analysts.
• Dianthus Therapeutics (DNTH.US): The company's stock is plunging by 14% following news that rival Sanofi halted late-stage trials for an experimental therapy targeting a rare autoimmune disease due to efficacy concerns.
• Super Micro Computer (SMCI.US): The company's quotes fell by 14% following the announcement of plans to raise $7 billion in capital. These funds are intended to finance the purchase of components necessary to fulfill massive AI server orders worth nearly $39 billion.
• Oscar Health (OSCR.US): The insurer's shares are up by 4% thanks to a recommendation upgrade from Barclays. Analysts cited the company's visible margin recovery cycle as the rationale behind their decision.

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Michał Jóźwiak, Financial Markets Analyst at XTB