- Stock market today: Dow, S&P 500, Nasdaq futures edge up as Wall Street braces for CPI report
May 11, 2026
US stock futures rose as Wall Street awaited April’s inflation report, which is expected to provide clues about how the war in Iran is affecting the economy and where Federal Reserve interest rates may be headed.
Futures attached to the Dow Jones Industrial Average (YM=F) rose 0.7%. Futures attached to the benchmark S&P 500 (ES=F) ticked up 0.6%, while futures attached to the tech-heavy Nasdaq 100 (NQ=F) fluttered 0.4%.
On Monday, stocks edged higher as gains in semiconductor shares pushed the S&P 500 and Nasdaq to record highs. In the background, though, escalating tensions between the US and Iran kept investors on edge as President Trump said the ceasefire agreement between the two countries was on “massive life support” after he rejected the latest peace offer.
Markets are anticipating the release of April’s Consumer Price Index (CPI) on Tuesday morning. The data is expected to provide fresh insight into the impact of the US-Iran war on the economy and the direction of Federal Reserve monetary policy. Economists anticipate CPI to have risen 3.7% in April.
Also on Tuesday, President Trump will kick off a trip to China, where he will meet with Chinese President Xi Jinping. Trade and AI are expected to top the leaders’ agenda, and Trump has invited 16 top executives, including Tesla CEO Elon Musk and Apple CEO Tim Cook, to join him during the visit.
Later this week, investors will get another look at inflation with the release of wholesale inflation figures on Wednesday. Earnings season also continues this week. Results are expected from Applied Materials (AMAT), Cisco Systems (CSCO), Alibaba Group (BABA), and Birkenstock (BIRK).
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Stock market coverage for Tuesday, May 12, 2026.
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- S&P 500, Nasdaq Reach New Peaks as Traders Track US-Iran Conflict
May 11, 2026
The S&P 500 and the Nasdaq Composite hit fresh highs on Monday as traders continued to track develop
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- Tesla's Elon Musk, Apple's Tim Cook among CEOs set to join Trump on China trip
May 11, 2026
The White House on Monday released a list of 16 top executives invited to join President Trump on his trip to China this week.
The president is set to depart Tuesday for Beijing for a series of meetings expected to last through Friday that will likely touch on issues like increasing AI communication and managing trade.
The list released Monday includes many CEOs with direct business before China. Kelly Ortberg of Boeing (BA) is expected to be along for the trip as additional purchases by China of Boeing planes and engines are widely expected to be announced this week.
Likewise, agricultural giant Cargill will be represented by CEO Brian Sikes, with Chinese agriculture purchases also a topic of discussion.
The inclusion of Elon Musk of Tesla (TSLA) is also sure to garner intense focus after his high-profile fallout with Trump last year — even as the world’s richest man has appeared alongside Trump multiple times in recent months.US President Donald Trump shakes hands with Chinese President Xi Jinping as they hold a bilateral meeting at Gimhae International Airport on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit, in Busan, South Korea, October 30, 2025. (REUTERS/Evelyn Hockstein)·Reuters / REUTERS
Notably absent from the attendees is Nvidia’s (NVDA) Jensen Huang, who is not expected to be in attendance even as China has angled for access to the chipmaker’s leading-edge Blackwell chips.
Huang’s lack of attendance may stem from worries among more hawkish national security leaders in the White House regarding his willingness to push Trump toward opening up the Chinese market, said Henrietta Levin, senior fellow at CSIS and the director for China under the Biden administration’s National Security Council.
The expected list of this week’s attendees, while significant, is also a smaller contingent compared with the groups accompanying Trump on some recent trips.
It was one year ago that Trump traveled to the Middle East and crossed paths with about 60 CEOs while he was there during stops that featured a heavy focus on dealmaking from Saudi Arabia to Qatar to the United Arab Emirates.
The current headcount is also scaled back from Trump’s last visit to Beijing in 2017, during his first term, when the US leader was accompanied by 29 business leaders.Nvidia founder and CEO, Jensen Huang, speaks during the 29th annual Milken Institute Global Conference at the Beverly Hilton in Beverly Hills, California on May 4, 2026. (Patrick T. Fallon / AFP via Getty Images)·PATRICK T. FALLON via Getty Images
The tightened headcount may come from a schism within the White House between Trump’s personal instinct for “unfettered, enthusiastic” dealmaking with China and administration officials who are more hawkish on national security and don’t want to see US business interests further tied up with Beijing, Levin told Yahoo Finance.
This time around, the White House has tried to downplay expectations for major new deals and investment. A senior US official told reporters on Sunday that “there’s not a proposal out there for some massive investment” from China to the US, saying it “has not been on the negotiating table.”
Story Continues
Here’s the full delegation list, according to a White House official:
Tim Cook of Apple (AAPL) Larry Fink of BlackRock (BLK) Stephen Schwarzman of Blackstone (BX) Kelly Ortberg of Boeing Brian Sikes of Cargill Jane Fraser of Citi (C) Jim Anderson of Coherent (COHR) Larry Culp of GE Aerospace (GE) David Solomon of Goldman Sachs (GS) Jacob Thaysen of Illumina (ILMN) Michael Miebach of Mastercard (MA) Dina Powell McCormick of Meta (META) Sanjay Mehrotra of Micron (MU) Cristiano Amon of Qualcomm (QCOM) Elon Musk of Tesla Ryan McInerney of Visa (V)
Cisco (CSCO) CEO Chuck Robbins had been invited, according to the White House, but the company said he is unable to attend due to the company’s earnings schedule.
Ben Werschkul is Washington correspondent for Yahoo Finance covering economic policy and the intersection of financial issues and the nation's capital. He has covered Washington for over 20 years as a reporter and video producer, working previously at the New York Times and CNN.
Jake Conley is a breaking news reporter covering US equities for Yahoo Finance. Ben Werschkul is a Washington correspondent for Yahoo Finance.
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- Quantum Computing GAAP EPS of -$0.02 beats by $0.03, revenue of $3.69M beats by $0.42M
May 11, 2026
* Quantum Computing press release [https://seekingalpha.com/pr/20509890-quantum-computing-inc-reports-first-quarter-2026-financial-results] (QUBT [https://seekingalpha.com/symbol/QUBT]): Q1 GAAP EPS of -$0.02 beats by $0.03.
* Revenue of $3.69M beats by $0.42M.
* As of March 31, 2026, contract backlog was approximately $16 million.
* Ends quarter with $1.4 billion in cash, cash equivalents and investments
* Shares -1% AH.
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* More I Look At Quantum Computing, More I Like It: Upgrading To Buy [https://seekingalpha.com/article/4882617-more-i-look-at-quantum-computing-more-i-like-it-upgrading-to-buy]
* Earnings week ahead: BABA, CSCO, PLUG, AMAT, JD, and more [https://seekingalpha.com/news/4589820-earnings-week-ahead-baba-csco-plug-amat-jd-and-more]
* Quantum Computing Q1 2026 Earnings Preview [https://seekingalpha.com/news/4590099-quantum-computing-q1-2026-earnings-preview]
- Rigetti Computing Non-GAAP EPS of -$0.04 in-line, revenue of $4.4M beats by $0.27M
May 11, 2026
* Rigetti Computing press release [https://seekingalpha.com/pr/20509915-rigetti-computing-reports-first-quarter-2026-financial-results] (RGTI [https://seekingalpha.com/symbol/RGTI]): Q1 Non-GAAP EPS of -$0.04 in-line.
* Revenue of $4.4M (+199.3% Y/Y) beats by $0.27M.
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* Rigetti Computing Q1 earnings on deck: What to expect [https://seekingalpha.com/news/4589830-rigetti-computing-q1-earnings-on-deck-what-to-expect]
- Equities Rise Intraday, Oil Jumps as Markets Montior Middle East Developments
May 11, 2026
US benchmark equity indexes were higher intraday as traders appeared to shake off worries about the
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- Buy Cisco Stock Ahead of Q3 Earnings? Here's What to Know
May 11, 2026
Cisco Systems CSCO is set to release its third-quarter fiscal 2026 results on May 13.
The company anticipates third-quarter fiscal 2026 revenues between $15.4 billion and $15.6 billion. Non-GAAP earnings are expected between $1.02 per share and $1.04 per share.
The Zacks Consensus Estimate for revenues is pegged at $15.58 billion, indicating growth of 10.1% from the year-ago quarter’s reported figure. The consensus mark for earnings has been steady at $1.04 per share over the past 30 days, suggesting year-over-year growth of 8.3%.
Consensus Estimate TrendZacks Investment Research
Image Source: Zacks Investment Research
CSCO’s earnings surpassed the Zacks Consensus Estimate in all the trailing four quarters, the average being 2.89%.
Cisco Systems, Inc. Price and EPS SurpriseCisco Systems, Inc. Price and EPS Surprise
Cisco Systems, Inc. price-eps-surprise | Cisco Systems, Inc. Quote
Let’s see how things are shaping up prior to this announcement.
Key Factors to Note for CSCO’s Q3 Earnings
Robust demand for AI infrastructure and campus networking solutions is expected to have driven CSCO’s top-line growth in the to-be-reported quarter. The company’s networking portfolio, powered by Silicon One, AI-native security solutions and operating systems, is expanding CSCO’s AI footprint. Networking product orders grew 20% in the second quarter of fiscal 2026, which marked the sixth consecutive quarter of double-digit growth driven by hyperscale infrastructure, enterprise routing, campus switching, wireless, industrial IoT and servers. The trend is expected to have continued in the to-be-reported quarter.
Increasing AI workloads at the network edge and the emergence of physical AI are benefiting the industrial IoT portfolio. Product orders in the second quarter of fiscal 2026 grew more than 18% year over year, with product orders from service providers and cloud customers surging 65%. Campus networking is benefiting from strong demand for next-gen solutions, including smart switches, secure routers and wireless products. Rapid acceleration in the capacity requirements of the network due to unprecedented levels of network traffic and an ever-evolving threat landscape bodes well for Cisco’s prospects. The aforesaid trends are expected to have continued in the to-be-reported quarter.
However, Cisco is suffering from stiff competition from Arista Networks ANET, Dell Technologies DELL, and Hewlett Packard Enterprise HPE across AI networking and enterprise security domains. Hewlett Packard Enterprise benefits from the Juniper Networks acquisition that has elevated HPE’s competitive stance by expanding its networking domain in AI, cloud and hybrid solutions. The versatility of Arista Networks’ unified software stack across various use cases, including WAN routing, campus and data center infrastructure, is setting ANET apart from its competitors, including CSCO. Dell Technologies benefits from strong demand for AI servers as well as robust enterprise demand for AI-optimized servers.
Story Continues
CSCO Shares Outperform Sector
Cisco shares have appreciated 25.4% year to date (YTD), outperforming the Zacks Computer & Technology sector’s return of 16.8%.
CSCO shares have underperformed Dell Technologies and Hewlett-Packard Enterprise YTD, while outperforming Arista Networks. Shares of Dell Technologies, Arista Networks and Hewlett-Packard have appreciated 106.9%, 8.2% and 30.6%, respectively.
CSCO Stock’s Price PerformanceZacks Investment Research
Image Source: Zacks Investment Research
However, the Value Score of F suggests a stretched valuation for Cisco at this moment.
In terms of the forward 12-month price/sales, CSCO is trading at 5.98X, higher than the Zacks Computer Networking industry’s 5.73X, Dell Technologies’ 1.18X and Hewlett Packard Enterprise’s 1X but lower than Arista Networks’ 14.43X.
CSCO’s ValuationZacks Investment Research
Image Source: Zacks Investment Research
Cisco Rides on Strong Portfolio & AI Demand
Cisco expects more than $3 billion in AI infrastructure revenues from hyperscalers in fiscal 2026. The company plans to deploy the Silicon One architecture across high-performance networking systems by fiscal year 2029. An expanding portfolio with the introduction of a 102.4 terabit per second G300 chip and two new pluggable optics, a 1.6 terabit per second OSFP and an 800-gig LPO (both built with Cisco silicon photonics technology), is driving CSCO’s footprint in high-performance AI infrastructure.
Cisco sees a growing pipeline of more than $2.5 billion in orders for its high-performance networking products across sovereign, Neocloud and enterprise customers ($350 million worth of orders in the second quarter of fiscal 2026). The joint venture with AMD and HUMAIN plans to deliver up to 1 gigawatt of AI infrastructure by 2030. Sovereign solutions are gaining traction as rapid AI adoption is accelerating concerns related to privacy, data governance and regulatory compliance.
Conclusion
Cisco’s near-term results are expected to benefit from an expanding portfolio and an accelerating AI push. These factors justify a premium valuation.
Cisco currently carries a Zacks Rank #2 (Buy), which implies that investors should start accumulating the stock ahead of third-quarter fiscal 2026 earnings. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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- Musk, Cook Set to Join Trump for Xi Summit, White House Says
May 11, 2026
(Bloomberg) -- The White House is inviting Tesla Inc.’s Elon Musk, Apple Inc.’s Tim Cook and Boeing Co.’s Kelly Ortberg and executives from other large companies to accompany President Donald Trump on his trip to China this week, according to an official.
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Goldman Sachs Group Inc.’s David Solomon, Blackstone Inc.’s Stephen Schwarzman, BlackRock Inc.’s Larry Fink, Citigroup Inc.’s Jane Fraser and Meta Platforms Inc.’s Dina Powell McCormick are also on the list of those expected to join Trump’s delegation for his summit with his Chinese counterpart Xi Jinping, a White House official said.
The group of more than a dozen top executives is joining Trump for a visit that the US president hopes will unlock a series of business deals and purchase agreements with Beijing. It is comprised mostly of representatives of major financial, technology, aerospace and agricultural firms.
Larry Culp of General Electric Co., Brian Sikes of Cargill Inc., Sanjay Mehrotra of Micron Technology Inc. and Cristiano Amon of Qualcomm Inc. are also expected to attend, the official said. Rounding out the list is Visa Inc.’s Ryan McInerney, Mastercard Inc.’s Michael Miebach, Illumina Inc.’s Jacob Thaysen and Coherent Corp.’s Jim Anderson.
Tesla shares jumped as much as 1.3%, reversing losses of about 2.7% earlier in the session, and Coherent stock sharply extended gains. Shares of Illumina, GE, Boeing, Cisco, Visa, Mastercard and Apple all hit session highs following the White House announcement.
Chuck Robbins of Cisco Systems Inc. appeared on the White House official’s list but a company spokesperson said later he would be unable to accept the invitation, citing upcoming earnings.
Boeing is said to be closing in one of the largest sales in its history, a 500-aircraft order for 737 Max jets set to be unveiled when Trump travels to Beijing, according to people familiar with the matter. Ortberg said last month the order has the potential to be a “big number.”
Tesla, Apple, Micron, Qualcomm and Coherent did not immediately respond to requests for comment. Meta declined to comment.
The delegation does not include Jensen Huang, chief executive officer of Nvidia Corp., the world’s most valuable company and maker of the advanced chips powering the global AI boom, according to a person familiar with the matter. His exclusion marks a potential setback for Nvidia in its bid to export its AI processors to China, a market that Huang has said could reach $50 billion in sales.
Story Continues
The company had no comment. Huang said last week on CNBC he would join the delegation if invited.
Electric Cars
China is the world’s largest car market and a crucial one for Tesla. The electric-vehicle maker is working to stabilize its business in China as it contends with fierce competition from homegrown manufacturers such as BYD Co. Vehicle shipments last month from Tesla’s Shanghai factory, which serves both the local and export markets, climbed 36% from a year earlier.
The company hopes to get a boost later this year from the possible approval of its automated-driving technology by Chinese regulators.
--With assistance from Maggie Eastland, Jordan Fitzgerald and Richard Clough.
(Updates with Robbins’ inability to attend in sixth paragraph)
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- S&P 500 Companies' Quarterly Profit Growth Slows, But Remains Strong, Oppenheimer Says
May 11, 2026
S&P 500 companies' quarterly earnings growth slowed compared with figures from a week ago, but remai
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- Paylocity Q3 Earnings Beat Estimates, Revenues Increase Y/Y
May 11, 2026
Paylocity PCTY reported third-quarter fiscal 2026 non-GAAP net income of $2.89 per share, beating the Zacks Consensus Estimate by 18.93%. Paylocity's revenues rose 10.5% year over year to $502.3 million and surpassed the Zacks Consensus Estimate by 2.65%.
Top-line growth can be attributed to an 11.6% increase in recurring and other revenues (94% of the total revenues) to $469.9 million. Interest income on funds held for clients (6% of total revenues) declined 3.3% year over year to $32.4 million.
Paylocity Holding Corporation Price, Consensus and EPS SurprisePaylocity Holding Corporation Price, Consensus and EPS Surprise
Paylocity Holding Corporation price-consensus-eps-surprise-chart | Paylocity Holding Corporation Quote
Quarterly Details of PCTY
Paylocity's adjusted gross profit was $388.5 million, up 11.0% from the year-ago period. The adjusted gross margin expanded 30 basis points (bps) to 77.3%. The non-GAAP operating income rose 13.9% year over year to $196.8 million. The non-GAAP operating margin expanded 120 bps to 39.2%.
Adjusted EBITDA rose 11.8% from the year-ago quarter to $220.2 million. The adjusted EBITDA margin for the third quarter of fiscal 2026 is up 50 bps to 43.8%.
Balance Sheet & Cash Flow Details
As of March 31, 2026, Paylocity's cash and cash equivalents were $299.7 million compared with $162.5 million as of Dec. 31, 2025.
Long-term debt totaled $81.3 million as of the third quarter of fiscal 2026, representing borrowings under the credit facility to fund the acquisition of Airbase Inc. on Oct. 1, 2024. This reflects approximately $81.3 million repaid on the outstanding balance during the first nine months of fiscal 2026.
Net cash provided by operations for the first nine months of fiscal 2026 was $421.4 million compared to $331.7 million for the first nine months of fiscal 2025.
Paylocity repurchased $50 million or 440,000 shares during the fiscal third quarter and $350 million or 2.3 million shares in the first nine months of fiscal 2026. In April 2026, the board of directors approved a $1.0 billion increase to the share repurchase authorization, with $1.35 billion available under the authorization as of May 7, 2026.
Acquisitions & Product Developments
In April 2026, Paylocity completed the acquisition of Grayscale Labs, Inc., an AI-powered recruiting automation company, expanding the existing recruiting capabilities and helping companies hiring at scale move faster without compromising quality.
The company also launched Paylocity Elevate Solutions in April 2026, a new offering that combines the unified platform with dedicated payroll and HR experts to handle implementation, payroll administration and ongoing HR operations on behalf of clients. The suite includes Elevate Implementation, Elevate Payroll and Elevate HR.
Story Continues
PCTY Updates Q4 & Fiscal 2026 Guidance
For the fourth quarter of fiscal 2026, the company expects total revenues to be in the range of $428.4-$433.4 million, indicating 7-8% growth from the year-ago period's actual. Recurring and other revenues are projected to be between $402.2 million and $407.2 million, implying 9-10% growth over the year-ago quarter.
Adjusted EBITDA is projected to be in the range of $128.6-$132.6 million. Adjusted EBITDA excluding interest income on funds held for clients is expected in the range of $102.4-$106.4 million.
For fiscal 2026, Paylocity projects total revenues between $1.755 billion and $1.76 billion, implying approximately 10% growth from the year-ago period's actual. Recurring and other revenues are expected in the range of $1.638 billion to $1.643 billion, suggesting 11-12% growth.
Adjusted EBITDA is expected to be between $638 million and $642 million. Adjusted EBITDA excluding interest income on funds held for clients is projected to be between $521 million and $525 million.
Zacks Rank & Other Stocks to Consider
PCTY currently carries a Zacks Rank #2 (Buy).
Keysight Technologies KEYS, Cisco Systems CSCO and Dell Technologies DELL are some other top-ranked stocks that investors can consider in the broader Zacks Computer & Technology sector. Keysight Technologies sports a Zacks Rank #1 (Strong Buy), whereas Cisco Systems and Dell Technologies presently carry a Zacks Rank #2 each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of Keysight Technologies have rallied 78% in the year-to-date period. KEYS is set to report its second-quarter fiscal 2026 results on May 19.
Cisco Systems shares have jumped 19.6% in the year-to-date period. CSCO is scheduled to release third-quarter fiscal 2026 results on May 13.
DELL Technologies shares have surged 82.9% in the year-to-date period. DELL is set to report its first-quarter fiscal 2027 results on May 28.
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