Asset Management Weekly Market Commentary

Market updates for the week ending
May 8, 2026

Key observations

• U.S. equities continued their recent advance fueled by narrow strength from a sector perspective as information technology sector and semiconductors specifically boasted runaway leadership, while headlines around prospective peace in the Middle East served as a tailwind for risk assets broadly.
• The melt up in semiconductors was magnified in emerging markets, with memory-heavy markets like South Korea and Taiwan driving outsized gains, on strong momentum and earnings from technology hardware leaders including Samsung and SK Hynix, but sustainability is an ongoing risk if they memory cycle turns.
• Treasury yields drifted lower alongside softening oil prices after pressing against the top of their range mid-week, but market participants likely hold skepticism that persistent inflation pressures from elevated energy costs will dissipate near-term.

What we're watching this week

• U.S. Consumer Price Index (CPI) for April is released Tuesday with the headline reading expected to rise 0.6% month over month and 3.7% year over year, compared to 0.9% and 3.3% readings in March. Core CPI, which is more closely watched by policymakers, is expected to rise 0.3% month over month and 2.7% year over year, which compares to 0.2% and 2.6% readings from the prior month.
• U.S. Producer Price Index (PPI) for April is released Wednesday with final demand expected to rise 0.6% month over month and 5.0% year over year, compared to 0.5% and 4.0% readings in the prior month. PPI is worth watching as a gauge on how wholesale price increases could flow through into consumer prices (CPI, PCE) in the following months.
• U.S. retail sales for April are released on Thursday with the control group reading expected to rise 0.4% month over month, compared to a 0.7% rise in March versus February.