Stock Market Today: S&P 500, Nasdaq 100 Futures Drop As April Inflation Runs Hotter Than Expected— Zoominfo, Gitlab In Focus (UPDATED)

(Editor’s note: The future prices of benchmark tracking ETFs, and the headline, the lede and the economic were updated in the story.)

U.S. stock futures fell on Tuesday after Monday’s higher close. This followed President Donald Trump‘s sharp criticism of Iran’s latest response to a U.S. proposal aimed at ending the conflict, saying the ceasefire is now “on life support.”

“I would call it the weakest right now,” Trump said, adding he viewed Tehran’s demands as unacceptable.

On the economic front, inflation ran hotter than anticipated, with the April Consumer Price Index (CPI) rising 3.8% year-over-year, which surpassed the 3.7% median estimate by FactSet. Core CPI, which excludes volatile food and energy costs, climbed 2.8% over the last 12 months and 0.4% monthly.

Meanwhile, the NFIB Small Business Optimism Index edged up 0.1 points to a reading of 95.9 in April, though it remains below its 52-year historical average.

Meanwhile, the 10-year Treasury bond yielded 4.43%, and the two-year bond was at 3.97%. The CME Group’s FedWatch tool‘s projections show markets pricing a 97.6% likelihood of the Federal Reserve leaving the current interest rates unchanged during June’s meeting.

The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 and Nasdaq 100, respectively, were lower in premarket on Tuesday. The SPY was down 0.52% at $735.45, while the QQQ declined 1.03% to $705.96.

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Stocks In Focus

Gitlab

• Gitlab Inc. (NASDAQ:GTLB) plunged 8.97% in premarket on Tuesday after it announced a reduction in workforce to realign its operating structure.

• Benzinga’s Edge Stock Rankings indicate that AEHL maintains a weak price trend in the medium and long terms but a strong trend in the short term.

GoPro

• GoPro Inc. (NASDAQ:GPRO) shares jumped 5.30% as it reported better-than-expected first-quarter sales results and also announced the launch of a strategic review exploring the potential sale or merger.

• Benzinga’s Edge Stock Rankings indicate that GPRO maintains a strong price trend in the long, short, and medium terms.

Zoominfo Technologies

• Zoominfo Technologies Inc. (NASDAQ:GTM) tumbled 32.46% despite beating estimates as cautious forward guidance influenced market sentiment.

• Benzinga’s Edge Stock Rankings indicate that GTM maintains a weak price trend in the medium and long terms but a strong trend in the short term, with a moderate growth score.