According to a May 13 report by CommBank, U.S. stocks were mixed on Tuesday: the Nasdaq index fell 0.7% from its all-time high, closing at 26,088.20 points; the S&P 500 index fell 0.2%, closing at 7,400.96 points; the Dow Jones Industrial Average rose 0.1%, closing at 49,760.56 points. On the same day, Brent crude oil rose 3.4% to $107.77 per barrel.
AI concept stocks pull back: Intel, Micron Technology, CoreWeave lead the declines
According to a CommBank report, on Tuesday the biggest decliners among AI-related stocks were: Intel fell 6.8% (year-to-date gain had previously been over 200%); Micron Technology fell 3.6% (year-to-date gain had previously been close to 180%); CoreWeave fell 6.1% (its gain for 2026 reached 60% previously).
The report said the pullback in AI stocks was first triggered by markets in Asia. South Korea’s KOSPI fell 2.3% from its all-time high, as external concerns mounted that the South Korean government might impose taxes on unexpected profits from AI companies and redistribute them to citizens.
Oil prices rise and U.S. April inflation comes in above expectations
According to the CommBank report, the Iran-Iraq war escalation drove Brent crude oil higher on Tuesday, rising 3.4% to $107.77 per barrel (about $70 per barrel before the war). The Iran-Iraq conflict has already effectively blocked the Strait of Hormuz, leaving tankers stuck in the Persian Gulf and unable to transport crude oil normally.
In the U.S. inflation report released on Tuesday, April inflation worsened more than economists had expected. Even excluding gasoline and food prices, core inflation in April also exceeded expectations. Based on CME Group data, traders currently believe the Federal Reserve’s probability of raising interest rates before December is more than one-third; with the Fed keeping rates unchanged recently, it is waiting to see how the Iran-Iraq war and President Trump’s tariff policies affect inflation.
Overseas market performance
According to the CommBank report, most overseas stock markets fell on Tuesday: Germany’s DAX fell 1.6%; France’s CAC 40 fell 0.9%; South Korea’s KOSPI fell 2.3% from its all-time high; Japan’s Nikkei 225 rose 0.5%.
Frequently asked questions
What were the specific drop and closing level of the Nasdaq index on Tuesday?
According to the CommBank report, the Nasdaq index fell 0.7% on Tuesday, down 185.92 points, closing at 26,088.20 points, retreating from its all-time high. The biggest drag came from AI concept stocks pulling back, including Intel down 6.8%, Micron Technology down 3.6%, and CoreWeave down 6.1%.
How high did Brent crude oil rise on Tuesday, and what were the main drivers?
According to the CommBank report, Brent crude oil rose 3.4% on Tuesday to $107.77 per barrel (about $70 per barrel before the war). It was mainly driven by the escalation of the Iran-Iraq war and the effective blockade of the Strait of Hormuz, which prevented tankers from transporting crude oil normally.
According to CME Group data, what is the probability of Fed rate hikes?
According to CommBank citing CME Group data, traders currently believe the probability the Federal Reserve will raise interest rates before December is more than one-third, with U.S. April inflation coming in above expectations as the main background factor.
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