Cerebras Targets $34B IPO Valuation, Hims Shares Tank on EPS Miss

This episode of The Rundown recaps a quiet Monday for stocks, with the S&P 500 up 0.2% and Nasdaq up 0.1%, led by energy and tech amid rising oil prices. It dives into the hotter-than-expected April CPI inflation data, Cerebras Systems' oversubscribed IPO, corporate deal rejections and rumors, Hims & Hers' earnings miss, and Netflix's new economic impact campaign.

Inflation Surges on Energy and Broader Pressures

The April CPI report showed prices up 3.8% year-over-year, the highest since May 2023 and above the 3.7% forecast. Energy drove 40% of the monthly increase, fueled by WTI crude above $100 and Brent over $107—both up more than 40% since the late-February Iran conflict began after President Trump rejected a peace proposal. Gas prices hit $4.52 nationally, up from $3 pre-war.

Inflation is spreading: airfare rose 2.8% monthly and 21% annually; apparel and household goods also climbed. Core CPI, excluding food and energy, increased 2.8% yearly. Markets shrugged off prior energy spikes but reacted here with Treasury yields rising and a 35% chance now priced for a Fed rate hike this year. Host notes incoming Fed chair Kevin Warsh inherits challenges when he starts Friday.