NewsWare's Trade Talk: Wednesday, May 15

S&P Futures are slightly higher this morning ahead of this morning Consumer Prices Index release. The annual core reading is expected to come in at 3.6% vs. 3.8% last month. Mester of the Cleveland Fed feels that it is too early to conclude that inflation is reversing. Markets have seen a host of positive AI announcements this week, the MSFT Build conference starts on Tuesday (5-21). After the bell today CSCO is set to report. Thursday morning, we have earnings reports due out from NICE, BIDU, JD and WMT. In Europe, markets are mostly higher due to corporate earnings releases and positive Eurozone GDP data. Oil prices have given up early morning gains and are now flat to lower ahead of this morning's IEA report.