PPI Report April 2026: How Inflation Data Is Moving HIMS, CEG, and PLUG Stock Today

This morning saw the publication of the April CPI results that beat analysts' expectations. Headline CPI surged 3.8% compared to the previous year, exceeding the forecast of 3.7% and increasing at a much faster rate compared to the 3.3% rise in March. Meanwhile, on a monthly basis, the index went up 0.6% - due to rising costs of energy and shelter.

Inflation fears are mostly associated with the Strait of Hormuz blockade – a result of the Iranian conflict that escalated in late February. Oil price is now above $104 per barrel, and with a significant geopolitical risk premium in the energy sector, the CPI impact is visible. However, core CPI (excluding food and energy) rose only 0.4% from the last month and 2.8% year-over-year – not as worrying as the headline number.

The stock reaction was prompt: the NASDAQ was down 1.2%, the S&P 500 lost 0.7%, and the Dow Jones Industrial Average declined 0.6%. Market expectations for Fed rate cuts have now faded even further – Fed futures show almost 0% probability of a June cut.

Hims & Hers Health (HIMS) – Down ~12–15% in One Day

HIMS had a very bad day today – and again, the main reason for this was not inflation alone. This telehealth provider swung to a loss of $92M in the first quarter of 2026 compared to the profit of $49.5M reported one year ago. The quarterly revenues of the company went up only by 4% YOY to $608 million, failing to meet Wall Street's expectation of $616M. The primary culprit behind the underwhelming performance is the company's decision to terminate its semaglutide compounded business after the FDA's letter and heavy regulatory pressure, shifting focus to its own distribution partnerships with Novo Nordisk to distribute branded Wegovy and Zepbound products.

Hims & Hers Health (HIMS) Price Chart - Source: Tradingview

Again, the CPI connection here is rather indirect. A high inflation scenario means shrinking budgets available to spend on optional medical expenses, including the HIMS services. Combined with reduced average revenue per subscriber down to $80 from $85 a year ago, the company will struggle attracting more subscribers. Tomorrow's PPI data will likely amplify the company's struggles with maintaining healthy margins due to the logistics-based model of GLP-1 drug distribution.

Constellation Energy (CEG) – Strong Report, But Still CPI-Sensitive?

Constellation Energy announced strong Q1 2026 results that beat analyst expectations: EPS increased to $2.74 on revenue of $11.12 billion, compared to forecasted numbers of $2.59 and $9B correspondingly. At the same time, the company confirmed its full-year guidance of $11.00-$12.00 EPS. Despite impressive fundamentals, CEG's year-to-date performance has been lackluster: the company's shares are down 14% year-to-date, and its sensitivity to CPI data is known well.

Constellation Energy (CEG) Price Chart - Source: Tradingview

Specifically, back in March, CEG shares tumbled following a negative CPI print that indicated unexpected declines in electricity prices. This time, however, the situation is reversed. Higher energy prices in today's CPI – both gasoline and utilities costs growing - mean that CEG will face a more favorable pricing environment for its electricity generation. Nuclear energy is characterized by a rather static cost structure, which means higher electricity price inflation translates into better margins.

On top of this, in a scenario of a high-and-long-lasting CPI, nuclear energy's competitiveness vs. fossil-fuels improves due to higher interest rates that affect the cost of capital for such businesses.

Tomorrow's PPI report will thus be crucial for Constellation Energy investors: if March's energy inflation continues in April (wholesale prices were up 1.6%), then the competitive advantage will continue.

Plug Power (PLUG) – Up ~11% After Hours, Even With CPI Worries

Following Monday's earnings beat, PLUG continued its rally in after-hours trading, gaining ~11% on Tuesday on the heels of its Q1 financials that beat estimates, with revenue at $163.5 million, 22% year-over-year rise exceeding analysts' forecasts of $139.7 million. Meanwhile, adjusted loss per share decreased to $0.08 from $0.17 a year ago. Moreover, the company CEO stated his confidence about reaching EBITDAS positivity by Q4 of 2026.

Plug Power (PLUG) Price Chart - Source: Tradingview

The relationship between CPI/PPI and Plug Power shares is rather mixed, yet again. On one hand, Plug Power gains from higher energy prices due to its alternative energy solutions – oil trading above $100, and higher gasoline prices create a stronger case for hydrogen as an energy alternative. However, on the other hand, PLUG's manufacturing requires large amounts of natural gas. 

As a result, tomorrow's PPI print showing high wholesale energy costs and chemical materials may complicate PLUG's profitability narrative, despite positive demand.

The April PPI report – the first full month since the onset of the Strait of Hormuz blockade – will be one of the most important reports of the week. The previous month's print indicated 4.0% year-over-year increase (the highest figure since February 2023), with a 1.6% goods growth driven by diesel, gasoline, and industrial materials, with flat services growth.

Analysts expect that the April report will continue to reflect the pressure on producer goods, especially energy, metals, and transportation, with core services remaining subdued. Another important focus point in today's report will be the potential of tariff passthrough in manufacturer goods – April marks the first report in the new era of tariffs.

For stocks like HIMS, a hot PPI print raises operating cost fears for its logistics and pharmacy fulfillment operations. For CEG, elevated wholesale energy PPI supports the power pricing environment. For PLUG, it is a double-edged sword — higher energy costs strengthen the hydrogen demand story but complicate the cost-of-production narrative.

8:30 AM Eastern print on Wednesday will mark the start of another challenging day. In view of today's hot CPI numbers, the path of least resistance seems defensive – unless the market receives some contrary news from the PPI report.