A.M. Update — Hot PPI

S&P futures are flat, but just went through some spectacular volatility on the release of the Producer Price Index. NASDAQ-100 futures are down -0.2%, while Russell 200 futures are up +1%, but do to massive short covering. April Producer Prices rose 0.5% MoM (consensus +0.3%), with March +0.2% MoM revised down to -0.1% MoM. The…