Stock Market Today: May 13, 2026 — Tech Powers Record Highs Despite Hot PPI
The S&P 500 closed 0.58% higher at a record 7,444.25 and the Nasdaq jumped 1.20% to 26,402.34 on May 13, 2026, as a semiconductor-led AI rally absorbed a 1.4% April PPI shock that knocked the Dow lower and pressured banks, utilities, and real estate.
What Moved the Stock Market May 13, 2026
US equities shrugged off the hottest wholesale inflation print since March 2022 and pushed two major benchmarks to fresh record closes. Buying concentrated in megacap tech and semiconductors on Nebius/Nvidia-driven AI capex enthusiasm, while cyclicals, financials, and rate-sensitive defensives sold off into the producer price data.
- SPX — S&P 500 closed at 7,444.25, up roughly +43 points (+0.58%) — a fresh all-time high.
- NDX — Nasdaq Composite closed at 26,402.34, up about +313 points (+1.20%) — also a record close.
- DJI — Dow Jones Industrial Average slipped roughly -45 points (-0.10%), dragged by financials and industrials.
- RUT — Russell 2000 finished near 2,844, down -0.09%, paring an intraday decline of more than 1% as the long end of the curve held in.
Volatility, Yields, and Commodities on May 13, 2026
The VIX closed near 17.99, barely budging despite the surprise inflation reading — a tell that options markets are leaning on the AI bid to absorb macro risk. The 10-year Treasury yield finished near 4.50%, down roughly 4 bps after an intraday spike toward 4.494%. The dollar index firmed modestly. GC=F gold settled at $4,696.53/oz, off -0.39% on the firmer dollar. CL=F WTI crude held its bid, with energy markets still pricing ongoing Iran-related supply disruption that drove most of the April PPI surprise.
May 13, 2026 Sector Performance
Only Technology and Communication Services finished green. Hot wholesale inflation hit every rate-sensitive corner of the market — utilities, real estate, staples, and banks led the downside.
| Sector | ETF | Today % | YTD % |
|---|---|---|---|
| Technology | XLK | +1.41% | +24.5% |
| Communication Services | XLC | +0.92% | +18.2% |
| Consumer Discretionary | XLY | +0.48% | +12.7% |
| Materials | XLB | +0.07% | +6.4% |
| Industrials | XLI | -0.18% | +9.8% |
| Energy | XLE | -0.21% | +14.6% |
| Health Care | XLV | -0.43% | +4.1% |
| Consumer Staples | XLP | -0.71% | +3.5% |
| Real Estate | XLRE | -0.98% | +2.8% |
| Financials | XLF | -1.14% | +8.9% |
| Utilities | XLU | -1.15% | +5.6% |
May 13, 2026 Biggest Stock Movers
NBIS — Nebius Group +15.98%. The AI cloud platform delivered the day's largest single-name move on a Q1 2026 earnings beat plus a triple catalyst: a multi-billion-dollar five-year compute contract with Meta Platforms, a strategic equity investment from Nvidia, and confirmation of a new gigawatt-scale AI factory in Pennsylvania.
CSCO — Cisco Systems +17% after-hours. Cisco reported FQ3 adjusted EPS of $1.06 vs. $1.04 consensus and revenue of $15.84B vs. $15.56B, then guided FQ4 to $1.16-$1.18 EPS on $16.7-$16.9B revenue — well above the Street. Management cited AI infrastructure demand and confirmed a restructuring with planned headcount reductions.
JD — JD.com +6% to $33.45. Q1 net revenue of RMB 315.69B (+4.9% YoY) topped the RMB 311.43B consensus. Adjusted EBITDA came in at RMB 8.02B vs. RMB 4.46B expected, and adjusted EPS hit RMB 5.12 vs. RMB 3.57.
AMD — Advanced Micro Devices. The 2026 leaderboard's top mega-cap extended its run on Nebius read-through, now +115% YTD and decisively ahead of NVDA (+18% YTD) and GOOGL (+25% YTD).
XLF — Financials. The sector ETF closed at $50.99, down -1.14%, as a flattening curve and held-down long-end yields squeezed regional-bank NIM assumptions despite a hot PPI surprise.
Macro and Policy: The April PPI Shock
The Bureau of Labor Statistics reported headline April PPI +1.4% MoM — nearly triple the 0.5% Dow Jones consensus — the largest monthly gain since March 2022. Year-over-year, headline PPI hit 6.0%, the highest since December 2022. Core PPI rose 1.0% MoM versus 0.4% expected, pushing the YoY core rate to 5.2%. Services PPI accelerated 1.2% on the month, also the hottest since March 2022.
Energy was the dominant contributor, tied to the ongoing Iran-related supply disruption. Despite the surprise, fed funds futures still imply the FOMC on hold near term; market-implied odds of a rate hike climbed to roughly 39% following the print, while the longer end of the Treasury curve barely flinched.
May 13, 2026 Earnings Highlights
- CSCO — Beat EPS ($1.06 vs. $1.04) and revenue ($15.84B vs. $15.56B); raised FQ4 guidance; announced AI-driven restructuring. After-hours +17%.
- JD — Q1 revenue RMB 315.69B beat; EBITDA nearly double consensus; EPS RMB 5.12 vs. RMB 3.57. ADRs +6%.
- NBIS — Q1 print well ahead of estimates; new Meta compute contract, Nvidia equity investment, and Pennsylvania factory announcement. Shares +15.98%.
What to Watch Thursday, May 14, 2026
- AMAT Applied Materials FQ2 earnings after the close — Street looking for EPS ~$2.66-$2.68 on ~$7.69B revenue. The print is the biggest read-through on semicap spend following the Nebius/Nvidia/AMD headlines.
- Initial jobless claims at 8:30 a.m. ET — watch the four-week average for any softening ahead of the next NFP.
- 30-year Treasury auction — demand at the long end will be telling the day after a 6.0% YoY PPI shock.
- Fed speakers on the tape — markets will parse any official reaction to whether the PPI surprise is read as Iran-driven noise or a genuine reacceleration.