US Markets Close: S&P 500 Hits Record on Tech Gains, PPI Surprise
· Market News · MarketsFN Team
S&P 500 Soars to Record Amid PPI Jump and Tech Rally
The most defining factor of today's US market session was the surprise surge in wholesale inflation, with the USD PPI rising to 1.4% month-over-month, far exceeding the forecast of 0.5%, which fueled volatility and highlighted persistent inflationary pressures. This data, coupled with Kevin Warsh's confirmation as the next Federal Reserve chair, amplified investor concerns about tighter monetary policy, yet tech stocks drove major indices higher, pushing the S&P 500 to a new record close.
🇺🇸 US Session Overview
US equities ended mixed, with technology leading gains while broader market caution prevailed. The S&P 500 closed at 7,444.25, up 0.58%, buoyed by a tech rally as seen in headlines like Cisco's 14% stock surge on AI orders, despite job cuts signaling sector adjustments. The Nasdaq 100 outperformed at 29,366.94, gaining 1.04%, driven by semiconductor and AI-related stocks, though the majority of S&P components finished lower amid inflation worries. In contrast, the Dow Jones dipped 0.14% to 49,693.20, weighed down by industrial and energy stocks, while the Russell 2000 edged up 0.04% to 2,843.93, reflecting modest small-cap resilience. Sector dynamics showed strength in tech but weakness in energy, influenced by falling oil prices and broader economic uncertainty from the PPI data.📅 Economic Calendar Highlights
Today's economic releases featured several surprises and in-line results across US and global indicators. The standout was the USD PPI, which beat expectations at 1.4% versus the forecast of 0.5% and prior 0.7%, marking the largest annual increase since 2022 and raising inflation concerns. USD Core PPI also exceeded forecasts, rising to 1.0% against 0.3% expected, while USD Crude Oil Inventories missed significantly at -4.306 million barrels compared to the forecast of -2.000 million. In Australia, AUD Home Loans contracted sharply to -4.3% from the previous 9.4%, missing implied expectations, but AUD Wage Price Index met forecasts at 0.8%. European data was mostly on target, with EUR French CPI at 1.0% as expected, and EUR GDP holding steady at 0.1% quarterly and 0.8% annually. Brazil's Retail Sales beat forecasts, rising to 4.0% year-over-year from 0.4%. Overall, the mixed results, particularly the PPI beat, underscored ongoing inflationary risks.📋 Earnings Spotlight
A flurry of earnings reports came in before the market open, with notable names including Alibaba Group (BABA), which reported amid heightened interest due to geopolitical tensions from Trump's Beijing visit. Other companies like Abeona Therapeutics (ABEO), Arbutus Biopharma (ABUS), and Altimmune (ALT) also shared results, focusing on biotech and healthcare sectors. These reports provided insights into industry-specific trends, though broader market reactions were muted by macroeconomic factors.💱 FX & Commodities
The US dollar showed mixed strength, gaining against major currencies like the euro and pound but losing ground versus the yen. EUR/USD fell 0.54% to 1.1716, and GBP/USD dropped 0.58% to 1.3526, reflecting dollar appreciation amid PPI-driven inflation fears, while USD/JPY rose 0.40% to 157.87 on safe-haven flows. In commodities, gold (XAU/USD) climbed 0.44% to 4,698.20, bolstered by inflation hedging, and silver (XAG/USD) surged 3.68% to 88.26, likely due to industrial demand. Oil prices weakened, with WTI crude down 0.87% to 101.29 and Brent oil falling 1.82% to 105.81, influenced by inventory builds and demand concerns. Cryptocurrencies dipped, as Bitcoin declined 1.09% to 79,600.20. As Asian markets prepare to open, investors will eye Trump's meetings in Beijing and potential trade impacts, alongside upcoming US retail sales data. The confirmation of Kevin Warsh as Fed chair could heighten volatility, with focus on his policy stance amid inflation signals. Expect cautious trading in the region, as these factors shape tomorrow's sentiment.🇺🇸 US Indices — Session Close
| Index | Price | Change | Change % |
|---|---|---|---|
| S&P 500 | 7,444.25 | ▲ +43.29 | ▲ +0.58% |
| Nasdaq 100 | 29,366.94 | ▲ +302.14 | ▲ +1.04% |
| Dow Jones | 49,693.20 | ▼ -67.36 | ▼ -0.14% |
| Russell 2000 | 2,843.93 | ▲ +1.10 | ▲ +0.04% |
💱 FX Majors
| Pair | Rate | Change % |
|---|---|---|
| EUR/USD | 1.1716 | ▼ -0.54% |
| GBP/USD | 1.3526 | ▼ -0.58% |
| USD/JPY | 157.87 | ▲ +0.40% |
| AUD/USD | 0.726 | ▲ +0.19% |
| USD/CHF | 0.7817 | ▲ +0.45% |
🛢️ Commodities & Crypto
| Asset | Price (USD) | Change % |
|---|---|---|
| Gold (XAU/USD) | 4,698.20 | ▲ +0.44% |
| Silver (XAG/USD) | 88.26 | ▲ +3.68% |
| Crude Oil (WTI) | 101.29 | ▼ -0.87% |
| Brent Oil | 105.81 | ▼ -1.82% |
| Natural Gas | 2.86 | ▲ +0.70% |
| Bitcoin | 79,600.20 | ▼ -1.09% |
| Ethereum | 2,259.29 | ▼ -0.67% |
📋 Today's Earnings
| Ticker | Company | Timing | Market Cap |
|---|---|---|---|
| ABEO | Abeona Therapeutics Inc | BMO | 326610000.0 |
| ABUS | Arbutus Biopharma Corp | BMO | 848810000.0 |
| ALT | Altimmune Inc | BMO | 586950000.0 |
| ANRO | Alto Neuroscience Inc | BMO | 729960000.0 |
| APRE | Aprea Therapeutics Inc | BMO | 10890000.0 |
| ATAT | Atour Lifestyle Holdings Ltd ADR | BMO | 4179999999.9999995 |
| AVTX | Avalo Therapeutics Inc | BMO | 529740000.0 |
| AZTR | Azitra Inc | BMO | 3510000.0 |
| BABA | Alibaba Group Holding Ltd ADR | BMO | 349810000000.0 |
| BBGI | Beasley Broadcast Group Inc | BMO | 30340000.0 |
| BGSI | Boyd Group Services Inc | BMO | 2730000000.0 |
| BIRK | Birkenstock Holding Plc | BMO | 6080000000.0 |
| BUDA | Buda Juice Inc | BMO | 120670000.0 |
| BWAY | Brainsway Ltd ADR | BMO | 653050000.0 |
| CAAP | Corporacion America Airports SA | BMO | 3890000000.0 |
| CMDB | Costamare Bulkers Holdings Ltd | BMO | 457010000.0 |
| CMPS | Compass Pathways Plc ADR | BMO | 1050000000.0 |
| CSTE | Caesarstone Ltd | BMO | 51520000.0 |
| CTW | CTW | BMO | 180960000.0 |
| DRIO | DarioHealth Corp | BMO | 59140000.0 |
📅 Economic Calendar
All times in UTC — Actual highlighted where available
| Time | Currency | Event | Imp. | Actual | Forecast | Previous |
|---|---|---|---|---|---|---|
| 12:30 | USD | PPI (MoM) (Apr) | 🔴🔴🔴 | 1.4% | 0.5% | 0.7% |
| 14:30 | USD | Crude Oil Inventories | 🔴🔴🔴 | -4.306M | -2.000M | -2.313M |
| 17:00 | USD | 30-Year Bond Auction | 🔴🔴🔴 | 5.050% | 4.876% | |
| 01:30 | AUD | Home Loans (MoM) (Q1) | 🟡🟡 | -4.3% | 9.4% | |
| 01:30 | AUD | Wage Price Index (QoQ) (Q1) | 🟡🟡 | 0.8% | 0.8% | 0.8% |
| 03:00 | NZD | Inflation Expectations (QoQ) (Q2) | 🟡🟡 | 2.5% | 2.4% | |
| 06:00 | SEK | CPI (YoY) (Apr) | 🟡🟡 | -0.1% | -0.1% | -0.2% |
| 06:00 | SEK | CPI (MoM) (Apr) | 🟡🟡 | -0.6% | -0.6% | -0.6% |
| 06:45 | EUR | French CPI (MoM) (Apr) | 🟡🟡 | 1.0% | 1.0% | 1.0% |
| 06:45 | EUR | French HICP (MoM) (Apr) | 🟡🟡 | 1.2% | 1.2% | 1.1% |
| 09:00 | EUR | GDP (QoQ) (Q1) | 🟡🟡 | 0.1% | 0.1% | 0.2% |
| 09:00 | EUR | GDP (YoY) (Q1) | 🟡🟡 | 0.8% | 0.8% | 1.2% |
| 09:00 | EUR | Industrial Production (MoM) (Mar) | 🟡🟡 | 0.2% | 0.3% | 0.2% |
| 12:00 | BRL | Retail Sales (YoY) (Mar) | 🟡🟡 | 4.0% | 2.8% | 0.4% |
| 12:00 | BRL | Retail Sales (MoM) (Mar) | 🟡🟡 | 0.5% | 0.0% | 0.7% |
| 12:30 | USD | Core PPI (MoM) (Apr) | 🟡🟡 | 1.0% | 0.3% | 0.2% |
| 14:30 | USD | Cushing Crude Oil Inventories | 🟡🟡 | -1.702M | -0.648M | |
| 09:00 | USD | IEA Monthly Report | 🟡🟡 | — | ||
| 10:00 | USD | OPEC Monthly Report | 🟡🟡 | — | ||
| 12:15 | EUR | German Buba Vice President Buch Speaks | 🟡🟡 | — | ||
| 14:00 | GBP | BoE MPC Member Mann Speaks | 🟡🟡 | — | ||
| 17:00 | GBP | BoE MPC Member Mann Speaks | 🟡🟡 | — | ||
| 17:15 | USD | FOMC Member Kashkari Speaks | 🟡🟡 | — | ||
| 19:00 | EUR | ECB's Lane Speaks | 🟡🟡 | — | ||
| 19:15 | EUR | ECB President Lagarde Speaks | 🟡🟡 | — | ||
| 23:01 | GBP | RICS House Price Balance (Apr) | 🟡🟡 | — | -23% |
Report published: May 13, 2026 — 22:30 CET
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