Stock Market Update
13-May-26 10:00 ET
Mixed action as investors weigh inflation data, semiconductors rebound
Dow -187.30
at 49573.26,
Nasdaq -1.35
at 26086.85,
S&P -6.94
at 7394.02
[BRIEFING.COM] The S&P 500 (-0.1%), Nasdaq Composite (flat), and DJIA (-0.4%) are mostly lower as investors react to a disappointing April PPI report, while the opening rebound effort across tech names begins to falter.
The April PPI reading showed both headline (1.4%; Briefing.com consensus 0.4%) and core (1.0%; Briefing.com consensus 0.3%) PPI came in hotter-than-expected, further pushing out the market's rate-cut expectations and boosting the odds of a potential hike. Treasuries are lingering near yesterday's highs as a result, with the 10-year note yield up one basis point to 4.47%.
Meanwhile, stocks hava a negative tilt as just four S&P 500 sectors trade higher.
The information technology sector (-0.2%) has seen some choppy action, with weakness across software names weighing against a rebound across its semiconductor components. NVIDIA (NVDA 224.01, +3.23, +1.46%) is a standout after Bloomberg reported CEO Jensen Huang will join President Trump on his trip to China, and the PHLX Semiconductor Index is up 0.9%.
Elsewhere, the defensive consumer staples (+0.9%) and health care (+0.4%) sectors expand upon yesterday's gains, though the utilities sector (-1.5%) is the worst performer this morning.
