Market Update: Tech Stocks Drive S&P 500 to New Highs
On May 13, 2026, traders were bustling at the New York Stock Exchange as tech stocks stirred up some excitement. Notably, the S&P 500 futures were nearly flat Wednesday night, although a slight surge in technology shares pushed the index to a historic peak.
Specifically, the S&P futures nudged up by 0.1%, while Nasdaq 100 futures saw a sharper increase of 0.4%. In contrast, futures tied to the Dow Jones Industrial Average gained 105 points, translating to a 0.2% rise.
Cisco Systems grabbed attention as its shares surged by 19% in after-hours trading, following the software giant’s third-quarter results that surpassed Wall Street’s forecasts. On a less favorable note, shares of a company referred to as “toxic parent” plummeted 18% after announcing disappointing revenue guidance for the upcoming quarter and full year.
Both the S&P 500 and the Nasdaq Composite forged ahead, setting new intraday and closing records during Wednesday’s regular trading. The general market index rose by 0.58%, while the Nasdaq jumped 1.2%. Conversely, the Dow experienced a slight decline of 67.36 points, or 0.14%.
Investors processed yet another better-than-expected inflation report. The producer price index increased by 1.4% in April, marking the most substantial monthly rise since March 2022—well above economists’ expectations.
Despite some sectors being weighed down by rising energy costs, technology stocks stood out. Shares of Nvidia and Micron Technology were pivotal in driving the market upward on Wednesday, especially after Nvidia’s CEO Jensen Huang joined U.S. President Donald Trump on a trip to Beijing.
Investor Peter Mallouk suggested there’s potential for even more growth with chipmakers. He mentioned that the current market has primarily been tech-driven, which is unique. “I think chipmakers are undervalued collectively, especially considering how demand seems to outpace supply,” he commented during a CNBC interview.
Companies like Honda Motor Industry, Yeti, Viking Holdings, Klarna, Strong, and Versant Media are set to report their earnings before the market opens on Thursday. Traders will also keep an eye on crucial reports related to April retail sales, the import and export price index, and new jobless claims for the week ending May 9. Additionally, John Williams, president and CEO of the New York Fed, is slated to lead an afternoon discussion on Thursday.
