Nasdaq, S&P 500 hit records as AI chip rebound offsets hot PPI

U.S. stocks ended mixed on May 13, 2026, as a rebound in AI-linked technology shares lifted the Nasdaq Composite and S&P 500 to record closing highs despite hotter-than-expected inflation data that reinforced expectations for higher-for-longer Federal Reserve policy. The Dow Jones Industrial Average fell 67.36 points, or 0.14%, to 49,693.20. The S&P 500 rose 43.29 points, or 0.58%, to 7,444.25, while the Nasdaq gained 314.14 points, or 1.20%, to 26,402.34. Six of the Magnificent Seven stocks advanced, rising 1.4% to 3.9%. Nvidia (NVDA) gained 2.3% and Tesla (TSLA) rose 2.7%. The Labor Department said April producer prices rose 1.4% from March, the largest monthly increase in four years, as higher oil prices and supply disruptions in the Strait of Hormuz lifted goods costs. Boston Fed President Susan Collins said further rate increases could not be ruled out if inflation persists. Ford (F) jumped 13.2%, while Nebius Group (NBIS) surged 15.7%.