Stock Market Today: S&P 500, Nasdaq Hit New Highs as Tech Stocks Rebound, Oil Falls; Inflation Reading Comes in Much Hotter Than Expected
The S&P 500 and Nasdaq Composite hit new all-time highs on Wednesday despite a hotter-than-expected Producer Price Index reading, while oil prices fell and tech stocks led gains. Ford shares surged 13% after Morgan Stanley predicted a likely ESS supply agreement, and Tesla, Nvidia, Micron, and Qualcomm also saw strong performance as their CEOs joined President Donald Trump in China.
Major U.S. stock indexes advanced Wednesday, with the tech-heavy Nasdaq Composite and S&P 500 reaching new all-time highs, up 1.3% and 0.6% respectively. The Dow Jones Industrial Average slightly declined by 0.3%, while the 10-year Treasury yield rose to 4.48%, influencing mortgage and loan rates. The Producer Price Index (PPI) for April surged 1.4% month-over-month, nearly triple the 0.5% forecast, signaling persistent inflation pressures. Core PPI, excluding volatile energy and food prices, rose 1% compared to the expected 0.3%. Oil prices pulled back after two days of gains, with West Texas Intermediate futures falling 0.4% to $101.80 per barrel and Brent crude down 1.4% to $106.25. Gold futures rose 0.4% to $4,705 an ounce, while Bitcoin traded around $78,700, down from overnight highs near $81,300. Tech stocks dominated gains, with Tesla and Nvidia leading the Magnificent Seven, up 4% and 2.5% respectively. Both CEOs, Elon Musk and Jensen Huang, joined President Donald Trump in China for his summit with Chinese leader Xi Jinping. Micron Technology and Qualcomm also surged 3.5% and 3%, following a prior pullback. Ford shares jumped 13% after Morgan Stanley analysts predicted a high likelihood of Ford signing an Energy Storage Systems supply agreement with commercial customers in the coming months. Alibaba Group rose 7.5% following strong quarterly results, while Cisco Systems climbed 1% ahead of earnings.
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