Stock Market Live May 13, 2026: S&P 500 Down on Jump in Inflation

With uncertainty over the war, higher inflation, and oil prices back above $100, most of the major indices are red. The S&P 500, for example, is down about 0.08%, or about six points. The SDPR S&P 500 ETF (SPY | SPY Price Prediction) is down 0.65%, or by about 48 cents. The Dow is down 0.51%, or by 256 points. However, the Nasdaq is up about 0.11%, or by 30 points.

Not only did CPI come in hotter than expected, but wholesale inflation jumped about 6% on an annual basis – its biggest jump since 2022. The PPI jumped a seasonally adjusted 1.4% for the month, which was higher than the 0.5% expected. Excluding volatile food and energy, core PPI was up 1%, as compared to 0.4% estimates.

Energy prices were up 3.8% in April, and about 18% year over year.

That’s why most of the markets are struggling again.

Tech Stocks Continue to Push Aggressively Higher

The good news – chip stocks are still gaining quite a bit of strong momentum. Part of the reason for that is that Nvidia CEO Jensen Huang joined President Trump on his trip to China to meet with China’s President Xi Jinping.

It’s part of the reason why shares of Nvidia are up another $3.12 in premarket.

Fueling more upside, analysts at Oppenheimer reiterated an outperform rating on Nvidia ahead of earnings next week. “We expect NVDA CY26 FCF to approach $200B with cash return spread between buybacks and seeding the emergent AI ecosystem. If half FCF used for dividend, yield would be nearly 2.5%. Reiterate Outperform, $265 target,” as quoted by CNBC. 

Analysts at Bank of America also reiterated a buy rating on Nvidia ahead of earnings, with a price target of $320 a share. The firm cited earnings, a Computex trade show, the Vera Rubin launch, and a potential second-half return of cash.

Market Movers: Daiwa Reiterates Apple as Outperform 

Analysts at Daiwa just reiterated an outperform rating on Apple, raising its price target to $325 from $310. The firm noted, “Apple’s biggest strength is its huge ecosystem. We continue to see the shares as a core holding. 2HCY26 concerns are managing the memory situation well and the transition, which could create turbulence for 1-2 quarters.”

Analysts at Bank of America reiterated a buy rating on Micron Technology, with a $950 price target. The firm noted that it expects memory demand to continue to outgrow supply thanks to artificial intelligence growth.