Traders at the New York Stock Exchange saw a steady night on May 13, 2026, as tech stocks helped push the S&P 500 to new heights. S&P futures remained stable, climbing just 0.1%, while Nasdaq 100 futures gained 0.4%. Meanwhile, Dow Jones futures edged up by 105 points, reflecting a cautious optimism in the market.
Cisco Systems made headlines by jumping 19% after reporting strong third-quarter results and announcing job cuts of nearly 4,000. This move, though surprising, might signal a strategic shift for the tech giant. In contrast, Doximity’s shares plummeted 18% after projecting lower-than-expected revenues and missing earnings, showcasing the volatile nature of tech stocks and the pressures they face in today’s economy.
Both the S&P 500 and the Nasdaq Composite recorded impressive gains, closing at new highs; the S&P added 0.58% while the Nasdaq rose 1.2%. However, the Dow slipped slightly, losing 67.36 points. Investors had mixed feelings about this uptick, particularly after an inflation report revealed that April’s producer price index surged 1.4%, the highest monthly rise since March 2022. Many were concerned about rising energy prices and their impact on the market.
Tech stocks, especially semiconductor companies like Nvidia and Micron Technology, propelled the rally. Interestingly, Nvidia’s CEO, Jensen Huang, recently joined U.S. President Donald Trump on a diplomatic trip to China, highlighting the intersection of tech and global politics.
Peter Mallouk, a leading investor, believes that chipmakers could still face significant growth. He stated, “This has been a tech-driven bull market. The demand is there, and many chipmakers are undervalued.” His optimism underlines a broader trend where tech continues to drive market dynamics.
The upcoming days promise more activity, with several companies, including Honda and Klarna, preparing to share their earnings. Traders will also keep an eye on April’s retail sales data and initial jobless claims. These indicators will be crucial as investors gauge the health of the economy and make informed decisions.
With technology at the forefront, it’s clear that developments in this sector will play a vital role in shaping the market’s future. For more insights on this topic, check out CNBC.
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