Stock Market Today, May 13: Tech Optimism Overshadows Inflation Fears

The S&P 500 (^GSPC +0.58%) rose 0.58% to 7,444.25, and the Nasdaq Composite (^IXIC +1.20%) climbed 1.20% to 26,402.34 as a tech‑led rally to fresh records, while the Dow Jones Industrial Average (^DJI 0.14%) slipped 0.14% to 49,693.19.

Market movers

Nvidia notched another record high and Micron rebounded almost 5% as artificial intelligence (AI) enthusiasm powered megacap tech and chip stocks. Akamai Technologies gained almost 8% on an analyst upgrade. Ford Motor surged on optimism around its Ford Energy unit and Constellation Energy slid as investors weighed utility pressures.

What this means for investors

Tech stocks shook off yesterday’s stumble and resumed their upward push. Oil slipped slightly, with WTI crude finishing the day at $102 per barrel. High oil prices, caused by ongoing disruption in the Strait of Hormuz, have contributed to hotter-than-expected inflation figures, putting pressure on industrials, financials, and consumer names.

Today, the U.S. Senate confirmed Kevin Warsh as the new Federal Reserve Chair. Sticky inflation alone means he is taking the helm at a difficult time, made harder by concerns about the central bank’s independence. Warsh will lead the next Fed meeting in June, replacing the current Chair, Jerome Powell.

Morgan Stanley upped its 2026 target for the S&P 500 from 7,800 to 8,000. Its analysts argue the impact of the U.S.-Iran war has already been priced in and that strong results and ongoing AI adoption could drive further growth. That’s as long as inflation doesn’t slow the earnings party.