The S&P 500 and Nasdaq Composite achieved new record highs, propelled by a strong rally in technology stocks, notably chipmakers like Nvidia and Micron Technology. This market performance occurred despite a higher-than-expected inflation report and led to mixed results in after-hours trading, with Cisco Systems surging and Doximity experiencing a significant drop.
S&P 500 futures showed minimal change on Wednesday evening, following a significant surge in technology stocks that propelled the S&P 500 index to unprecedented all-time highs during the day's session.
S&P futures and Nasdaq 100 futures each advanced by 0.1% and 0.4%, respectively. Meanwhile, futures associated with the Dow Jones Industrial Average saw a rise of 105 points, or 0.2%.
Traders work at the New York Stock Exchange on May 13, 2026.
After the closing bell, shares of Cisco Systems soared an impressive 19%. The software titan revealed robust third-quarter results and optimistic guidance that surpassed Wall Street's projections, alongside an announcement to reduce its workforce by nearly 4,000 positions. Conversely, Doximity shares plummeted 18% as the company's revenue guidance for the current quarter and full year fell short of analyst expectations, compounded by a miss on fourth-quarter earnings.
During Wednesday's regular trading, both the S&P 500 and the Nasdaq Composite successfully charted new intraday and closing records. The broader market index gained 0.58%, while the tech-centric Nasdaq climbed 1.2%. In contrast, the Dow bucked the upward trend, shedding 67.36 points, or 0.14%.
Investors were left to ponder another inflation report that exceeded forecasts: April's producer price index surged 1.4%, marking its largest monthly increase since March 2022 and significantly outpacing economists' predictions.
Despite concerns over rising energy costs impacting other market segments, technology stocks, particularly prominent semiconductor firms like Nvidia and Micron Technology, were the primary catalysts for Wednesday's market rally. This tech-driven ascent coincided with Nvidia CEO Jensen Huang accompanying U.S. President Donald Trump on his diplomatic visit to meet Chinese President Xi Jinping in Beijing.
Looking ahead, investor Peter Mallouk anticipates further growth for chipmakers. "This has been, for the most part, a tech-driven long, long, long bull market … This growth is because of expected earnings. It's not really a speculative bubble," the Creative Planning CEO commented on CNBC's "Power Lunch." He added, "I think the chipmakers are actually undervalued as a group, because that's a mega trend … It seems like we've got so much demand ahead of the supply trying to meet it that it's got a lot of room to run."
Companies scheduled to report earnings before Thursday's opening bell include Honda Motor, Yeti, Viking Holdings, Klarna, Bullish, and Versant Media. Traders will also keenly await April's retail sales, export and import price index data, and initial jobless claims for the week ending May 9. Additionally, New York Federal Reserve Bank president and CEO John Williams is slated to lead a discussion on Thursday afternoon.
AI chipmaker Cerebras prices IPO above expected range
Cerebras Systems priced its initial public offering at $185 per share, a figure higher than the anticipated range of $150 to $160 per share, as reported by a source close to the matter. This offering successfully raised a minimum of $5.55 billion for the AI chip manufacturer, which will commence trading on the Nasdaq under the ticker CBRS. Cerebras' market debut aligns with the ongoing AI trade that continues to propel the market, with the S&P 500 reaching new highs, driven by AI leaders like Nvidia and Micron Technology. (Read more from CNBC's Jordan Novet)
Six of the 11 GICS sectors rise on Wednesday
Wednesday's trading session concluded with gains in six out of the 11 GICS sectors. Communication services stocks led the advance, climbing 2.65%, followed by the information technology sector at 0.98% and consumer discretionary at 0.75%. In contrast, utilities stocks posted the largest decline, falling 1.26%, with financials and real estate sectors also experiencing losses of 1.07% and 0.90%, respectively.
Stocks making the biggest moves after the bell: Cisco Systems, Doximity and more
- Cisco Systems — Shares surged 17% after the software giant's third-quarter results and guidance surpassed Wall Street's expectations. Cisco projected adjusted earnings of $1.16 to $1.18 per share on $16.7 billion to $16.9 billion in revenue for the current quarter, exceeding LSEG analyst estimates of $1.07 per share and $15.82 billion in revenue. The company also announced nearly 4,000 job cuts.
- StubHub — The ticket seller gained 13% after reporting first-quarter revenue of $446 million and adjusted EBITDA of $72.1 million, beating LSEG analyst estimates of $432 million in revenue and $65.1 million in EBITDA.
- Doximity — Shares stumbled 19% after the healthcare digital platform provider issued current-quarter and full-year revenue guidance below analysts' expectations. Its fourth-quarter adjusted earnings of 26 cents per share also missed the 28 cents analysts anticipated.
- Jack in the Box — The fast-food stock rose 1% after posting second-quarter adjusted EBITDA of $51.3 million, surpassing FactSet analyst expectations of $50.3 million, despite missing consensus estimates for adjusted earnings and revenue.
S&P 500 futures open little changed
S&P 500 futures opened with minimal change on Wednesday night, coming off a day where the index reached new intraday and closing records. Concurrently, Nasdaq 100 futures advanced by 0.2%, and Dow futures increased by 110 points, also representing a 0.2% rise.
