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Informist, Thursday, May 14, 2026                                      Tel +91 (22) 6985-4000

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Equity Alert: S&P 500, NASDAQ hit new highs, chipmakers drive indices higher

 

MUMBAI--0740 IST--Major US equity indices ended mixed Wednesday, with the NASDAQ Composite and the S&P 500 closing higher but the Dow Jones Industrial Average ending lower. The blue-chip Dow snapped its three-session streak of advances, dragged mainly by shares of Salesforce and Home Depot. Technology stocks led the gains on Wall Street. Shares of Micron Technology were almost 5% higher, Alphabet nearly 4%, Nvidia Corp. and Meta over 2%, and Qualcomm over 1%. The Magnificent Seven stocks, barring Microsoft, closed in the green. The S&P 500 and the NASDAQ notched fresh all-time highs, brushing aside the hotter-than-expected producer price index data.

 

"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," Peter Mallouk, the chief executive officer of Creative Planning, told CNBC, speaking of chipmakers.

 

In focus on Wednesday were the US producer prices. The Producer Price Index climbed 1.4% on-month in April, and 6% on-year. The rise in April is the largest since the 1.7% increase in March 2022. The hot producer inflation data comes after Tuesday's higher-than-expected consumer price inflation print. Any hope of the Federal Reserve cutting rates in the near to medium term has diminished with this inflation data. 

 

"Overall, amid heightened uncertainty, the energy shock has negatively affected my outlook for both real activity and inflation. Moreover, the shock has tilted risks to real activity somewhat further to the downside and risks to inflation further to the upside," Susan Margaret Collins, president of the Federal Reserve Bank of Boston, said in a speech. Collins said that a restrictive monetary policy stance for longer. 

 

Meanwhile, in a narrow vote, Kevin Warsh was confirmed by the US Senate to be the 17th chair of the Federal Reserve for a four-year term, Reuters reported. Warsh will replace Jerome Powell. Powell's tenure as the Federal Reserve chair ends on Friday.

 

The following were the closing levels of major US indices on Wednesday:

 

US Indices	Levels	Change in %
Dow Jones Industrial Average	49693.20	(-)0.14
NASDAQ Composite	26402.34	1.20
S&P 500	7444.25	0.58

 

(Ruchira Kagita)

 

US$1 = INR 95.705

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Saji George Titus

 

All prices from National Stock Exchange, unless otherwise specified.

All percentage changes for share prices are rounded off to the nearest whole number; percentage changes for index values are rounded off to one decimal place.

All times are Indian Standard Time.

 

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