Inflation comes in (PPI)ping Hot, Stocks Don’t Care

MPC Markets Morning Call · May 13, 2026 · 13m

The S&P 500 rose 0.6% to a record 7,444.04 and the Nasdaq surged 1.2% to 26,402.34, both record closes, while the Dow slipped 0.1% to 49,693.20. The rally was extraordinarily narrow — Jones Trading noted that Google, Nvidia, Apple and Tesla accounted for 100% of the S&P 500’s gain, with the JT20 megacap index up 1.5% while breadth was negative. Six of the Magnificent Seven gained 1.4%–3.9%. PPI was a shocker: headline +1.4% monthly (largest since March 2022), +6.0% annually (largest since December 2022), far above estimates of +0.5% and +4.9%. Energy prices surged 7.8% with gasoline +15.6%…