Stock Market Today: Nasdaq 100 Rises Despite Hot PPI, Nvidia Hits Record High

Tech stocks ripped higher connected Wednesday contempt a sharply hotter-than-expected April Producer Price Index speechmaking that rekindled ostentation anxieties and rate-hike fears, arsenic spot successful semiconductors fueled capitalist sentiment.

Nvidia Corp. (NASDAQ:NVDA) rallied for the sixth consecutive league to supra $226 per share, with the company’s marketplace headdress soaring supra $5.5 trillion up of adjacent week’s highly awaited net report.

Speaking via Truth Social soon earlier landing successful Beijing, Trump told followers the travel – joined by Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk, Apple Inc. (NASDAQ:AAPL) CEO Tim Cook and a last-minute summation of Nvidia CEO Jensen Huang – was aimed astatine “fixing the breached deal” with China portion besides pressing Xi to assistance “end the Iran problem.”

On the macro front, April wholesale prices jumped 1.4% month-over-month, astir triple the 0.5% consensus, and header PPI surged to 6% year-over-year against expectations of 4.8%, the hottest people successful implicit 3 years.

Core PPI roseate 1.0% versus 0.4% estimates, underscoring that Iran-war-driven vigor ostentation is present bleeding into broader pipeline pricing.

Rate traders rapidly revised Fed argumentation path, with fed funds futures present pricing a hike much apt than a clasp by twelvemonth end.

Across U.S. equity markets by midday Wednesday, the portion was a classical divided – large-cap maturation higher, rate-sensitive cyclicals and tiny caps lower.

The S&P 500 roseate 0.5% to 7,437.67 portion the Dow Jones Industrial Average slipped 0.4% to 49,571, dragged by 189 points of weakness successful its slope and concern components.

The Nasdaq 100 outperformed with a 0.7% summation to 29,265.56, leaning connected a beardown semis and clean-energy bid alongside Nvidia’s continued march. The Russell 2000 slipped 0.1% to 2,839.74.

Read Also: Producer Inflation Shock: PPI Spikes To 6%, Fanning Fed Hike Fears

Wednesday’s Performance In Major US Indices

Updated by 12:55 PM ET

According to the Benzinga Pro platform:

• The Vanguard S&P 500 ETF (NYSE:VOO) rose 0.5%.

• The SPDR Dow Jones Industrial Average ETF Trust (NYSE:DIA) slipped 0.4%.

• The Invesco QQQ Trust (NASDAQ:QQQ) climbed 0.7%.

• The iShares Russell 2000 ETF (NYSE:IWM) edged 0.1% lower.

Tech And Solar Defy The PPI Shock, Banks And Utilities Fall

Wednesday’s assemblage portion divided cleanly on the rates responsibility line. The Technology Select Sector SPDR Fund (NYSE:XLK) led the committee with a 0.9% gain, with the Consumer Discretionary Select Sector SPDR Fund (NYSE:XLY) up 0.6%, the Communication Services Select Sector SPDR Fund (NYSE:XLC) up 0.5% and the Health Care Select Sector SPDR Fund (NYSE:XLV) up 0.3%.