Global Finance Daily — May 13, 2026

Executive Summary

The S&P 500 and Nasdaq closed at record highs on Wednesday, driven by a tech rebound even as a key inflation gauge at the wholesale level came in far hotter than economists predicted. The producer price index rose 6% year-over-year in April — the biggest jump in nearly four years — with the Iran conflict pushing energy costs higher. Boston Fed President Susan Collins didn’t rule out raising interest rates if inflation stays elevated. Treasuries took a beating, with the 30-year yield briefly touching 5%. Gold hung around $4,700.

I. US Stocks & Macro

Market Overview

The S&P 500 ended the day at 7,444.25, up 0.58% — a fresh closing record. The Nasdaq Composite climbed 1.2% to 26,402.34, also a new record. The Dow Jones Industrial Average gave up 0.14% to finish at 49,693.20.

The story was chipmakers and megacap tech. Nvidia and other semiconductor names bounced back after slipping Tuesday, leading the Nasdaq higher. The “Magnificent Seven” tech group did the heavy lifting while most other sectors struggled to keep up.

Macro Data

The Bureau of Labor Statistics released the Producer Price Index for April on Wednesday. Wholesale prices rose 6% from a year earlier — the largest yearly increase since December 2022 and well above economist forecasts. Core PPI, which excludes food and energy, came in at 2.8%, still double the Federal Reserve’s 2% target.

The Iran war is the main driver. Energy costs have been the biggest contributor to the PPI jump, and with the conflict ongoing, there’s little sign of relief on that front.

Fed Watch

The effective federal funds rate sat at 3.63% as of May 13. Boston Fed President Susan Collins told reporters on Wednesday that the central bank “may need to raise interest rates” if inflation doesn’t cool. That’s a notable shift in tone — for most of the past year, markets treated rate cuts as an inevitability, with the main debate centered on whether the Fed would cut two or four times in 2026. Now traders are pricing in a possible 25 basis point cut by month-end.

Sources: S&P 500 and Nasdaq Notch Fresh Records — Yahoo Finance · PPI Rose 6% in April — CNN Economy · Collins Warns on Rate Hikes — GuruFocus · Wall Street Split on Inflation Data — Reuters

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II. Dollar & FX

The dollar has been losing ground against the Chinese yuan in recent sessions. USD/CNY fell to around 6.79 on May 14 — its lowest point in 2026 — as rate cut expectations in the U.S. narrowed the yield differential. The pair has dropped about 2.63% year-to-date, averaging 6.89 so far this year.

The broader dollar picture has also softened as traders recalibrate Fed rate expectations. A softer dollar typically provides a tailwind for emerging market currencies and commodities priced in the greenback.

Sources: USD/CNY Historical Data — ValutaFX · Dollar Index — FRED/St. Louis Fed

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III. Commodities

Gold finished May 13 at $4,698.95 per ounce — hovering just below the $4,700 mark as investors weighed hot inflation data against a Fed that may be forced to act. Safe-haven demand remains supportive, though the prospect of higher rates is tempering gains.

Oil has been the bigger story. Brent crude was trading around $110.87 per barrel on May 13 morning. The April monthly average came in at $117 per barrel — the highest since June 2022, when Russia’s invasion of Ukraine roiled energy markets. The Iran war has been the primary catalyst, tightening supply and keeping a geopolitical risk premium firmly embedded in prices.

Analysts broadly remain bullish on gold for 2026, with a Reuters poll placing the year-end median forecast at $4,916 per ounce. Technically, $4,800 is the key breakout level to watch.

Sources: Gold Price May 13 — USA Today · Oil Market Summary — Reuters/Trading Economics

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IV. HK Stocks (Brief)

The Hang Seng Index reversed course on May 13, closing down roughly 0.2% at 26,347 points. The index had been higher during the session before giving up gains as investors grew cautious ahead of the Trump-Xi meeting. The summit was expected to cover the Iran war and broader trade issues.

Sources: Hang Seng Index Data — Investing.com · Asian Equities Mixed — Morningstar

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V. A-Shares (Brief)

The Shanghai Composite closed at 4,242.57 on May 13, up from an open of 4,192.31. The index briefly touched 4,245 during the session. Trump and Xi’s meeting dominated sentiment in Chinese markets, with investors watching for any breakthrough on trade or geopolitical tensions.

Sources: Shanghai Composite Historical Data — Investing.com

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Disclaimer: This report is for informational purposes only and does not constitute investment advice.