Traders work at the New York Stock Exchange on May 13, 2026.
NYSE
S&P 500 futures were little changed on Wednesday night after a narrow rally in technology stocks pushed the index to new all-time highs.
S&P futures and Nasdaq 100 futures climbed 0.1% and 0.4%, respectively. Futures tied to the Dow Jones Industrial Average rose by 105 points, or 0.2%.
Shares of Cisco Systems surged 19% in extended trading after the software giant issued third-quarter results and guidance that beat Wall Street’s expectations and announced it would be cutting almost 4,000 jobs. On the other hand, shares of Doximity stumbled 18% after the company posted revenue guidance for the current quarter and full year that fell short of expectations, as well as a fourth-quarter earnings miss.
Both the S&P 500 and the Nasdaq Composite notched new intraday and closing records during Wednesday’s regular session. The broad market index added 0.58%, while the tech-heavy Nasdaq rose 1.2%. The Dow bucked the trend, slipping 67.36 points, or 0.14%.
Investors mulled over yet another hotter-than-expected inflation report — April’s producer price index, which rose 1.4% for the biggest increase on a monthly basis since March 2022 and came in much hotter than economists were expecting.
While fears of higher energy prices weighed on other sectors of the market, technology stocks — particularly semiconductor names like Nvidia and Micron Technology — drove the market rally on Wednesday. The surge in tech stocks came as Nvidia CEO Jensen Huang joined U.S. President Donald Trump on his trip to meet Chinese President Xi Jinping in Beijing.
Going forward, investor Peter Mallouk believes that chipmakers may have even more upside from here.
“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 said on CNBC’s “Power Lunch” on Wednesday afternoon. “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.”
Honda Motor, Yeti, Viking Holdings, Klarna, Bullish and Versant Media will report earnings before Thursday’s opening bell. Traders will also look for April’s retail sales and export and import price index readings, as well as initial jobless claims data from the week ended May 9. Meanwhile, New York Federal Reserve Bank president and CEO John Williams will moderate a discussion on Thursday afternoon.
Disclosure: Versant Media is the parent company of CNBC.
AI chipmaker Cerebras prices IPO above expected range
Cerebras Systems priced its initial public offering at $185 per share, a person with knowledge of the matter told CNBC.
That’s above the expected range of $150 to $160 per share.
The offering raised at least $5.55 billion for the manufacturer of artificial intelligence chips. Cerebras will be trading on the Nasdaq under the ticker CBRS.
Cerebras’ debut takes place as the artificial intelligence trade drives the market higher. The S&P 500 coasted to a new all-time high and closing record on Wednesday in a narrow rally that was propelled by AI darlings Nvidia and Micron Technology.
Read more from CNBC’s Jordan Novet on Cerebras’ IPO here.
—Darla Mercado
Six of the 11 GICS sectors rise on Wednesday
On Wednesday, six of the 11 GICS sectors ended the trading session higher.
The day’s gains were led by communication services stocks, up 2.65%. The information technology and consumer discretionary sectors followed, respectively up 0.98% and 0.75%.
On the other hand, utilities stocks lagged, falling 1.26%. The financials and real estate sectors were the next biggest losers, shedding 1.07% and 0.90%, respectively.
— Lisa Kailai Han
Stocks making the biggest moves after the bell: Cisco Systems, Doximity and more
These are the stocks moving the most in extended-hours trading:
- Cisco Systems — Shares surged 17% after the software giant issued third-quarter results and guidance that beat Wall Street’s expectations. For its current quarter, Cisco sees its adjusted earnings coming in at $1.16 to $1.18 per share on $16.7 billion to $16.9 billion in revenue. Analysts were looking for adjusted earnings of $1.07 per share and revenue of $15.82 billion, per LSEG. Cisco also beat Wall Street’s projections on both the top and bottom lines for its last quarter and announced that it would be cutting almost 4,000 jobs.
- StubHub — The ticket seller popped 13% after posting first-quarter revenue of $446 million and adjusted EBITDA of $72.1 million. Analysts polled by LSEG had expected $432 million in revenue and $65.1 million in EBITDA.
- Doximity — Shares stumbled 19% after the healthcare digital platform provider shared current-quarter and full-year revenue guidance that fell short of analysts’ expectations, per LSEG. Doximity’s fourth-quarter adjusted earnings of 26 cents per share also came below the 28 cents analysts were looking for.
- Jack in the Box — The fast-food stock added 1% after Jack in the Box posted second-quarter adjusted EBITDA of $51.3 million, exceeding the $50.3 million analysts were looking for, per FactSet. However, the company’s adjusted earnings and revenue missed consensus estimates.
— Lisa Kailai Han
S&P 500 futures open little changed
S&P 500 futures opened little changed on Wednesday night, after the index rallied to a new intraday and closing record during the day’s regular session.
On the other hand, Nasdaq 100 futures added 0.2%. Dow futures rose 110 points, or also 0.2%.
— Lisa Kailai Han
