Wall Street tech sets fresh records, SPI -0.3% into Thursday open

Sentiment: mixed ASX 200 futures: -0.3%

The S&P 500 closed at 7,444.25 (+0.58%) and the Nasdaq Composite at 26,402.34 (+1.20%) on 13 May 2026 — both record highs — after April US PPI printed +1.4% MoM, the biggest monthly increase since March 2022 against +0.5% consensus. GOOGL.US +3.94% was the largest Magnificent-7 move; MSFT.US -0.63% was the only name in the cohort to close red. SPI futures point to a -0.3% ASX 200 open against yesterday's close of 8,670.7.

Overnight Wall Street

• S&P 500: 7,444.25 (+0.58%) — record close
• Nasdaq Composite: 26,402.34 (+1.20%) — record close
• Dow Jones: 49,693.20 (-0.14%)
• VIX: 17.87 (-0.67%)

Mega-cap technology led the index higher despite the hot PPI print. GOOGL.US +3.94% was the standout, followed by TSLA.US +2.73%, NVDA.US +2.29%, META.US +2.26%, AMZN.US +1.62%, and AAPL.US +1.38%. MSFT.US -0.63% was the only Magnificent-7 name in the red on the session. NVDA's bid followed CEO Jensen Huang joining the US delegation at the US-China tech summit, which lifted expectations for additional advanced-chip export approvals. The Senate confirmed Kevin Warsh as the next Fed chair on the same session — first reaction at the long end of the Treasury curve was muted, with the US 10-year holding its prior-day level. Financials and energy on the Dow side gave back into the close, which dragged the cyclical-heavy index into modest negative territory while the tech-heavy Nasdaq and S&P 500 printed records.

Commodities & FX (AU-relevant)

• Gold: US$4,697.1/oz (+0.22%)
• Brent crude: US$105.55 (-0.08%)
• WTI crude: US$101.00 (flat)
• Copper (HG=F): +1.35% on Yahoo print
• Iron ore (SGX IODEX spot): US$111.50/t (-0.45%)
• AUD/USD: 0.7261 (+0.25%)

Gold held within touching distance of its record print, with real yields steady through the PPI release. Copper +1.35% adds to a constructive direction for diversified miners. Iron ore at US$111.50/t (-0.45%) leaves the heavyweights without an overnight bid. AUD/USD firmer at 0.7261 trims the AUD translation benefit for USD-revenue names such as CSL.AU, CPU.AU, and RMD.AU at the margin.

Key themes for ASX open

• Gold near records — US$4,697.1/oz (+0.22%) translates to ≈A$6,469/oz at the 0.7261 cross; ASX producers NST.AU, EVN.AU, GMD.AU, and NEM.AU the direct exposures.
• Tech read-across — Nasdaq +1.20%, GOOGL.US +3.94%, NVDA.US +2.29%; local listed-software comparables XRO.AU, WTC.AU, NXT.AU, and TNE.AU.
• PPI shock vs muted bond reaction — April US PPI +1.4% MoM was the biggest monthly increase since March 2022, yet long-end Treasury yields stayed steady; major banks CBA.AU, NAB.AU, WBC.AU, and ANZ.AU in focus on net-interest-margin commentary heading into August reporting season.
• Iron ore -0.45% — SGX IODEX US$111.50/t with no overnight bid for BHP.AU, RIO.AU, and FMG.AU; copper +1.35% partially offsets across the diversified miners SFR.AU and S32.AU.
• AUD/USD 0.7261 (+0.25%) — small AUD translation drag at the open for USD-revenue exporters CSL.AU, CPU.AU, and RMD.AU.

Economic calendar today

• No tier-1 domestic data scheduled. Next ABS Labour Force release: 21 May 2026, 11:30 AEST (April figures).
• 16:00 AEST — UK Q1 GDP advance estimate.
• 19:00 AEST — Euro-area industrial production (March).
• 22:30 AEST — US weekly initial jobless claims.
• 00:30 AEST Friday — US April retail control-group sales.

What to watch

• 8,670 vs 8,590 — yesterday's ASX 200 close and the SPI-implied open zone; PRE state pricing -0.46% just before the bell.
• A$6,469/oz — gold in AUD terms at the current 0.7261 cross; the read for ASX gold-producer earnings translation.
• ACGB 10-year yield at 09:30 AEST open — whether it tracks the muted US 10-year reaction to PPI, or repositions on the supply-side cost read.
• MSFT.US -0.63% — the lone Magnificent-7 laggard; relevant context for any single-name softness flagged at the ASX open in XRO.AU, WTC.AU, or TNE.AU.

Context only — not financial advice. Track your own trades with Swingfolio.