Market Recap: S&P 500 Extends Gains as Tech Stocks Surge
Key Takeaways- The S&P 500 rose 0.7%, turning positive for the year on upbeat inflation data and strong tech performance.
- First Solar led gains after an analyst upgrade and favorable legislative developments.
- UnitedHealth Group dragged the Dow lower following its CEO's unexpected exit and suspended guidance.
Index Performance – May 13, 2025
- S&P 500: +0.7% to 5,886.6
- Nasdaq Composite: +1.6% to 19,010.1
- Dow Jones Industrial Average: -0.6% to 42,140.4
Top Gainers
- First Solar (FSLR): +23%
Shares surged after Wolfe Research upgraded the stock to Outperform with a $221 price target. Analysts noted the solar panel maker could benefit from proposed U.S. legislation that favors domestic production and limits Chinese imports. - Super Micro Computer (SMCI): +16%
Gained after Raymond James initiated coverage with an Outperform rating, citing the company’s leadership in AI-optimized infrastructure. - Palantir (PLTR): +8%
Reached a new all-time high above $128. Bank of America raised its price target to $150, calling Palantir a “market definer” in AI. - Nvidia (NVDA): +6%
Rose after announcing it would supply chips to Saudi AI firm Humain during President Trump's visit to the Middle East. - Coinbase (COIN): +24%
Shares spiked on news of its upcoming inclusion in the S&P 500, expected to boost institutional ownership.
Top Decliners
- UnitedHealth Group (UNH):
Shares fell after the CEO’s sudden resignation and the company’s decision to suspend guidance due to rising Medicare Advantage costs. This weighed heavily on the healthcare sector, which dropped 3%.
Other Market Highlights
- 10-Year Treasury Yield: Rose slightly to 4.48%
- 2-Year Treasury Yield: Fell to 4.02%
- WTI Crude Oil: +2.7% to $63.65/barrel
- Gold: +0.8% to $3,253.90/oz
- Silver: +1.5% to $33.12/oz
- Best-Performing Sector: Technology (+2.3%)
- Worst-Performing Sector: Health Care (-3%)