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US Equity Markets Mixed Amid Gains in Tech Stocks Despite Hot Producer Data

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US equity indexes were mixed on Wednesday after technology stocks led major gains and a hotter-than-anticipated producer price inflation data was reported.

* Among the top 10 companies with a market capitalization of more than $200 billion, implying a significant sway over indexes, seven were from technology and communication services. In the S&P 500, ON Semiconductor (ON) was among the top outperformers. Nasdaq's leader was Marvell Technology (MRVL), and Nvidia (NVDA) was the second-biggest gainer on the Dow.

* The US Producer Price Index rose 1.4% in April from a 0.7% gain in March, according to the Bureau of Labor Statistics, beating the 0.5% increase expected in a survey compiled by Bloomberg.

* June West Texas Intermediate crude oil fell $0.96 to settle at $101.22 per barrel, while July Brent crude, the global benchmark, was last seen down $1.97 at $105.80.

* Ford Motor (F) shares were up roughly 13% after Morgan Stanley said the company had a "fairly high likelihood" of signing energy-storage solutions supply agreements with large commercial customers, including hyperscalers, in the next few months.

* Palantir Technologies (PLTR) stock was down 4.4% after the company's external staff and other consultants were provided unrestricted entry to identifiable medical records by the UK's National Health Service, according to a Financial Times report on Tuesday, citing an internal briefing note.

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TSX Closer: The Index Slumps As External Factors Continue To Weigh

The Toronto Stock Exchange slumped Wednesday as the Iran war's impact on oil prices and the ongoing uncertainty around the Trump Administration's trade policies continue to weigh, even if Canadian investors appear to be positive on domestic market fundamentals.The S&P/TSX Composite Index closed down 249. points to 34,041.43, falling for the first of four sessions, even with sectors mixed and with the Battery Metals Index, up 4.4%.Base Metals was up 1.5% as gold edged higher by midafternoon Wednesday even as the dollar rose after a report showed U.S. wholesale inflation surged in April. Gold for June delivery was up US$17.90 to US$4,704.60 per ounce.West Texas Intermediate crude oil closing lower, although it did stick above US$100, as the loss of Persian Gulf supply since the start of the war on Iran cuts into stocks, with the International Energy Agency (IEA) reporting a record draw down in inventories since the conflict began. WTI crude oil for June delivery closed down US$1.02 to settle US$101.02 per barrel, while July Brent oil was down US$1.98 to US$105.79.Reflecting a view that the outlook for markets in Canada is largely conditional on external matters, Tiago Figueiredo, a Macro Strategist at Desjardins, said the April summary of monetary policy deliberations by the Bank of Canada for the policy decisions announced two weeks earlier "underscored a conditional policy stance", with the Governing Council prepared to look through energy-driven inflation so long as broader price pressures remain contained. Governing Council was much more explicit their reaction function would be conditional on the trajectory of oil prices and developments on U.S. trade policy, he added.In the base case, members judged that a policy rate close to current levels would likely remain appropriate, Figueiredo noted. "Central bankers agreed that they had the scope to be patient for now, but the situation could change quickly and they would need to be nimble in their response to events. This assessment is broadly in line with our view that, although uncertainty is elevated, the most likely path forward is that policymakers remain on hold this year," he said.Meanwhile, an RBC Economics 'Insight' said Canadian consumers have proven "remarkably resilient" over the past year despite trade wars, immigration cuts, and persistent economic uncertainty. "Household spending remained a steady engine of growth with RBC cardholder transactions suggesting that resilience extended into Q1 2026 even as a significant new shock hit the economy -- at gas pumps," the bank added.

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Rents Drop Annually for 33rd Consecutive Month, With Further Renter Relief Likely, Realtor.com Says
International

Rents Drop Annually for 33rd Consecutive Month, With Further Renter Relief Likely, Realtor.com Says

Asking rents in the US fell annually for a 33rd successive month in April, with a strong rise in new multi-family construction indicating continued relief for renters ahead, News Corp's (NWS, NWSA) Realtor.com said Wednesday.The median asking rent across the 50 largest US metropolitan areas dropped 1.7% year over year to $1,673 last month, the 33rd straight month of annual decreases for studio to two-bedroom properties, according to a report by the online real estate portal."Many renters have experienced meaningful relief over the past nearly three years, and although completions have slowed, forward-looking indicators are renter-friendly," Realtor.com Chief Economist Danielle Hale said.In the first quarter, new multi-family groundbreakings surged almost 20%. Units that break ground today typically reach the market within one to two years, according to Hale. "So the pipeline points to continued downward pressure on rents well into 2027," Hale said.Among major US regions, the Northeast saw new multi-family groundbreakings almost double on an annual basis in the first quarter, while the number of newly completed multi-family units soared 42%, marking the strongest growth of any region, according to the report.New groundbreakings in the West sank to their lowest first-quarter level since at least 2017, while the number of newly completed multi-family units plunged 38%. This makes the West the only region where completions have dropped below pre-pandemic norms, Realtor.com said."As we move into the spring and summer leasing seasons, we expect the median asking rent to tick up modestly on a monthly basis, which is the typical seasonal pattern," Realtor.com Economist Jiayi Xu said. "But given the sustained level of multi-family construction relative to pre-pandemic norms, year-over-year declines are likely to continue through 2026. Modest rent relief is still the story for most renters."Realtor.com said it expects the rental supply relief to continue into the next "several" years amid the ongoing strength in new multi-family construction.Price: $30.62, Change: $+0.20, Percent Change: +0.67%

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International

Daily Roundup of Key US Economic Data for May 13

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