S&P Turns Positive for the Year on Muted Inflation Data
WSJ Minute Briefing
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Here's your closing bell brief for Tuesday, May 13th. I'm Pierre Bien-Aimé for The Wall Street Journal. U.S. stocks closed mostly higher after the Labor Department reported relatively muted inflation figures. The S&P 500 advanced 42 points, or 0.7%, putting the index back into the black for the year. And the Nasdaq rose more than 300 points, or 1.6%, extending yesterday's rally on the heels of a rollback in tariffs between the U.S. and China.
But the Dow slipped 270 points, or 0.6%, to 42,140, in part because of a big sell-off in UnitedHealth Group. Its shares fell 18% after the company suspended the 2025 earnings guidance it issued last month and said its CEO was stepping down.
In other individual stocks, Coinbase shares surged 24 percent on news the crypto exchange will join the S&P 500 next week. Shares of Boeing rose 2.5 percent after China lifted a ban on domestic airlines taking delivery of the planemaker's aircraft.
And Hertz posted a steeper-than-expected quarterly loss, while warning of cooling demand from businesses and international travelers. Shares sank 17%. We'll have more coverage of the day's news on the WSJ's What's News podcast. You can add it to your playlist on your smart speaker or listen and subscribe wherever you get your podcasts.
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