Tech stocks ripped higher on Wednesday despite a sharply hotter-than-expected April Producer Price Index reading that rekindled inflation anxieties and rate-hike fears, as strength in semiconductors fueled investor sentiment.

Nvidia Corp. (NASDAQ:NVDA) rallied for the sixth straight session to above $226 per share, with the company’s market cap soaring above $5.5 trillion ahead of next week’s highly awaited earnings report.

Speaking via Truth Social shortly before landing in Beijing, Trump told followers the trip – joined by Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk, Apple Inc. (NASDAQ:AAPL) CEO Tim Cook and a last-minute addition of Nvidia CEO Jensen Huang – was aimed at “fixing the broken deal” with China while also pressing Xi to help “end the Iran problem.”

On the macro front, April wholesale prices jumped 1.4% month-over-month, nearly triple the 0.5% consensus, and headline PPI surged to 6% year-over-year against expectations of 4.8%, the hottest print in over three years.

Core PPI rose 1.0% versus 0.4% estimates, underscoring that Iran-war-driven energy inflation is now bleeding into broader pipeline pricing.

Rate traders quickly revised Fed policy path, with fed funds futures now pricing a hike more likely than a hold by year end.

Across U.S. equity markets by midday Wednesday, the tape was a classic split – large-cap growth higher, rate-sensitive cyclicals and small caps lower.

The S&P 500 rose 0.5% to 7,437.67 while the Dow Jones Industrial Average slipped 0.4% to 49,571, dragged by 189 points of weakness in its bank and industrial components.

The Nasdaq 100 outperformed with a 0.7% gain to 29,265.56, leaning on a strong semis and clean-energy bid alongside Nvidia’s continued march. The Russell 2000 slipped 0.1% to 2,839.74.

Wednesday’s Performance In Major US Indices

Index	Last	% Change
S&P 500	7,437.67	+0.5%
Dow Jones	49,571.14	-0.4%
Nasdaq 100	29,265.56	+0.7%
Russell 2000	2,839.74	-0.1%

According to the Benzinga Pro platform:

• The Vanguard S&P 500 ETF (NYSE:VOO) rose 0.5%.
• The SPDR Dow Jones Industrial Average ETF Trust (NYSE:DIA) slipped 0.4%.
• The Invesco QQQ Trust (NASDAQ:QQQ) climbed 0.7%.
• The iShares Russell 2000 ETF (NYSE:IWM) edged 0.1% lower.

Tech And Solar Defy The PPI Shock, Banks And Utilities Fall

Wednesday’s sector tape split cleanly along the rates fault line. The Technology Select Sector SPDR Fund (NYSE:XLK) led the board with a 0.9% gain, with the Consumer Discretionary Select Sector SPDR Fund (NYSE:XLY) up 0.6%, the Communication Services Select Sector SPDR Fund (NYSE:XLC) up 0.5% and the Health Care Select Sector SPDR Fund (NYSE:XLV) up 0.3%.

The losers were a one-line story: yield up, rate-sensitives down.

The Utilities Select Sector SPDR Fund (NYSE:XLU) fell 1.3% – the worst-performing sector – while the Financial Select Sector SPDR Fund (NYSE:XLF) dropped 1.0%, the Real Estate Select Sector SPDR Fund (NYSE:XLRE) lost 0.8% and the Energy Select Sector SPDR Fund (NYSE:XLE) slid 0.5% as crude unwound recent gains.

Industry ETFs amplified the rotation. The Invesco Solar ETF (NYSE:TAN) rocketed 3.7% and the Invesco WilderHill Clean Energy ETF (NYSE:PBW) jumped 2.5%, dragged higher by a massive Enphase Energy Inc. (NASDAQ:ENPH) move.

The VanEck Semiconductor ETF (NASDAQ:SMH) added 2.1% on AI-chip strength. ON Semiconductor Corp. (NASDAQ:ON) jumped 10.8% to $115.30, riding the broader semiconductor wave that lifted SMH 2.1%. Coherent Corp. (NYSE:COHR) rose 8.7% to $406.45 in sympathy.

On the downside, rate-sensitive industries such as the iShares U.S. Home Construction ETF (BATS:ITB) and the SPDR S&P Regional Banking ETF (NYSE:KRE) were down 2% and 1.4%, respectively.

Among notable corporate movers, Ford Motor Co. (NYSE:F) surged 11.9% to $13.42 after the automaker delivered Q1 revenue of $43.3 billion and adjusted EPS of $0.66, both ahead of consensus, while raising 2026 adjusted EBIT guidance to $8.5-10.5 billion.

Management also unveiled “Ford Energy,” a new battery and grid-storage subsidiary slated for $1.5 billion in capex, alongside a Universal EV platform targeting a $30,000 midsize pickup for next year.

Lucid Group Inc. (NASDAQ:LCID) added 9.1% to $6.55 on no confirmed single-name catalyst, with the move best explained as EV-cohort sympathy buying off the Ford print.

On the downside, the software complex took the morning’s biggest hit. Dynatrace Inc. (NYSE:DT) collapsed 14.1% to $33.67 following its pre-market earnings print, with investors punishing what was widely read as a soft outlook against the $0.16 consensus EPS bar. Doximity Inc. (NYSE:DOCS) sank 9.8% to $23.85 after its Q4 fiscal-2026 release missed the $0.18 EPS bar.

Wednesday’s Russell 1000 Top Gainers

Name	% change
Ford Motor Co.	+11.9%
ON Semiconductor Corp.	+10.8%
Sensata Technologies Holding plc (NYSE:ST)	+9.8%
Enphase Energy Inc.	+9.5%
Lucid Group Inc.	+9.1%

Wednesday’s Russell 1000 Top Losers

Name	% change
Dynatrace Inc.	-14.1%
Caris Life Sciences Inc.	-13.0%
Doximity Inc.	-9.8%
DXC Technology Co. (NYSE:DXC)	-9.0%
Robert Half Inc. (NYSE:RHI)	-8.6%

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