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Stocks Rise After Turbulent Week of Trading
Investors’ worries about inflation have ebbed after several Fed speakers said the central bank saw no reason to withdraw easy-money policies

By Updated May 14, 2021 9:49 am ET
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Major U.S. stock indexes jumped Friday to end a choppy week during which signs of a jump in inflation rattled markets.

The S&P 500 rose 0.8% shortly after the opening bell. The Dow Jones Industrial Average added 162 points, or 0.5%. The Nasdaq Composite advanced 1.1%.

All three major indexes remained on track for steep weekly losses. The S&P 500 has fallen 2.1% this week, while the Dow is down about 1.7%. The tech-heavy Nasdaq has been the hardest hit, losing around 3.5% for the week.

Stocks recouped some losses Thursday after sliding in response to data showing consumer prices leapt in April, which added to evidence from commodity markets of building inflation. Investors worry that a surge in prices for raw materials will eat into profit margins. A burst of consumer-price inflation could also prompt the Federal Reserve to pare back easy-money policies that have buoyed stocks.

But several Fed officials have said this week that the central bank has no intention to withdraw that support, helping to calm markets. Major indexes bounced Thursday following three sessions of declines and continued to advance to end the week. The Fed needs to see several more months of data on jobs and inflation before determining when to begin tightening monetary policies, Gov. Christopher Waller said Thursday.

“The Fed has been very consistent,” said Paul Donovan, chief economist at UBS Global Wealth Management. “That is telling you something: it is telling you [higher inflation] clearly is transitory.”

Nonetheless, Mr. Donovan said he expects markets to remain jumpy in response to higher inflation numbers in the coming months. “There will be volatility in the near term over this: not just volatility over inflation, but volatility over the central bank response to that.”

Retail sales were unchanged in April from a month before, the Commerce Department said. Economists had expected a rise of 0.8%, following a surge in spending in March, when government stimulus checks boosted household incomes.

In corporate news, Walt Disney shares fell 4.5%. Disney said late Thursday that its flagship streaming service added fewer users than Wall Street had expected in its fiscal second quarter after months of torrential growth.

While the Covid-19 streaming boom is slowing for now, other pandemic trends appear to be stickier. DoorDash gained more than 9% after saying revenue tripled in the first quarter, showing sustained demand for food-delivery services even as coronavirus vaccinations picked up.

Some of individual investors’ favorite stocks were among the rare bright spots in the market this week, continuing a string of wild moves for meme stocks. Reddit-favorite AMC Entertainment climbed 6.7%, extending gains after rocketing higher Thursday. Hertz Global Holdings shares have almost doubled this week as prospects brightened for stockholders in the company, which is set to emerge from bankruptcy.

And this week, the government bond market didn’t offer a hedge to investors looking to shield themselves from the volatility of the stock market. Treasury prices have fallen this week alongside stocks, sending yields higher, on rising worries about inflation. In the bond market, the yield on 10-year Treasury notes recently hovered at 1.636%, from 1.576% last week. Yields fall when bond prices rise and rising inflation chips away at the purchasing power of the bonds’ fixed payments.

Brent-crude futures, the benchmark in energy markets, rose 1% to $67.75 a barrel. Copper futures in New York, which hit a record Tuesday, slipped 1.1% to $4.64 a pound.


The New York Stock Exchange on Tuesday.
Photo: Spencer Platt/Getty Images
A recent surge in commodity prices has sharpened focus among investors on companies that are likely to see profits pinched by higher input costs.

“There is more pricing pressure and that will be harder on certain companies,” said Andrew Sheets, chief cross-asset strategist at Morgan Stanley. Consumer-discretionary stocks in the U.S. are most vulnerable, while banks and other financial firms are relative beneficiaries because they have minimal raw-material inputs, he added.

In overseas markets, the Stoxx Europe 600 edged up 0.8%.

Major Asian markets rallied. Japan’s Nikkei 225 gained 2.3%, China’s Shanghai Composite Index rose 1.8% and Taiwan’s Taiex added 1%.

Gunjan Banerji contributed to this article.

Write to Joe Wallace at joe.wallace@wsj.com

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Market comeback rally gains steam with the Dow jumping 400 points
PUBLISHED THU, MAY 13 20216:03 PM EDTUPDATED 7 MIN AGO
Yun Li
@YUNLI626
Pippa Stevens
@PIPPASTEVENS13
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Stocks set to add to Thursday’s gains at the open
U.S. stocks jumped on Friday, rebounding for a second day led by technology shares and reopening trades after Wall Street started the week with big losses.

The Dow Jones Industrial Average climbed 350 points. The S&P 500 gained 1.4%. The tech-heavy Nasdaq Composite, the relative underperformer for the week, snapped back by 2%.


The major averages experienced a roller-coaster week that saw the blue-chip Dow drop nearly 1,200 points from Monday to Wednesday. The S&P 500 and the Nasdaq fell 4% and 5%, respectively, during that period. The indexes have since rebounded from the steep sell-off, but they are still on track for modest losses for the week as inflation fears hit sentiment. The Dow and the S&P 500 are down more than 1% each for the week, while tech stocks have been hit especially hard, pulling the Nasdaq down over 3% for the week.


“This week’s decline was a good thing,” said Tony Dwyer, chief market strategist at Canaccord Genuity. “There needs to be a correction into the summer that is meaningful enough to eliminate the extreme intermediate-term overbought condition and excess optimism.”

Tech stocks were the biggest outperformers Friday. Tesla gained nearly 3%. Facebook jumped more than 2%, while Apple, Amazon, Netflix and Alphabet were all trading up at least 1%.

Disney shares were bucking the trend, falling 4.5% after posting weaker-than-expected revenue and streaming subscribers.

Stocks most exposed to the ongoing recovery jumped again Friday after the Centers for Disease Control and Prevention eased guidelines, saying that in most settings fully vaccinated people don’t need to wear masks indoors or outdoors.

United Airlines and American Airlines both climbed more than 4%. Carnival shares popped 6%, while Norwegian Cruise Line and Royal Caribbean advanced more than 5% each.

The market’s volatility this week comes as economic data points to inflation. The Consumer Price Index jumped 4.2% from a year earlier in April, which was the fastest rate since 2008. This has sparked fears that the Federal Reserve could be forced to dial back its accommodative monetary policy.

Stocks advanced on Friday even after data showed consumer purchases slowed down last month. Advance retail sales were flat for April, the Commerce Department reported Friday. That compared to the Dow Jones estimate of a 0.8% gain and a 9.8% surge in March.

Still, earnings season has been stronger-than-expected, and some believe this bull market has more room to run and investors should take advantage of any dips.

“The corporate turnaround is strong enough to keep markets rising, even as bond yields increase in anticipation of central bank tightening,” Robert Buckland, equity strategist at Citi, said in a note. “So buy any short term dips, as we may be seeing now. There is a time to turn more cautious but that may be next year, not this.”

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LAST CHG %CHG
DJIA 34382.13 360.68 1.06
S&P 500 4173.85 61.35 1.49
Nasdaq Composite 13429.98 304.99 2.32
Japan: Nikkei 225 28084.47 636.46 2.32
UK: FTSE 100 7043.61 80.28 1.15
Crude Oil Futures 65.49 1.67 2.62
Gold Futures 1843.70 19.70 1.08
Yen 109.35 -0.12 -0.11
Euro 1.2146 0