# The S&P 500 and the Nasdaq reversed earlier declines to notch fresh record closing highs.

*genai · news · 2026-05-13 · The Star*

## Key points

- Producer prices jumped 1.4% last month, marking the largest monthly increase in four years.
- Kevin Warsh was confirmed by the Senate as Fed chair, replacing Jerome Powell.
- Morgan Stanley raised its annual S&P 500 index target to 8,000, up from 7,800.
- Ford surged 13.2% after Morgan Stanley highlighted its energy business and CATL partnership as advantages.
- EchoStar rose 3.0% following FCC approval of a $40 billion wireless spectrum sale to SpaceX and AT&T.

**Companies:** Nvidia, Tesla, Ford, SpaceX, AT&T, Morgan Stanley, Catl, EchoStar, Nebius Group
**Countries:** United States, China

[Read the full story on The Star](https://www.thestar.com.my/business/2026/05/14/sp-500-nasdaq-hit-record-highs-on-chip-rally)

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