U.S. markets enter Wednesday, May 13, 2026, with conditions set by the Tuesday, May 12 close. Index levels pulled back from recent highs. Yields moved higher. The dollar strengthened. Commodities remained elevated and volatile.

The S&P 500 closed at 7,400.96.
The Nasdaq closed at 26,088.20.
The Dow closed at 49,760.56.
The Russell 2000 closed at 2,842.83.

The surface weakened. The internal structure remained selective.

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Tuesday’s session showed weakness across most major indexes.

The S&P 500 declined -0.2%.
The Nasdaq fell -0.7%.
The Dow gained +0.1%.
The Russell 2000 fell -1.0%.

Indexes pulled back after recent record closes. Participation weakened further. Large-cap technology remained relatively stronger than smaller stocks. Small caps lagged sharply again. This pattern remained in place. Leadership stayed concentrated at the top.

Treasury yields moved higher into the close.

The 10-year yield closed near 4.46%.
The 2-year yield remained near 3.90%.

Movement was modest, but directional. The level remained elevated. Rates are not easing. They continue to hold near the upper end of the recent range. This keeps borrowing costs elevated. The backdrop remains restrictive.

The dollar strengthened through the session. The U.S. Dollar Index moved back toward the upper end of its recent range. There was steady upward movement through the close. Dollar conditions remained firm. A stronger dollar continues to tighten financial conditions globally. The level remains a key reference point.

Commodity markets remained volatile. WTI crude moved above $100. Brent crude remained elevated. Gold held near recent highs. Oil prices surged again as geopolitical tensions remained elevated. Gold stayed supported as uncertainty persisted. There was no broad unwind in defensive positioning.

Tuesday’s session reflected continued focus on inflation, oil prices, and rates. Markets moved lower after recent record highs. Yields climbed further. Oil prices surged. The dollar strengthened. The system remained stable. It did not broaden. This keeps the backdrop firm, but still restrictive.

Key reference levels:

Markets open Wednesday after a weaker session across equities. Stocks pulled back. Yields moved higher. Oil prices remained elevated. The dollar strengthened.

The key backdrop: conditions tightened again as rates and energy prices continued moving higher.