Wall Street Ends Higher on Tech Rally; Investors Eye Beijing Talks
Nvidia climbed after U.S. clearance for H200 chip sales to China, while the S&P 500 and Nasdaq set record closing highs.
- On Thursday, May 14, US stocks advanced as investors monitored President Trump meeting with Chinese counterpart Jinping in Beijing, with the Nasdaq Composite setting a new record closing high.
- The summit between Trump and Jinping aims to hash out trade, US arms sales to Taiwan, and the Strait of Hormuz, which has been effectively shut down during the US-Israeli war on Iran.
- Chipmaker Cerebras jumped 68.2 per cent in its US debut, while Cisco surged 13.4 per cent after announcing almost 4,000 job cuts. Nvidia shares rose 4.4 per cent after the US cleared H200 chip sales.
- "I'm happy to see the two leaders collaborating," said Michael Monaghan, portfolio manager at Founder ETFs in Dallas, expressing hope for long-term agreements between the two economies.
- Kansas City Fed President Jeffrey Schmid called inflation the most "pressing risk" to the US economy, and while not a voting member on monetary policy this year, his remarks reflect the hawkish view of the Federal Reserve.
12 Articles
12 Articles
Tech Rally Drives Wall Street to Record Highs Amid U.S.-China Summit
Wall Street witnessed a tech-driven rally as major indexes reached new heights. Investors eagerly watched developments from a vital U.S.-China summit where trade and geopolitical issues were on the table. President Trump's meeting with Xi Jinping and rising economic indicators contributed to market optimism despite underlying inflationary concerns.
On Thursday, positive returns were recorded inside Wall Street, backed by strong quarterly profits from technology companies, as well as optimal prospects for talks between the United States and China, while at the same time investors also assimilated Kevin Warsh's ratification as the Fed's new president.As a result, Nasdaq and S&P 500 reached record levels after rising 0.88 and 0.77 percent, in the 26 thousand 635.22 and 7 thousand 501.24 integ…
Times of India
The Economic TimesUS stocks today: US stocks end higher on tech rally; investors eye Beijing talks
US stocks closed higher with S&P 500 and Nasdaq hitting fresh record highs, led by a tech rally after Nvidia got approval to sell H200 chips to China. Investors tracked Trump-Xi talks in Beijing, solid retail sales data, and rising inflation risks tied to energy prices impacting Fed rate cut hopes.
Wall Street ends higher as shares in tech firms rally
US stocks have advanced, lifted by a rally in tech stocks as investors absorbed generally solid economic data and watched for developments from Beijing where US President Trump was engaged in a high-stakes meeting with his Chinese counterpart Xi Jinping.
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