US Markets Hit Records as Trump and Xi Agree on Strait of Hormuz
On May 14, 2026, US stock markets reached historic milestones, with the S&P 500 closing above 7,500 for the first time and the Dow Jones recapturing the 50,000 level. This rally was driven by a significant geopolitical development: President Donald Trump and Chinese President Xi Jinping agreed that the Strait of Hormuz must remain open to ensure the free flow of energy. The agreement also included China's commitment to purchase 200 Boeing jets and the US approval for ten Chinese firms to acquire Nvidia H200 chips. Consequently, Cisco shares surged 13.4% after raising revenue outlooks, while Nvidia gained 4.4%. However, global inflationary pressures persist, with India’s wholesale price index jumping to 8.30% and Japan’s producer prices rising 2.3% month-on-month, significantly exceeding consensus estimates. In the US, retail sales met expectations, but export prices rose sharply, contributing to an Atlanta Fed GDPNow estimate of 4.0% for Q2. Meanwhile, UK GDP showed resilience with a 0.6% quarterly increase, contrasting with credit contraction in China.
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