US Stocks Hit Records on Tech Rally Amid Trump-Xi Beijing Summit
U.S. stock markets advanced to record highs on Thursday, driven by a strong rally in technology shares and solid economic data. The S&P 500 and Nasdaq Composite closed at all-time highs as investors monitored high-stakes trade and geopolitical talks between U.S. President Donald Trump and Chinese President Xi Jinping in Beijing. Key developments included the U.S. approval for Nvidia to sell H200 chips to Chinese firms, boosting its stock, and Cisco reaching record highs after announcing job cuts and raised revenue forecasts. Despite the market optimism, inflation concerns persist due to rising gasoline prices linked to the ongoing U.S.-Israel war in Iran, dampening hopes for near-term Federal Reserve rate cuts. Kansas City Fed President Jeffrey Schmid highlighted inflation as a pressing risk. The summit addressed critical issues such as trade, arms sales to Taiwan, and reopening the Strait of Hormuz. While Boeing secured a deal for 200 jets from China, its stock declined. Market participants remain cautiously optimistic, balancing the momentum of the tech-driven rally against geopolitical uncertainties and persistent inflationary pressures affecting the broader economy.
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