US Stocks Hit Records on Tech Rally Amid Trump-Xi Summit

United States stock markets climbed to fresh intraday record highs on Thursday, propelled by a surge in technology shares led by Nvidia, as investors monitored the start of a high-stakes summit between President Donald Trump and Chinese President Xi Jinping in Beijing.

The S&P 500 and Nasdaq Composite reached new peaks in early trading, with the Dow Jones Industrial Average also advancing. The S&P 500 rose 0.38 percent to 7,472.57, the Nasdaq gained 0.35 percent to 26,495.19, and the Dow increased 0.54 percent to 49,963.52. Technology stocks drove the gains, up 1.0 percent among S&P 500 sectors, amid a steady rally in chipmakers despite elevated inflation and Middle East tensions pushing oil prices higher.

Nvidia shares jumped 3.0 percent, lifting its market value to about $5.6 trillion, following reports that the United States approved sales of its second-most powerful AI chip, the H100, to around 10 Chinese companies. Cisco Systems soared 14.7 percent to an all-time high after announcing plans to cut nearly 4,000 jobs in a restructuring and raising its annual revenue forecast, citing a surge in orders from hyperscalers.

Trump arrived in Beijing accompanied by top executives,...