Both the S&P 500 ETF (SPY) and the Nasdaq 100 ETF (QQQ) rallied to record highs on Thursday following the first day of the Trump-Xi summit.
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News That Moved the Stock Market Today
- President Trump described his meeting with Chinese President Xi Jinping as “extremely positive and productive.” The two leaders discussed economic ties, expanding access for U.S. businesses in China, and the war in Iran. Both sides agreed the Strait of Hormuz should reopen, with Xi opposing its militarization and any tolls on its use.
- The U.S. readout of the meeting made no mention of Taiwan. However, Xi cautioned that disagreements over the island could result in “clashes and even conflicts, putting the entire relationship in great jeopardy.”
- The U.S. approved sales of Nvidia (NVDA) H200 chips to several Chinese companies, including Alibaba (BABA), JD (JD), and Tencent (TCEHY).
- U.S. retail sales posted a third consecutive month of growth, rising 0.5% in April and meeting expectations. However, the data isn’t adjusted for inflation.
- Cisco (CSCO) surged after its first-quarter earnings beat on revenue and EPS. In addition, Rosenblatt analyst Mike Genovese raised his price target on CSCO to $150 from $100.
- Broadcom (AVGO) rallied after Wells Fargo analyst Aaron Rakers raised his price target to $545 from $430, implying upside of 25%.
- Cerebras Systems closed with significant gains following its initial public offering (IPO), initially priced at $185.