Midday Fly By: Cisco reports Q3 beat, Chinese firms cleared to buy Nvidia chips

The major averages were sharply higher near noon amid renewed optimism around the talks between U.S. President Trump and China’s President Xi Jinping. Markets are extending a rebound despite another wave of inflation anxiety as investors continue favoring AI and semiconductor names over broader macro concerns.

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Big tech names appear to be lifting the markets, with Cisco’s quarterly reporting giving the Dow a boost. Nvidia has also help pull up the Dow after Reuters reported the U.S. has cleared about 10 Chinese companies to buy the company’s H200 chip.

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.

1. STOCK NEWS:

• Cisco (CSCO) provided a “beat and raise” report for Q3 but said it is cutting 4,000 jobs
• About 10 Chinese firms, including Alibaba (BABA) and Tencent (TCEHY), have been cleared to purchase Nvidia’s (NVDA) H200 chips, Reuters reports
• Cerebras Systems (CBRS) is indicated to open at $350 after its IPO was priced at $185
• Hasbro (HAS) reported better-than-expected Q1 earnings and revenue
• Versant Media (VSNT) reported upbeat Q1 results and said it expects to enter into a $100M accelerated share repurchase agreement

2. WALL STREET CALLS:

• Starbucks (SBUX) upgraded to Buy at TD Cowen
• Cheesecake Factory (CAKE) upgraded to Neutral at JPMorgan
• Whirlpool (WHR) downgraded to Neutral at Goldman Sachs
• Doximity (DOCS) downgraded to Neutral or equivalent at BTIG, Wells Fargo, Jefferies, Baird and KeyBanc following earnings and guidance
• DraftKings (DKNG) initiated with an Underperform at BNP Paribas

3. AROUND THE WEB:

• Microsoft’s (MSFT) LinkedIn has “implemented organizational changes,” according to a source, with plans to cut roughly 5% of its 17,500 full-time workers and focus on business growth areas, Reuters reports
• India has raised effective import tariffs on gold and silver to 15% from 6% to curb precious metal imports and support foreign exchange reserves and the rupee, Reuters reports
• New York State Comptroller Thomas DiNapoli, New York City Comptroller Mark Levine and California Public Employees’ Retirement System CEO Marcie Frost, leaders of three of the largest U.S. public pension systems, sent a letter to Elon Musk (TSLA) detailing the concerns they have over SpaceX’s “extreme” ownership, Reuters says
• Security researchers say they have discovered a new way of circumventing Apple’s (AAPL) security technology, using techniques they discovered while testing an early version of Anthropic’s Mythos AI software in April, WSJ says
• Mind Robotics, a startup founded by Rivian (RIVN) Chief Executive RJ Scaringe, has raised an additional $400M from investors, now having raised over $1B to pursue its plan to develop industrial robots for vehicle production, WSJ says

4. MOVERS:

• Poet Technologies (POET) higher in New York after entering a supply agreement with Lumilens
• StubHub (STUB) increases after reporting Q1 results and backing its guidance for FY26
• Ondas (ONDS) and Aquestive Therapeutics (AQST) gain after reporting quarterly results
• Regenxbio (RGNX) lower after reporting Q1 results, with EPS lower year-over-year
• Aeluma (ALMU) and Doximity (DOCS) falls after reporting quarterly results

5. EARNINGS/GUIDANCE:

• Milestone Scientific (MLSS) reported Q1 results, with CEO Eric Hines commenting, “Our first quarter results reflect continued progress as we execute on the foundation established in 2025”
• Klarna (KLAR) reported Q1 results, with revenue beating consensus
• Legence (LGN) reported Q1 results and raised its guidance for FY26
• XTI Aerospace (XTIA) reported Q1 results and provided guidance for FY26
• NIQ Global (NIQ) reported Q1 results and provided guidance for Q2 as well as FY26

INDEXES:

Near midday, the Dow was up 0.97%, or 480.06, to 50,173.26, the Nasdaq was up 1.12%, or 295.38, to 26,697.72, and the S&P 500 was up 0.96%, or 71.71, to 7,515.96.