FX.co ★ Tech Powers US Stocks to Fresh Highs

The US stock market surged toward fresh record highs on Thursday, as gains in AI-linked companies and optimism over the US–China summit in Beijing helped counterbalance persistent worries about the Middle East conflict. The S&P 500 advanced 0.8%, topping 7,500 for the first time, while the Nasdaq added 0.9% to reach 26,635 and the Dow climbed back above 50,000 for the first time since the onset of the Iran war in February. Tech shares led the advance: Cisco Systems jumped 13% after raising its revenue and earnings guidance, and Nvidia rose 4.4%, extending its monthly gain to 15% after the US authorized 10 Chinese firms to purchase its H200 chips. The decision was announced during President Trump’s visit to Beijing with leading tech executives, as both sides have so far adopted a more de-escalatory stance following last year’s peak in trade tensions.