US Stock Market Today: S&P 500 and NASDAQ Hit Fresh Records as NVIDIA Rises on China Chip Sales Report

Wall Street rose on Thursday as technology shares pushed major US indexes toward fresh records, while investors tracked US-China talks, inflation data, and energy market risks. 

NVIDIA and Cisco led the advance after separate updates linked to artificial intelligence demand, chip sales, and stronger corporate forecasts. The move came as markets weighed steady consumer spending against concerns that higher energy prices could keep pressure on the Federal Reserve.

Technology Shares Drive Wall Street Higher

The S&P 500 and the NASDAQ reached new intraday record highs as buying continued in large technology names. At 09:54 a.m. ET, the Dow Jones Industrial Average rose 270.32 points to 49,963.52, while the S&P 500 gained 28.32 points to 7,472.57. The NASDAQ Composite added 92.85 points to 26,495.19.

Technology-led sector gains, with nine of the eleven main S&P 500 groups trading higher. Advancing shares also outpaced decliners on the New York Stock Exchange, showing broad support beyond a few large companies. However, the NASDAQ showed a more mixed tone, with new lows outnumbering new highs.

NVIDIA Gains After China Chip Report

NVIDIA climbed after reports that the US cleared about 10 Chinese firms to buy its H200 artificial intelligence chips. The report lifted the chipmaker by about 3% during early trading and placed its market value near $5.6 trillion. No deliveries had been made yet, according to the reported details.

The update helped chip stocks extend a rally that has shaped the market in recent weeks. Still, investors watched the news with care because chip sales to China remain tied to US export rules and wider trade talks. That kept attention on the meeting between President Donald Trump and Chinese President Xi Jinping.

Cisco Hits Record High After Forecast Upgrade

Cisco surged to an all-time high after the company raised its annual revenue forecast and reported stronger demand from hyperscale customers. The networking company also said it would cut nearly 4,000 jobs as part of a restructuring plan. Its shares rose nearly 15%, giving strong support to the Dow.

The company’s move reflected rising orders linked to artificial intelligence infrastructure. Reportedly, Cisco expects AI-related orders to reach $9 billion this year, compared with $5 billion earlier. The stock’s jump also followed stronger guidance that beat Wall Street estimates.

US-China Talks and Iran Risks Stay in Focus

Markets also watched the two-day US-China summit. Xi told Trump that trade talks were making progress, yet he warned that Taiwan tensions could put relations on a dangerous path. A White House official said both sides agreed that the Strait of Hormuz should remain open and that Iran should not obtain nuclear weapons.

Energy security remained part of the wider discussion. Treasury Secretary Scott Bessent told CNBC that China could seek more US energy after disruptions in the Middle East. He said, “There was talk today about the Chinese buying more US energy,” while noting that nations may seek more stable supply sources.

Retail Sales Keep Fed Debate Alive

US retail sales rose 0.5% in April, matching forecasts, though higher prices likely lifted part of the increase. The Census Bureau said retail and food services sales reached $757.1 billion, up 4.9% from April 2025. Jobless claims also increased moderately, pointing to a labor market that remains steady.

David Russell of TradeStation sounded cautious about the data. “Consumers aren’t in a recession, but they’re not powering the economy either,” he said. He added that the figures do not push the Fed toward rate cuts. Traders priced in a higher chance of a quarter-point rate hike by year-end, as inflation readings stayed firm.

Overall, Wall Street’s rally showed that technology shares remain the market’s strongest driver, even as investors weigh inflation, energy risks, and US-China tensions. NVIDIA and Cisco gave major indexes fresh momentum, while retail sales and labor data kept focus on the Federal Reserve’s next policy steps.

Also Read: US Stock Market Today: NASDAQ Gains on Semiconductor Rally as Dow Drops After Inflation Spike