US benchmark equity indexes were mostly higher intraday as several key technology stocks advanced, while President Donald Trump landed in China for a high-stakes state visit.
The Nasdaq Composite was up 1.2% at 26,405.4 after midday Wednesday, while the S&P 500 rose 0.6% to 7,448.4. The Dow Jones Industrial Average fell 0.3% to 49,616.8. Among sectors, communication services paced the gainers, followed by tech, while utilities saw the steepest decline.
Chipmaking giant Nvidia's (NVDA) shares were up 2.7%, the second-best performer on the Dow. Other major tech stocks Apple (AAPL), Amazon.com (AMZN), and Cisco Systems (CSCO) were also in the green. Cisco is scheduled to report its latest quarterly financial results after the closing bell Wednesday.
On Semiconductor (ON) shares jumped 10% intraday, the second-biggest gainer on the S&P 500.
Trump reportedly arrived in Beijing Wednesday for a highly anticipated meeting with his Chinese counterpart, Xi Jinping.
"The trip underscores the stakes for chips, tech, and the (artificial intelligence) supply chain highlighted by Nvidia's most advanced chips, which (have) faced a series of tightening US export restrictions on China sales," Wedbush Securities said in note.
Nvidia Chief Executive Jensen Huang, Apple's Tim Cook, and Tesla (TSLA) CEO Elon Musk are accompanying Trump on the visit, along with other top US tech executives, according to media reports.
"We believe that this summit will prove 'constructive' as it keeps the conversation focused on reopening channels where possible rather than allowing the relationship to drift into a more permanent Cold War dynamic that would ultimately slow AI diffusion and cloud monetization on both sides," Wedbush said.
US Treasury yields were mixed intraday, with the 10-year rate up 1.1 basis points at 4.48% and the two-year rate little changed at 4%.
In economic news, US producer prices in April rose at the fastest pace in four years as broad-based increases in services and goods signaled intensifying inflation pressures, official data showed.
"On the heels of yesterday's disappointing (consumer price index) results, the April producer price report flags intense inflation pressure in the pipeline," BMO Capital Markets said in a note. "Look for another heated consumer inflation report in May, and not solely due to costlier gasoline, as price pressures stemming from the Iran war are bleeding into other sectors of the economy."
West Texas Intermediate crude was down 0.3% at $101.84 a barrel intraday, while Brent fell 1.5% to $106.21.
The International Energy Agency forecast a sharper decline in global oil demand this year than previously expected as the Middle East conflict drives up energy prices.
"More than 10 weeks after the war in the Middle East began, mounting supply losses from the Strait of Hormuz are depleting global oil inventories at a record pace," according to the report.
Separately, the Organization of the Petroleum Exporting Countries reduced its global oil demand growth outlook for 2026, but upgraded its projection for next year.
Trump recently rejected Iran's counteroffer to end the war, though a fragile ceasefire between the two countries still holds. Trump recently told reporters that "we have Iran very much under control."
"That control, however, does not extend to the Strait of Hormuz, which remains effectively closed with both Iran and the US maintaining naval blockades," Saxo Bank said in a report Wednesday.
In company news, Wix.com (WIX) logged a larger-than-expected annual decline in its first-quarter earnings, while the Israeli web development platform maintained its full-year outlook. The company's US-listed shares tanked nearly 26% intraday.
Gold was up 0.4% at $4,705.80 per troy ounce, while silver climbed 4.8% to $89.69 per ounce.