Technology Helps S&P 500, Nasdaq Composite Scale New Peaks

US Equity Indexes March Higher as Technology Tops Sector Charts

US equity indexes rose ahead of Thursday's close, as strong gains in technology helped the S&P 500 and the Nasdaq hit fresh all-time highs.The Dow climbed 0.7% to 50,080.2, with the Nasdaq up 1% to 26,672.5 and the S&P 500 higher by 0.8% to 7,505.5. Technology and energy led the gainers, while materials and real estate were among the decliners.Of the top 10 companies with a market capitalization of more than $200 billion, implying a significant sway over indexes, nine were from the technology sector, according to data compiled by Finviz. The top performer in this category was Cisco Systems (CSCO), up 12% in the final leg of trading.Cisco, also the leader on the S&P 500, the Nasdaq, and the Dow, overnight reported fiscal Q3 earnings and revenue that topped market expectations and raised fiscal 2026 guidance. The firm also announced restructuring plans that included lay-offs of nearly 4,000 employees.Meanwhile, about 10 Chinese companies have secured US clearance to purchase Nvidia's (NVDA) H200 AI chip, Reuters reported, citing unnamed sources. Shares of the semiconductor manufacturer jumped 4.5%, among the top gainers on the Dow.In economic news, retail sales in April rose for the third straight month, with analysts saying the increase largely reflected higher prices as the war in Iran kept fuel costs elevated. Sales rose 0.5% in April following a revised 1.6% gain in March, the Census Bureau reported, matching the consensus in a survey compiled by Bloomberg."Despite elevated prices at the pump and elsewhere, consumers continue to prove resilient thanks to decent wage gains, savings, and credit cards to support spending," Lindsey Piegza, chief economist at Stifel, said in a note. "That being said, consumers cannot perpetually withstand elevated costs."

US Equity Futures Rise Pre-Bell After S&P 500, Nasdaq Set New Highs Amid US-China Meeting

US equity futures were higher pre-bell Thursday as technology stocks drove new record highs for the S&P 500 and the Nasdaq Composite while traders kept a close eye on the high-stakes meeting between US President Donald Trump and Chinese leader Xi Jinping.Dow Jones Industrial Average futures were 0.7% higher, S&P 500 futures were up 0.3%, and Nasdaq futures were 0.2% higher.On Wednesday, the S&P 500 advanced nearly 0.6% to close at 7,444.25, while the Nasdaq Composite rose 1.2% to end at 26,402.34, with both setting new closing records. Cisco Systems (CSCO) shares were up 15% after the company posted higher fiscal Q3 results and announced restructuring plans that included lay-offs of nearly 4,000 employees.At the start of a two-day summit, Xi told Trump that US-China trade talks were progressing positively, but warned that disagreement over Taiwan could lead to a dangerous situation and even cause conflict.Traders also mulled the latest round of earnings, with Brookfield (BN) reporting higher Q1 distributable earnings and revenue.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 0.4% at $105.24 per barrel and US West Texas Intermediate crude 0.5% lower at $100.56 per barrel.Investors also await the US retail sales bulletin for April, an early view into consumer responses to higher fuel bills, set for release in Washington at 8:30 am ET.The weekly jobless claims bulletin, scheduled for release at 8:30 am ET, is expected to show 205,000 new unemployment claims for the week ended May 9, compared with 200,000 in the prior week, according to estimates compiled by Bloomberg. The April retail sales report is forecast to show a 0.5% gain following a 1.7% increase in the previous month.The April import price index is expected to show a 1% month-over-month increase after a 0.8% gain previously. The export price index is projected to rise 1.2%, compared with a gain of 1.6% previously.Federal Reserve Kansas City President Jeffrey Schmid, Cleveland President Beth Hammack, New York President John Williams, and Governor Michael Barr are slated to speak on Thursday.

Gold Futures Steady at $4,706.5/Oz, Silver Futures Drop 1.7% to $87.88/Oz Early Thursday