US Stock Market Today: Dow Futures Up 0.2%, S&P 500 Gains 0.1% as Nasdaq Climbs 0.5% Ahead of Trump-Xi Meeting
US stock futures were slightly higher Thursday morning ahead of the highly anticipated Trump–Xi meeting. Dow futures rose 0.2%, S&P 500 futures gained 0.1%, and Nasdaq 100 futures added 0.5%, signaling cautious optimism after a strong previous session. On Wednesday, the S&P 500 hit a record high, while the Nasdaq also closed at an all-time peak, driven mainly by tech stocks like Nvidia and Micron, though most S&P 500 components declined, showing a narrow rally. Markets are focused on US-China trade talks involving top CEOs. Inflation data remains hot, reducing expectations for Fed rate cuts, while oil prices stay elevated near $100 per barrel. Cisco also jumped after strong earnings and job cuts tied to AI restructuring.
Brent Crude Trades at $105.61 as Dow, Nasdaq Futures Await Trump-Xi Talks; Gold Prices Ease 0.2%
Brent Crude remained firm near $105.61 per barrel, holding above the critical $100 support level as supply concerns continued to dominate the market. Rising tensions in the Middle East, shipping disruptions, and strong demand from emerging economies kept oil prices elevated despite limited intraday volatility. Investors also remained focused on the upcoming Trump–Xi meeting in Beijing, where discussions around trade, technology, and energy security could influence global economic sentiment and China’s oil demand outlook.
Meanwhile, gold prices slipped 0.2% as a stronger US dollar reduced safe-haven demand. Investors appeared to shift toward equities and energy assets instead of defensive positions, signaling that markets remain cautious but not panic-driven. The contrasting performance between stable Brent Crude and weaker gold prices highlighted mixed investor strategies ahead of major geopolitical developments.
Brent Crude Trades at $105.61 as Dow, Nasdaq Futures Await Trump-Xi Talks; Gold Prices Ease 0.2%
Brent Crude remained firm near $105.61 per barrel, holding above the critical $100 support level as supply concerns continued to dominate the market. Rising tensions in the Middle East, shipping disruptions, and strong demand from emerging economies kept oil prices elevated despite limited intraday volatility. Investors also remained focused on the upcoming Trump–Xi meeting in Beijing, where discussions around trade, technology, and energy security could influence global economic sentiment and China’s oil demand outlook.
Meanwhile, gold prices slipped 0.2% as a stronger US dollar reduced safe-haven demand. Investors appeared to shift toward equities and energy assets instead of defensive positions, signaling that markets remain cautious but not panic-driven. The contrasting performance between stable Brent Crude and weaker gold prices highlighted mixed investor strategies ahead of major geopolitical developments.
Cisco Cuts 4,000 Jobs Despite 12% Revenue Growth and Strong Earnings
Cisco reported strong Q3 FY2026 earnings on May 13, 2026, with revenue of $15.8 billion, up 12% year over year, and net income of $3.4 billion. The results beat Wall Street expectations and highlighted surging demand for AI-driven networking and cloud infrastructure solutions. Cisco also announced plans to cut nearly 4,000 jobs as it shifts resources toward artificial intelligence, cybersecurity, and silicon-based technologies. Networking orders jumped more than 50%, driven by hyperscaler investment in AI data centers and enterprise upgrades.
Cisco raised its full-year revenue outlook and increased AI infrastructure order expectations to nearly $9 billion. Following the report, Cisco stock surged over 16% in after-hours trading as investors reacted positively to the company’s AI pivot. Overall, Cisco is positioning itself as a key winner in the AI infrastructure boom, balancing strong earnings growth with workforce restructuring. It reflects broader tech industry transformation toward AI-first strategies across global markets.
Dow Futures Up 0.2%, S&P 500 Gains 0.1% as Nasdaq Climbs 0.5% Ahead of Trump-Xi Meeting
Thursday morning is calm. But the tension underneath is anything but.
Futures attached to the Dow Jones Industrial Average climbed 0.2%. S&P 500 futures ticked up 0.1%. Nasdaq 100 futures rose roughly 0.5%. Small moves, but all pointing in the same direction. Up.
Wednesday's session delivered real substance. The S&P 500 rose 0.58% to 7,444.25, a fresh all-time high. The Nasdaq surged 1.2% to close at 26,402.34, also a record. The Dow slipped 67 points to 49,693, the only index left out of the celebration.
Tech did all the heavy lifting. NVIDIA shares closed higher by more than 2%. Micron Technology gained more than 4%. The VanEck Semiconductor ETF advanced 2%. Roughly two-thirds of the S&P 500, however, actually closed lower on the day. This remains a very narrow rally.
The Summit That Markets are Really Watching
President Trump has landed in Beijing and is expected to meet with Chinese President Xi Jinping on Thursday. Accompanying him are some of America's most powerful CEOs, Nvidia's Jensen Huang, Tesla's Elon Musk, and Apple's Tim Cook. That is not a casual delegation. That is a statement of intent.
Trade talks are expected to dominate the agenda. Bloomberg reported that Trump is seeking business deals and a possible extension of the trade truce reached with China last fall. Beijing enters negotiations with stronger leverage tied to its control over critical rare-earth supply chains. Neither side is walking empty-handed.
The world's two largest economies are also considering extending a truce on Chinese rare earth export curbs. That alone would move markets significantly if confirmed.
Inflation, Oil, and the Fed Lurking in the Background
April's producer price index rose 1.4%, the biggest monthly increase since March 2022, coming in much hotter than economists expected. That number landed on Wednesday, and markets largely shrugged. Tech enthusiasm won the day.
Morgan Stanley raised its 2026 year-end target for the S&P 500 to 8,000 from 7,800, citing resilient corporate earnings and AI adoption fueling positive operating leverage. A bold call, but backed by the numbers so far.
Markets have largely priced out a Fed rate cut this year. The probability of at least a 25-basis-point hike at the December meeting has now climbed above 28%. The inflation story is shifting the rate narrative fast.
Cisco surged 19% in extended trading after beating earnings and announcing an AI-focused restructuring that will cut nearly 4,000 jobs. More AI. More efficiency. More cuts. That is the 2026 corporate playbook in three lines.
Oil is giving markets a brief breather. WTI crude hovered near $101 per barrel. Brent added fractionally to $105.72. Both are well off recent peaks, for now. Beijing talks begin today. Whatever emerges from the Great Hall of the People will set the tone for the rest of May.