US stock futures edged higher as Wall Street awaited President Trump’s meeting with Chinese President Xi Jinping.
Futures attached to the Dow Jones Industrial Average (YM=F) climbed 0.2%. Futures attached to the benchmark S&P 500 (ES=F) ticked up 0.1%. Futures attached to the tech-heavy Nasdaq 100 (NQ=F) rose roughly 0.5%.
President Trump has landed in Beijing and is expected to meet with Chinese President Xi Jinping on Thursday morning. In tow are some of America’s top CEOs, including Nvidia’s Jensen Huang, Tesla’s Elon Musk, and Apple’s Tim Cook. Consequently, AI is expected to top the leaders’ agenda, in addition to trade, and Wall Street investors are watching the meeting closely.
The US war with Iran is looming over the summit, with Trump recently describing the ceasefire between the two countries as on “massive life support.” The president, however, has downplayed the extent to which he will discuss Iran in Beijing.
In after-hours trading, Cisco (CSCO) soared after its earnings report beat expectations, and the company announced an AI-focused restructuring plan that will cut around 4,000 jobs.
During the day, the S&P 500 (^GSPC) and Nasdaq (^IXIC) hit new records as tech rallied despite new data showing US producer prices rose more than expected in April. The US Senate also confirmed Kevin Warsh as the next chair of the Federal Reserve.
Earnings season continues this week, with Applied Materials (AMAT) and Klarna Group (KLAR) reporting results Thursday.
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