Stocks Surge as Tech Giants Drive Market to New Heights

S&P 500 and Nasdaq futures climbed to record highs, spurred by Nvidia stock gains amid U.S.-China summit developments and awaited economic data. Nvidia rose on news of U.S. clearance for sales to Chinese firms. Investors eye rate hike probabilities and consumer response to rising energy prices.

S&P 500 and Nasdaq futures rose to new heights on Thursday, driven by Nvidia's significant stock gains. Investors are closely watching the evolving situation at the U.S.-China summit and analyzing incoming economic data. Prior to market opening, Nvidia shares jumped 1.9%, enhancing its market worth to $5.9 trillion, after reports indicated that 10 Chinese companies received clearance from the U.S. to buy its H200 AI chip.

The rally in technology stocks, particularly among chipmakers, has propelled U.S. stocks to fresh records, despite ongoing concerns regarding Middle East turmoil and inflation driven by soaring oil prices. As the U.S.-China summit begins, President Xi Jinping cautioned President Donald Trump that tensions over Taiwan could lead bilateral relations towards conflict, even as trade talks progress.

Amidst geopolitical tensions with Iran, President Trump's visit aims to secure Beijing's assistance to resolve the conflict escalating global energy costs. Early on, Dow E-minis rose 215 points, while S&P 500 and Nasdaq 100 E-minis also saw gains. Meanwhile, markets anticipate the April retail sales report for insights on consumer spending affected by surging energy costs, alongside employment data for labor market indicators.