Traders at work at the New York Stock Exchange on May 13, 2026.
new york stock exchange
Dow futures, year to date
Cisco shares rose 15% in premarket trading after the software giant reported third-quarter earnings and guidance that beat Wall Street expectations and announced about 4,000 job cuts.
Cisco’s rise pushed Dow futures higher and put it on track to regain the $50,000 level reached earlier this year. Dow futures also rise boeingrose more than 1% on rising hopes that a summit between President Donald Trump and Chinese President Xi Jinping could result in some deals for U.S. companies.
The Dow’s revival was supported by Amazon and Nvidia Along with Cisco, Cisco and Amazon are up 30% in the past two months, and Nvidia is up 25%. The index’s rise comes despite growing concerns about inflation among investors as the Middle East conflict drags on and oil prices remain high.
Iran was a major topic of discussion at Thursday’s summit between President Trump and President Xi Jinping, with both sides agreeing that the Strait of Hormuz must remain open, White House officials said.
On the previous trading day, both S&P500 and Nasdaq Composite New intraday and closing records were set as investors weighed a new, better-than-expected inflation report.
While concerns over rising energy prices continue to weigh on other sectors of the market, technology stocks, especially Nvidia and micron technology — led the market rally on Wednesday.
Investor Peter Mallouk believes there may be further upside for chipmakers from here.
“This has been, for the most part, a technology-driven secular bull market…This growth is driven by expected returns. It’s not really a speculative bubble,” Creative Planning’s CEO told CNBC’s “Power Lunch” Wednesday afternoon. “I think chipmakers are actually undervalued as a group because that’s the big trend…There seems to be a lot more demand than the supply is going to meet it, and there seems to be plenty of room to operate.”
