Tech Rally Drives Wall Street to Record Highs Amid U.S.-China Summit

Wall Street soared on Thursday, powered by a surge in tech stocks as investors closely monitored a high-stakes U.S.-China summit. The S&P 500 and Nasdaq set new record highs, bolstered by promising economic data and President Trump's discussions with Chinese President Xi Jinping in Beijing.

The summit, which aimed to address pressing trade concerns and geopolitical tensions, featured influential CEOs such as Elon Musk and Jensen Huang. Simultaneously, Nvidia gained 3.6% as the U.S. authorized sales of its H200 chips to China, contributing to the stock market's upward momentum.

Despite positive indicators, concerns about inflation and energy costs loomed large. Kansas City Fed President Jeffrey Schmid highlighted inflation as a critical risk to the resilient U.S. economy, suggesting a hawkish stance against rate cuts. Meanwhile, tech sectors led the gains while materials struggled.

(With inputs from agencies.)