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U.S. stocks are continuing their upswing Thursday.
Stocks tied to artificial intelligence remain investors’ primary focus. Also joining them in the spotlight: Cisco Systems, whose shares are up nearly 15% after the tech conglomerate said it’s cutting jobs so it can pour more resources into AI. That’s pulling the Dow industrials close to the 50000 mark.
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Starting Thursday, traders also will have the chance to bet on another AI beneficiary: chip manufacturer Cerebras Systems, which will kick off a hotly anticipated year for AI IPOs Thursday.
Meanwhile, after a day of meetings in Beijing, President Trump and Xi Jinping agreed the Strait of Hormuz should remain a free waterway and that Iran shouldn’t be able to extract payments for use of the shipping lanes. According to the White House, China suggested it may reduce the amount it spends on Iranian oil.
Oil prices are little changed, with Brent crude futures hovering around $105 a barrel. The 10-year U.S. Treasury yield is edging lower after rising for three straight days on the back of mounting inflationary concerns. And the Commerce Department reported this morning that sales growth slowed for U.S. retailers last month.
Write to Caitlin McCabe at caitlin.mccabe@wsj.com
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