- Wall Street had a big day yesterday: The Dow Jones Industrial Average surged
back above 50,000, while the S&P 500 notched its first-ever close above 7,500.
Cisco surged more than 13% for its best day since 2011 following an earnings and
guidance beat powered by surging demand for artificial intelligence
infrastructure. Ford also extended its rally after announcing a new energy
storage initiative, putting the stock up nearly 20% in the past two days. But
Boeing bucked the uptrend, sinking nearly 5% after news of China’s potential
order.
- President Donald Trump has left Beijing following two days of meetings with
Chinese President Xi Jinping. The U.S. president told reporters aboard Air Force
One this morning that he refused to answer when Xi asked him if the U.S. would
defend Taiwan from an attack by China. “That question was asked to me today by
President Xi. I said I don’t talk about that,” he said.
- Cerebras shares surged 68% in their Nasdaq debut yesterday, sending the
chipmaker’s market cap to around $95 billion. It was the U.S. technology
sector’s largest initial public offerings in years.
- Sources said that SpaceX’s IPO prospectus could drop as early as next week.
Musk’s reusable rocket company is expected to start a roadshow aimed at
marketing the deal to investors early next month, according to people familiar
with the matter.
- The Senate banking committee on Thursday approved the Clarity Act. The act,
the first piece of legislation focused on crypto, would add oversight and
guardrails to the new industry. However, banks, unions and law enforcement
agencies have come out against the bill citing concerns that it would hurt
consumers and financial systems.
