Tech Rally Sends S&P 500 and Nasdaq to Records as Mexico’s IPC Falls on Ratings Jolt
AI gains tied to Nvidia’s China chip clearance met a Mexico selloff after S&P cut outlooks for state energy firms.
Overview
- U.S. stocks rose Thursday as investors tracked the Trump–Xi meeting, with the S&P 500 up 0.77% and the Nasdaq up 0.88% to new highs.
- Nvidia gained 4.39% after the U.S. cleared sales of its H200 AI chips to Chinese firms, lifting its market value above $5.6 trillion.
- Cisco jumped 13.4% to a record after it announced nearly 4,000 job cuts and raised its annual revenue outlook.
- Mexico’s IPC fell 1.4% to 69,206.85 after S&P cut the credit outlook for Pemex and CFE to negative, and 32 of 35 index members finished lower.
- Chip maker Cerebras soared 68% in its Nasdaq debut, raising $5.55 billion in the biggest U.S. tech IPO since 2019.