U.S. stock index futures were steady on Thursday evening after Wall Street climbed to fresh records earlier in the day, buoyed by a report that suggested Nvidia had been granted permission to ship certain advanced chips to some Chinese firms and by constructive public remarks from President Donald Trump about ongoing meetings with Chinese President Xi Jinping.
At 19:22 ET (23:22 GMT), S&P 500 futures were steady at 7,525.25 points. Nasdaq 100 futures were up 0.1% at 29,713.0 points, while Dow Jones futures held flat at 50,141.0 points.
Market highs and semiconductor momentum
The S&P 500 and the Nasdaq Composite both reached record intraday levels on Thursday, while the Dow Jones Industrial Average closed above the 50,000 threshold and remained in proximity to its February high. The advance was concentrated in chipmaking names after a report that NVIDIA Corporation (NASDAQ:NVDA) had received U.S. approval to sell its second-most powerful artificial intelligence processor, the H200, to 10 companies in China.
NVIDIA shares jumped by more than 4%, reaching a record price on the report. That same coverage noted, however, that no deliveries of the H200 to Chinese customers had occurred as of the report, leaving the practical status of any China sales unresolved. The company’s CEO, Jensen Huang, was in China this week with President Trump and was observed seeking progress toward chip sales, according to the report.
Investor optimism for broader AI chip exports to China helped propel an already strong rally in semiconductor stocks. The sector received further support after Taiwan Semiconductor Manufacturing Company (NYSE:TSM) said it expects the global semiconductor market to surpass $1.5 trillion in value by 2030. U.S.-listed shares of the world’s largest contract chipmaker surged 4.5% on Thursday.
Trump-Xi summit remains center stage
Mr. Trump and President Xi are scheduled to meet for a leaders’ summit on Friday. The U.S. president struck a positive tone about their discussions after initial talks on Thursday, and both leaders were reported to have expressed hope for improved bilateral relations. While the precise details of the conversations were not disclosed, the leaders were expected to address several topics, including trade tariffs and artificial intelligence.
In a social media post on Thursday evening, Mr. Trump said, "Hopefully our relationship with China will be stronger and better than ever before."
Despite the upbeat language, significant issues remain unresolved. Taiwan was identified by President Xi on Thursday as the single most important topic to discuss with Mr. Trump, suggesting it could be a key sticking point during the summit. The U.S. president had earlier indicated he would raise the matter of U.S. arms sales to China in his discussions with Xi.
The talks are unfolding against the backdrop of wider geopolitical tensions. The U.S.-Israel war on Iran has been cited as disrupting oil and gas flows to a number of Asian countries, including China — a development noted in market commentary and relevant to energy-sensitive sectors and commodity-linked trade flows.
Outlook
For now, market participants appear to be balancing the prospect of easing trade frictions and potential new chip exports to China against the lingering uncertainties tied to Taiwan, defense sales and energy supply disruptions. Semiconductor companies and broader technology names remain in focus, while energy and defense-related topics could influence regional trade and commodity flows depending on the summit’s outcomes and the geopolitical environment.