U.S. stock market trend | The Dow Jones Industrial Average once rose over 500 points, NVIDIA hit a new high, climbing over 4%

Cisco’s (CISCO) earnings and profit forecasts exceeded expectations, boosting U.S. tech stocks on Wall Street, leading the Dow to rise as much as 507 points on Thursday, reaching a high of 50,200 points; the S&P 500 and Nasdaq both broke new highs.

As of 12:18 a.m. Hong Kong time, the Dow was at 50,160 points, up 467 points or 0.94%; the S&P 500 was at 7,514 points, up 70 points or 0.94%; the Nasdaq was at 26,695 points, up 293 points or 1.11%.

Reuters, citing sources, reported that the U.S. has approved about 10 Chinese companies, including Alibaba (09988) and Tencent (00700), to purchase Nvidia’s (Nvidia) H200 AI chips, which are the second most powerful after flagship products, but no deliveries have been completed so far. Nvidia’s stock currently surged 4.3%, trading at $235.46, after earlier hitting a high of $236.47.

Networking equipment manufacturer Cisco’s third-quarter revenue reached $15.8 billion, beating analysts’ expectations of $15.57 billion; adjusted earnings per share were $1.06, also higher than analysts’ estimates of $1.04. Cisco expects fourth-quarter revenue to be between $16.7 billion and $16.9 billion, well above analysts’ forecast of $15.82 billion. Cisco’s stock price recently rose 14.3%, to $116.41.

U.S. retail sales in April increased by 0.5% month-over-month, in line with market expectations. David Russell, Global Head of Market Strategy at TradeStation, said that although U.S. consumers are not currently in a recession, their spending is not strong enough to alone drive accelerated economic growth. However, the latest retail data does not exert any pressure on the Federal Reserve to cut interest rates; instead, it shows that consumer spending remains sufficient to support a high-interest-rate environment.