Stock futures were higher on Thursday, with the Dow Jones Industrial Average set to retake 50,000 after strong earnings from Cisco Systems and following a key meeting between the U.S. and China. Dow Jones Industrial Average futures popped 418 points, or 0.8%. S&P 500 futures climbed 0.3%, while Nasdaq-100 futures traded up 0.1%. Shares of Cisco surged 15% in premarket trading after the software giant posted third-quarter results and guidance that beat Wall Street’s expectations and announced it would be cutting almost 4,000 jobs. Cisco’s gain gave Dow futures a boost, putting it on track to reclaim the 50,000 level it reached earlier this year. Dow futures also got a lift from Boeing, which rose more than 1% as expectations grew that the summit between President Donald Trump and Chinese President Xi Jinping could yield some deals for U.S. companies. Nvidia also advanced more than 2% after Reuters reported that the U.S. has cleared about 10 Chinese firms to purchase Nvidia’s H200 chip, though no deliveries have been made yet. Cisco and Nvidia, as well as Amazon, have supported the Dow’s comeback — Cisco and Amazon have risen 30% in the past two months, while Nvidia has gained 25%. The run-up for the index comes even as the conflict in the Middle East persists, keeping inflationary fears among investors heightened as oil prices remain elevated. Iran was a major topic of discussion during the summit between Trump and Xi Thursday, with the two sides agreeing that the Strait of Hormuz must remain open, per a White House official. In the prior trading day, both the S&P 500 and the Nasdaq Composite notched new intraday and closing records, even as investors mulled over another hotter-than-expected inflation report. While anxieties surrounding higher energy prices continued to weigh on other sectors of the market, technology stocks — particularly semiconductor names like Nvidia and Micron Technology — drove the market rally on Wednesday. Going forward, investor Peter Mallouk believes that chipmakers may have even more upside from here. “This has been, for the most part, a tech-driven long, long, long bull market … This growth is because of expected earnings. It’s not really a speculative bubble,” the creative planning CEO said on CNBC’s “Power Lunch” on Wednesday afternoon. “I think the chipmakers are actually undervalued as a group, because that’s a mega trend … It seems like we’ve got so much demand ahead of the supply trying to meet it that it’s got a lot of room to run. Treasury yields fell on Thursday as investors mulled the implications of April’s hotter-than-expected producer price data for Federal Reserve interest rate policy. The yield on the 10-year U.S. Treasury note — the key benchmark for U.S. government borrowing — was down more than 3 basis points to 4.441%. The 2-year Treasury note yield, which more closely tracks short-term Federal Reserve interest rate policy, was more than 3 basis points lower at 3.958%. The longer-dated 30-year Treasury bond yield also declined more than 3 basis points to 5.008%. Asia-Pacific markets traded mixed Thursday as investors looked to a high-stakes meeting between U.S. President Donald Trump and his Chinese counterpart, Xi Jinping, for clues on the future of U.S.-China ties and global trade. Japan’s Nikkei 225 lost 0.98% to 62,654.05, while the Topix declined 1.03% to 3,879.27. South Korea’s Kospi added 1.75% to 7,981.41, while the small-cap Kosdaq climbed 1.2% to 1,191.09. In Australia, the S&P/ASX 200 added 0.12% to 8,640.7. Hong Kong’s Hang Seng index was flat in the final hour of trading, while the CSI 300 declined 1.68% to 4,914.60. Oil prices were mixed Thursday after the International Energy Agency flagged greater impending volatility, while OPEC lowered its demand outlook for the year. International benchmark Brent crude futures for July were 0.3% higher at $105.93 a barrel, while U.S. West Texas Intermediate futures for June fell 0.2% at $100.83 per barrel, as of 11.15 a.m. London time. OPEC cut its demand growth estimates for 2026 to about 1.2 million barrels per day, from 1.4 million bpd previously, in its latest monthly update. OPEC production fell by 1.7 million bpd in April and has declined more than 30%, or 9.7 million bpd, since the start of the Iran war in late February. Gold was largely steady on Thursday, as investors focused ​on a meeting between ​U.S. President Donald Trump ​and his Chinese counterpart Xi Jinping, while digesting a rise in U.S. inflation driven by the increased energy costs linked to the Iran war. Spot gold ⁠inched ‌up 0.1% at $4,689.79 per ounce, as of 0931 ⁠GMT. U.S. gold futures for June delivery fell 0.2% at $4,696.20. China’s Xi Jinping told Trump that trade talks were making progress at the start of a two-day summit on Thursday ‌but that disagreement over Taiwan could damage relations and even lead to conflict. “Gold is hovering around $4,700 as markets are still digesting U.S. ​inflation data. It is very clear that we are in a consolidation phase,” said Swissquote analyst Carlo Alberto De Casa. Data on Wednesday showed that U.S. producer prices posted their biggest increase in ⁠four years in April, the latest sign of accelerating inflation. Data on Tuesday had ‌shown U.S. annual consumer inflation posted its largest gain ‌in three years.