Nvidia CEO Jensen Huang, OpenAI CEO Sam Altman and President Greg Brockman, Google CEO Sundar Pichai and Meta CEO Mark Zuckerberg are among those attending the dinner, alongside senior U.S. officials, Supreme Court justices and financial leaders.
Xi is also reportedly supportive of a deal between the U.S. and Iran by returning to the terms of a memorandum of understanding signed earlier this year in June.
Meanwhile, Iranian President Masoud Pezeshkian has said it was up to the U.S. to choose when the Iran war will end.
U.S. stock futures were mixed in the overnight session late Thursday as President Donald Trump hosted Chinese President Xi Jinping at a White House state dinner attended by top American tech CEOs.
As of 10:13 p.m. ET, Dow futures were down 0.04%, and S&P 500 futures slipped 0.05%, while Nasdaq-100 futures rose 0.10%.
On Thursday, the Nasdaq Composite edged up 0.01%, while the Dow Jones Industrial Average fell 0.31% and the S&P 500 slipped 0.02%.
Index
Move
Close
Dow Jones Industrial Average
-0.31%
51,349.98
S&P 500
-0.03%
7,704.13
Nasdaq Composite
0.01%
26,939.37
The Dow is on track for a fourth straight weekly decline, while the S&P 500 and Nasdaq Composite are poised to end the week higher.
Key US Market Drivers
U.S. markets largely focused on the historic meeting between the leaders of the U.S. and China, marking Xi’s first visit to Washington in more than a decade, where they discussed the importance and consequences of AI alongside managing U.S.-China relations.
Trump acknowledged greeting the Chinese president upon his landing in Washington in a post on Truth Social, saying, “I met President Xi at the plane (Airport!) yesterday and he looks strong, vibrant, and fit – Better than ever. Madam Xi, of course, BEAUTIFUL!”
In the second summit this year between Trump and Xi, the Chinese president reportedly stressed that AI development should remain “under human control.” AI is also taking center stage at a White House state dinner for Xi, with Nvidia CEO Jensen Huang, AMD chief Lisa Su, SpaceX CEO Elon Musk, OpenAI CEO Sam Altman, Google CEO Sundar Pichai and Meta CEO Mark Zuckerberg among those attending alongside senior U.S. officials, Supreme Court justices and financial leaders.
Xi also reportedly told Trump that he supports a deal between the U.S. and Iran by returning to the terms of a memorandum of understanding (MoU) signed earlier this year in June.
Meanwhile, Iranian President Masoud Pezeshkian has said it was up to the U.S. to choose when the Iran war will end. “But we do not wish to continue. It’s America that must choose whether it wants to end this or not,” Pezeshkian said in an interview on Thursday with Fox News.
On the markets front, U.S. long-dated bond yields continued to soar amid economic uncertainties. The U.S. 10-year Treasury yield was at 5.192% at the time of writing, while the U.S. 30-year Treasury yield traded at 5.479%.
The Treasury Department said on Thursday it bought back $4.078 billion of 20- to 30-year bonds in an operation as part of a $6 billion buyback program to support market liquidity.
Economist Steve Hanke said in a post on X, “The 10-year Treasury yield just hit 5.12%, the HIGHEST since 2007. Bessent’s response? Another $6 billion bond buyback, triple the original plan. BESSENT IS BLOWING SMOKE AND HAS NO CREDIBILITY.”
Oil prices continued to trade above $100 a barrel, adding to inflation worries. At the time of writing, Brent crude futures expiring in November were trading at $105.87, while WTI crude futures expiring in November traded at $93.20 per barrel.
On Friday, markets will watch the University of Michigan’s consumer sentiment report and durable goods data.
Trending Stocks To Watch
Advanced Micro Devices Inc. (AMD): Shares of the chip company drew retail attention as prices soared again on AI optimism, pushing the stock to a new 52-week high on Thursday.
BlackBerry Ltd. (BB): The company reported fiscal second-quarter earnings, beating Wall Street estimates and raising its full-year revenue outlook.
Intel Corp. (INTC): Intel was on the retail radar after Meta’s Muse launch, which analysts expect to boost CPU demand and support a semiconductor rebound.
Moderna Inc. (MRNA): Shares of the pharmaceutical company extended a two-month rally on Thursday, bolstered by CEO Stéphane Bancel’s optimism about the company’s potential outside of COVID vaccines.
Other Market Trends
Among ETFs tracking benchmark indexes, the SPDR S&P 500 ETF (SPY) and the Invesco QQQ Trust (QQQ) climbed higher, while the SPDR Dow Jones Industrial Average ETF Trust (DIA) traded lower at the time of writing.
The iShares 20+ Year Treasury Bond ETF (TLT) was up 0.06% amid ‘bearish’ sentiment.
Asian markets opened mixed on Friday. South Korea’s KOSPI and Japan’s Nikkei 225 were trading in the green territory at the time of writing, while China’s SSE Composite and Australian stocks were in the red at the open.
For updates and corrections, email newsroom[at]stocktwits[dot]com.
Aashika Suresh has no position in any of the stocks mentioned in this article. StockTwits’ news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy. This article was originally published on StockTwits.
