Dow Surges Past 50,000 and S&P 500 Clears 7,500 Milestone, While Asia Markets Pull Back From Record Highs
15 May 2026
Today in Brief
U.S. markets posted historic milestones as the Dow Jones Industrial Average crossed 50,000 points and the S&P 500 recorded its first close above 7,500, buoyed by strong Cisco corporate earnings and optimization regarding U.S.-China diplomatic relations. Conversely, Asia-Pacific markets retreated from their recent peaks, with South Korea's Kospi pulling back after briefly touching the 8,000 milestone as investors closely parsed the second day of summit talks between Donald Trump and Xi Jinping in Beijing.
Commodities remained highly volatile as gold softened toward $4,600 an ounce, feeling pressure from persistent inflation data that has virtually erased Federal Reserve rate-cut expectations for the year. WTI crude oil advanced past $102 per barrel as the Middle East conflict stalled peace talks and kept the critical Strait of Hormuz closed. On the policy front, the crypto industry secured a major legislative breakthrough with the Senate banking committee advancing the Clarity Act, while the Federal Reserve experienced internal shifts as Governor Stephen Miran submitted his resignation ahead of incoming Chair Kevin Warsh's arrival.
Asia Markets
Story 01
South Korea's Kospi retreats from 8,000 milestone as Trump-Xi talks enter second day
South Korea's benchmark Kospi gave up earlier gains to fall more than 3% on Friday, retreating from a fresh record high above 8,000 as broader Asia-Pacific markets fell. Investors were tracking the second day of high-stakes talks between U.S. President Donald Trump and Chinese President Xi Jinping. The small-cap Kosdaq was down 2.61%. Japan's Nikkei 225 declined 1.1% and the Topix lost 0.13%. In Australia, the S&P/ASX 200 was little changed. Hong Kong's Hang Seng index slid 0.89% while the CSI 300 remained flat. India's Nifty 50 was up 0.2%. The Kospi topped 7,000 for the first time on May 5, after index heavyweight Samsung Electronics reached a record high, crossing $1 trillion in market capitalization.
U.S. Markets
Story 02
Dow jumps 370 points to recapture 50,000; S&P 500 posts first close above 7,500
Stocks were higher on Thursday, with the Dow Jones Industrial Average retaking 50,000 after strong earnings from Cisco Systems and following a key meeting between U.S. and China. The 30-stock index popped 370.26 points, or 0.75%, to end at 50,063.46. The S&P 500 climbed 0.77% and closed at 7,501.24, while the Nasdaq Composite gained 0.88% to 26,635.22. Those two indexes scored fresh all-time intraday highs and record closes. Shares of Cisco surged 13% 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.
Commodities
Story 03
Gold weakened toward $4,600 an ounce on Friday and was on track to fall about 2% for the week
Gold weakened toward $4,600 an ounce on Friday and was on track to fall about 2% for the week, pressured by accelerating US inflation that fuelled concerns the Federal Reserve may need to keep interest rates elevated or even hike them. Data released earlier this week showed US wholesale inflation surged at its fastest pace since 2022 in April, while consumer prices posted their largest increase since 2023. Inflationary pressures have been driven largely by the prolonged Middle East conflict and the near-shutdown of the critical Strait of Hormuz, which has severely disrupted global energy shipments. Markets have now fully ruled out a Fed rate cut this year, with some traders increasingly pricing in the possibility of a rate hike by December.
Energy
Story 04
WTI crude futures rose above $102 per barrel on Friday and were on track to rise more than 7% for the week
WTI crude futures rose above $102 per barrel on Friday and were on track to rise more than 7% for the week, as diplomatic attempts to end the US-Iran conflict continued to stall, leaving the strategically crucial Strait of Hormuz effectively closed. The key shipping route remains under a dual blockade that has emerged as a central obstacle in negotiations, with President Donald Trump saying the current ceasefire was on "massive life support" after dismissing Tehran's latest response to his peace proposal. Meanwhile, the IEA reported that crude and fuel flows through the Strait of Hormuz dropped by around 4 million barrels per day in March and April, warning that the global oil market could stay materially undersupplied through October even if the conflict is resolved next month.
Diplomacy
Story 05
Trump wraps up two-day China trip; invites Xi for a September visit
U.S. President Donald Trump has invited Chinese President Xi Jinping to visit the White House on September 24, indicating that trade talks will extend beyond this week's two-day summit in Beijing. Trump announced the invitation Thursday evening at a state dinner, according to a video shared by the White House. Following the two presidents' meeting earlier that day, Xi said the U.S. and China agreed to "strategic stability" as a framework for the next three years, according to state media. The main question for the outcome of the summit will be "which of the deals the president would like to strike are ripe enough" to see through, said Ryan Fedasiuk, fellow at the American Enterprise Institute. "Frankly, a lot will be left on the tree to ripen further."
Global Trade
Story 06
China will work behind the scenes to help reopen the Strait of Hormuz, Bessent says
China will use its influence on Iran to help reopen the Strait of Hormuz, U.S. Treasury Secretary Scott Bessent told CNBC in an interview Thursday. "It's very much in their interest to get the strait reopened," Bessent told CNBC's Joe Kernen. "I think they will be working behind the scenes to the extent anyone has any say over the Iranian leadership." China is the largest crude oil importer in the world. About 10% of its imports came from Iran and more than half came from the Middle East in 2024, according to the U.S. Energy Information Administration. Nearly all of Iran's crude oil exports go to China, the Treasury secretary said. "China has a much bigger interest in reopening the strait than the U.S. does," Bessent told CNBC. President Donald Trump held talks with President Xi Jinping during a two-day summit in Beijing on Thursday. A White House official said the leaders agreed Hormuz needs to reopen.
Regulation
Story 07
Crypto industry scores win as Clarity Act regulation bill clears Senate hurdle
The cryptocurrency industry notched a key win after a Senate panel on Thursday approved the Clarity Act, the first wide-ranging piece of legislation pertaining to the new industry. The Senate banking committee largely voted along party lines, 15-9, with Democratic Sens. Ruben Gallego, of Arizona, and Angela Alsobrooks, of Maryland, joining all Republicans on the panel to vote for the bill. The measure has a long way to go before becoming law, given both powerful opposition and the fact that it would need to clear the full Senate as well as the House before heading to President Donald Trump's desk.
Banking
Story 08
Fed Governor Miran submits resignation, throws support behind Warsh as new chair
Federal Reserve Governor Stephen Miran officially handed in his resignation letter Thursday, saying he will vacate his spot on the central bank board when or just before new Chair Kevin Warsh takes his seat. Stepping in to fill what was left of an unexpired term last September, Miran served as a contrarian voice on the rate-setting Federal Open Market Committee. He voted "no" in each of the six meetings he has attended since taking over for Adriana Kugler, who abruptly resigned in August 2025. In his letter, Miran said his brief stint was "the highest honor of my life" and expressed confidence in Warsh, who gained Senate confirmation to the top seat Wednesday. Miran came to the Fed after serving as chair of the Council of Economic Advisers. "Going forward, I am excited about changes Chairman-designate Kevin Warsh and the Federal Reserve may make in areas such as communications policy, balance sheet policy, and keeping the Federal Reserve to its narrow mandate and out of hot-button political and cultural issues," he wrote.
Technology
Story 09
Applied Materials sees quarterly revenue above estimates on sustained Al spending
Applied Materials on Thursday forecast third-quarter revenue and adjusted profit above Wall Street estimates, betting that heavy spending on data centers and Al infrastructure will sustain strong demand for its chip-making tools. Shares of the Santa Clara, California-based company, which also beat second-quarter revenue and profit estimates, rose 3% in extended trading. The ongoing Al boom is benefiting equipment suppliers such as Applied Materials, as building more powerful Al chips requires not only more silicon wafers but also complex manufacturing processes. "With rising demand and increasing long-term visibility from customers, we see an exceptionally strong foundation for sustained multi-year revenue and profit growth," CEO Gary Dickerson said on a post-earnings call.
Semiconductors
Story 10
Trump-Xi summit revives China tech rally hopes as U.S. reportedly clears Nvidia H200 sales
Chinese equities could get a fresh boost after this week's high-stakes meeting between U.S. President Donald Trump and Chinese President Xi Jinping, with investors saying the summit could ease trade tensions and revive momentum, especially in the country's lagging technology shares. Goldman Sachs analysts said discussions were expected to focus narrowly on trade and export controls, including tariffs, semiconductor restrictions and rare earth exports. The bank said it expected China to agree to buy more U.S. agriculture products, energy and aircraft in exchange for avoiding further tariff escalation. While Goldman does not expect a sweeping "grand bargain," it said the meeting could still "act as a tactical catalyst for strength in the Chinese yuan and in Chinese equities."
Aviation
Story 11
China will order 200 Boeing jets, Trump tells Fox News
President Donald Trump told Fox News that China has agreed to buy 200 Boeing jets, according to a clip that aired Thursday, more than the 150 aircraft Boeing had expected. "One thing he agreed to today, he's going to order 200 jets. That's a big thing. Boeings," Trump told Fox News, referring to Chinese President Xi Jinping. "Boeing wanted 150, got 200." Analysts had expected a large Boeing aircraft order to come out of Trump's visit to China, with Jefferies estimating the order could reach 500 aircraft. Boeing CEO Kelly Ortberg and other top executives from U.S. companies joined Trump on the trip. The manufacturer hasn't won a major order from China in almost a decade, but the country has been buying from Boeing's main rival, Airbus.
Corporate Law
Story 12
US set to drop criminal fraud case against India's Gautam Adani, sources say, as deal reached in civil case
The U.S. Justice Department is close to dropping criminal fraud charges against Gautam Adani, an Indian billionaire who has promised to invest $10 billion in the U.S. economy, according to two sources familiar with the matter. Adani on Thursday resolved a related civil fraud lawsuit brought by the Securities and Exchange Commission (SEC) over an alleged scheme to bribe Indian government officials, subject to court approval. Adani Group did not respond to a request for comment from Reuters on the report of the criminal charges being dropped. It has previously called the allegations "baseless." Shares of Adani Group companies pared early gains and were mixed on Friday in Indian trading. Adani Enterprises, the flagship of the group, rose as much as 3.2% in pre-open deals before trimming those gains to 0.8% in morning trade.
