Stock market today: Live updates

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.

The Dow’s comeback has been supported by Amazon and Nvidia alongside Cisco — 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.”