U.S. equities closed in the green on Thursday.

The S&P 500 rose 0.77% to end at 7,501.24, while the Nasdaq Composite added 0.88% to 26,635.22. The Dow Jones Industrial Average moved up 370.26 points, or 0.75%, to 50,063.46.

— Sean Conlon

The recent rally in the market is not necessarily in good shape, according to Jonathan Krinsky, chief market technician at BTIG.

"The divergences and dispersion are only growing. Cyclical parts of the economy are clearly responding to higher rates and energy prices," he said, noting that money is continuing to flow into artificial intelligence-related stocks as opposed to those like homebuilders and retailers.

"At some point the music stops and we see meaningful reversion," he also said. "While calling the exact turn remains difficult, we think we are quite close."

— Sean Conlon

Boeing shares fell 3.8% after President Donald Trump told Fox News that China has agreed to buy 200 Boeing jets, disappointing analysts who were expecting up a larger order. Jefferies, for example, was expecting up to 500 aircraft. Boeing CEO Kelly Ortberg and other top executives from U.S. companies joined Trump on the trip.

"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.

— Sarah Min and Leslie Josephs

Here are some of the companies making headlines in midday trading:

• Bitcoin-linked stocks – Share of companies related to bitcoin rose as the Senate Banking Committee met to discuss legislation that would create a regulatory framework for cryptocurrencies. Bitcoin rose 2%, while Coinbase jumped nearly 9%. Bitcoin treasury company Strategy popped 7%, and trading platform Robinhood rose 6%.
• Starbucks – The coffee chain jumped 2% after TD Cowen raised its rating to buy from hold, and its price target to $120 from $106. "Starbucks has numerous tangible drivers to deliver positive sales revisions in a strong category backdrop," analyst Andrew Charles said Thursday in a note to clients.
• Ford Motor – Shares of the automaker rose 7%, adding to its 13% advance Wednesday. Morgan Stanley highlighted its energy storage business and its relationship with battery manufacturer CATL. "We find that investors are overlooking this opportunity and its potential to drive improved profitability within Ford's Model e segment," analyst Andrew Percoco wrote in a Tuesday report. Barclays said Thursday that Ford Energy "could be an incremental $3bn revenue, $300-500mn EBIT opportunity."

Read the full list here.

— Michelle Fox

Crypto stocks rallied midday after a Senate panel on Thursday approved the crypto market structure bill known as the Clarity Act, the first wide-ranging piece of legislation pertaining to the new industry.

Crypto exchange Coinbase, which played a big role in helping shape the bill, surged 9%. The stablecoin company Circle, for whom the news was likely already priced in rose 2%. It's up 13% this week.

The crypto lending company Figure saw a 9% gain, crypto investment firm Galaxy rose 6%, and the treasury firms Strategy and Sharplink climbed about 7% each.

For more on Thursday's vote, read our full story here.

— Tanaya Macheel and Emily Wilkins

AI chip maker Cerebras Systems opened at $350 on Nasdaq, 89% above its $185 initial public offering price. Before the offering priced late Wednesday, Cerebras, trading under ticker "CBRS," was expected to price its IPO at $150 to $160 a share.

Ten-year-old Cerebras raised $5.55 billion in its 30-million share IPO and, at a recent price of $313.25, is valued at almost $70 billion. The company will raise $6.4 billion if underwriters exercise the full overallotment option. Roughly 16% of the Cerebras shares outstanding will be available to trade after the IPO.

Cerebras may help usher in a wave of historic IPOs later in 2026. Elon Musk's SpaceX, which merged with AI company xAI in February, is gearing up for a share sale, as are model developers OpenAI and Anthropic, possibly later this year.

Thursday's offering was the largest by a U.S. tech company since Uber Technologies went public in 2019.

— Scott Schnipper, Jordan Novet and Gina Francolla

Cisco CEO Chuck Robbins told CNBC on Thursday that skyrocketing demand for artificial intelligence tools and equipment is powering the industry toward a "networking supercycle."

Shares jumped 14% and headed for their best day in more than two decades after Cisco blew past its AI infrastructure and hyperscaler guidance orders for the fiscal year and lifted its forecast from $5 billion to $9 billion.

The California-based networking equipment maker also said it will cut about 5% of its workforce as it shifts focus toward AI-focused segments, silicon, and optics.

"Given the speed at which the market is moving, we need to make a rapid reallocation of resources," Robbins told CNBC. "By the way, a lot of the people that are potentially impacted will actually go take those jobs."

Read the full article here.

— Samantha Subin

Treasury Secretary Scott Bessent told CNBC that China will look to the U.S. for more energy after the massive disruption to supplies in the Middle East.

President Donald Trump is in China for a summit meeting with President Xi Jinping. "There was talk today about the Chinese buying more U.S. energy," Bessent told CNBC in an interview.

The Treasury Secretary said China and other nations are looking for more stable sources of energy, after Iran blockaded the Strait of Hormuz and choked off oil exports from the Persian Gulf. China is the world's largest oil importer and much of its crude comes from the Middle East.

The U.S. plans to ramp up oil and liquified natural gas exports from Alaska, Bessent said. Alaska would be a natural place for China to import energy due to its geographic proximity, the Treasury Secretary said.

"We think that not only China, but countries all around the world are going to look to diversify away from the Middle East for more stable sources of energy and what better place than the U.S.," Bessent said.

— Spencer Kimball

Jefferies analysts note copper mining equities are pricing copper at $6.17/Ib, slightly below the current London Metal Exchange, which prices it at $6.39/lb. 

The analysts do see prices increasing to at least $8.00/lb for an extended period over the next three to five years, driven by growing demand from electrification and infrastructure. Higher copper prices for extended periods of time will mean upside in copper mining stocks. The analysts forecast are conservative due to the to "the Middle East war- related economic risks."

— Ananya Chetia

The three major averages opened higher on Thursday morning.

The Dow Jones Industrial Average jumped 373 points, or 0.7%, topping 50,000. The S&P 500 gained 0.3%, while the Nasdaq Composite climbed 0.1%.

— Sean Conlon

Whirlpool stock is likely to lose ground as the home appliance company contends with a combination of industry and macroeconomic headwinds, according to Goldman Sachs. 

The investment bank downgraded Whirlpool to neutral from buy. It also set a $53 price target on shares, implying 27% from Wednesday's close. 

"We look for ongoing industry and macro pressures to weigh on results," Goldman Sachs analysts said Thursday in a note to clients. "While we recognize Whirlpool's efforts to offset top-line and margin headwinds—including the largest price increase in 30+ years, plans to reduce costs by $150+mn, and successful new product introductions—we believe the benefits could be muted as operating pressures persist for the balance of this year, at least."

Shares declined around 1% in premarket trading on Thursday. The stock has fallen roughly 50% in the past 12 months. 

— Liz Napolitano

Retail sales rose as expected in April while initial unemployment claims were a bit higher than forecast, according to economic data Thursday.

The Commerce Department reported that sales rose 0.5% for the month, matching the Dow Jones estimate, according to numbers adjusted for seasonality but not inflation. Excluding autos, sales grew 0.7%, or 0.1 percentage point below the estimate.

Though sales were largely in line, the top-line figures received an outsized boost from soaring energy costs, which drove up sales at gas stations by 2.8%, by far the biggest gainer among all categories.

On jobless claims, the Labor Department reported 211,000 initial filings for the week ending May 9, up 12,000 from the prior reading and above the 205,000 estimate. Continuing claims, which run a week behind, rose 24,000 to 1.78 million.

— Jeff Cox

There was more bad inflation news Thursday, as import and export prices hit multi-year highs in April.

Import prices jumped 1.9% for the month, a full percentage point above the March move and higher than the 0.9% Dow Jones consensus forecast. On a 12-month basis, prices rose 4.2%, the most since October 2022.

Consistent with other recent data, the rise came in large part from energy-related costs, as prices for fuels and lubricants surged 16.3%. Prices for petroleum and petroleum products increased 19%. Nonfuel imports rose 0.8% on higher prices for capital goods, nonfuel supplies and foods and beverages.

On the export side, prices climbed even more, up 3.3%, which put the 12-month increase at 8.8%, the highest since September 2022.

— Jeff Cox

Check out the companies making the biggest moves in premarket trading:

• Biogen — Shares advanced 4% after the biopharmaceutical company announced its experimental Alzheimer's drug will advance into a phase 3 trial, despite failing to meet the main goal of the phase 2 trial. Biogen said the drug showed cognitive benefits.
• Yeti Holdings — The outdoor products company jumped 10% after its first-quarter beat on the top and bottom lines. Yeti reported adjusted earnings of 26 cents per share, versus the 18 cents expected from analysts polled by FactSet. Its revenue of $380.4 million also topped the $374.7 million consensus estimate.
• Bullish — The cryptocurrency exchange tumbled 9% following its disappointing first-quarter results. Bullish saw adjusted net income of $20.3 million, short of the $23.9 million expected from analysts, per FactSet. Its adjusted revenue was $92.8 million, compared to the $94.9 million consensus estimate.

Read here for the full list.

— Michelle Fox

The U.S. can talk to China about AI because "we are in the lead," U.S. Treasury Secretary Scott Bessent told CNBC, as the countries unveiled a protocol on best practices for the rapidly improving technology.

"The two AI superpowers are gonna start talking. We're gonna set up a protocol in terms of how do we go forward with best practices for AI to make sure non-state actors don't get a hold of these models," Bessent told Joe Kernen on Thursday, on the sidelines of President Donald Trump's two-day meeting in Beijing with Chinese President Xi Jinping.

Read more here.

— Evelyn Cheng

Asia-Pacific markets traded mixed Thursday as investors look 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.

Trump landed in Beijing Wednesday for the closely watched summit, accompanied by a group of U.S. executives, including Tesla CEO Elon Musk and Nvidia boss Jensen Huang.

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.

Samsung shares rose as much as 5%, notching a fresh record high. The tech giant suffered a brief wipeout of $66 billion in market value on Wednesday following a labor dispute that threatened one of the biggest strikes in the company's history.

This comes as the labor union threatened an 18-day strike from May 21 if its demands were not met. More than 41,000 workers are expected to join the walkout, which was first announced at a rally on April 23.

South Korea's finance minister Koo Yun-cheol warned Thursday that a potential strike by Samsung workers could pose a major threat to the country's economic growth, exports and financial markets.

In Australia, the S&P/ASX 200 added 0.12% to 8,640.7.

Hong Kong Hang Seng index was flat in the final hour of trading, while the CSI 300 declined 1.68% to 4,914.60.

— Lee Ying Shan

Asia-Pacific markets traded mixed Thursday as investors look 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.

Trump landed in Beijing Wednesday for the closely watched summit, accompanied by a group of U.S. executives, including Tesla CEO Elon Musk and Nvidia boss Jensen Huang.

Japan's Nikkei 225 rose 0.27%, while the Topix slid 0.23%. South Korea's Kospi added 0.38%, while the small-cap Kosdaq climbed 1.31%.

Samsung shares rose as much as 5.46%, notching a fresh record high. The tech giant suffered a brief wirepout of $66 billion in market value on Wednesday following a labor dispute that threatened one of the biggest strikes in the company's history.

This comes as the labor union threatened an 18-day strike from May 21 if its demands were not met. More than 41,000 workers are expected to join the walkout, which was first announced at a rally on April 23.

South Korea's finance minister Koo Yun-cheol warned Thursday that a potential strike by Samsung workers could pose a major threat to the country's economic growth, exports and financial markets.

In Australia, the S&P/ASX 200 declined 0.16%.

Hong Kong Hang Seng index rose 1.32%, while the CSI 300 added 0.27%.

— Lee Ying Shan

Cerebras Systems priced its initial public offering at $185 per share, a person with knowledge of the matter told CNBC.

That's above the expected range of $150 to $160 per share.

The offering raised at least $5.55 billion for the manufacturer of artificial intelligence chips. Cerebras will be trading on the Nasdaq under the ticker CBRS.

Cerebras' debut takes place as the artificial intelligence trade drives the market higher. The S&P 500 coasted to a new all-time high and closing record on Wednesday in a narrow rally that was propelled by AI darlings Nvidia and Micron Technology.

Read more from CNBC's Jordan Novet on Cerebras' IPO here.

— Darla Mercado

On Wednesday, six of the 11 GICS sectors ended the trading session higher.

The day's gains were led by communication services stocks, up 2.65%. The information technology and consumer discretionary sectors followed, respectively up 0.98% and 0.75%.

On the other hand, utilities stocks lagged, falling 1.26%. The financials and real estate sectors were the next biggest losers, shedding 1.07% and 0.90%, respectively.

— Lisa Kailai Han

These are the stocks moving the most in extended-hours trading:

• Cisco Systems — Shares surged 17% after the software giant issued third-quarter results and guidance that beat Wall Street's expectations. For its current quarter, Cisco sees its adjusted earnings coming in at $1.16 to $1.18 per share on $16.7 billion to $16.9 billion in revenue. Analysts were looking for adjusted earnings of $1.07 per share and revenue of $15.82 billion, per LSEG. Cisco also beat Wall Street's projections on both the top and bottom lines for its last quarter and announced that it would be cutting almost 4,000 jobs.
• StubHub — The ticket seller popped 13% after posting first-quarter revenue of $446 million and adjusted EBITDA of $72.1 million. Analysts polled by LSEG had expected $432 million in revenue and $65.1 million in EBITDA.
• Doximity — Shares stumbled 19% after the healthcare digital platform provider shared current-quarter and full-year revenue guidance that fell short of analysts' expectations, per LSEG. Doximity's fourth-quarter adjusted earnings of 26 cents per share also came below the 28 cents analysts were looking for.
• Jack in the Box — The fast-food stock added 1% after Jack in the Box posted second-quarter adjusted EBITDA of $51.3 million, exceeding the $50.3 million analysts were looking for, per FactSet. However, the company's adjusted earnings and revenue missed consensus estimates.

— Lisa Kailai Han

S&P 500 futures opened little changed on Wednesday night, after the index rallied to a new intraday and closing record during the day's regular session.

On the other hand, Nasdaq 100 futures added 0.2%. Dow futures rose 110 points, or also 0.2%.

— Lisa Kailai Han