On Thursday, futures for the S&P 500 and Nasdaq surged to record highs, buoyed by a 1.9% rise in Nvidia's shares, which pushed its market valuation to $5.9 trillion. This rally in technology stocks, particularly chipmakers, has been instrumental in lifting U.S. stocks despite ongoing concerns regarding the Middle East conflict and inflation driven by rising oil prices. Investors are also focused on the high-stakes U.S.-China summit, where Chinese President Xi Jinping expressed cautious optimism about trade talks while highlighting potential risks related to Taiwan. At the same time, Cisco saw a significant 16.5% increase in its stock price after announcing job cuts and a positive revenue outlook. Market analysts are now pricing in a 28% chance of a quarter-point rate hike by the Federal Reserve by the end of the year, following stronger-than-expected consumer and producer price data. Upcoming retail sales data and jobless claims will provide further insights into consumer spending and the labor market.