NYSE
Dow futures, year-to-date
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 would yield some deals for U.S. companies.
Both the S&P 500 and the Nasdaq Composite notched new intraday and closing records during Wednesday’s session, even as investors mulled over another hotter-than-expected inflation report.
While fears of higher energy prices weighed 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.”
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