S&P 500 futures climb after tech-driven rally leads index to new record: Live updates

S&P 500 futures rose early Thursday after a narrow rally in technology stocks pushed the index to new all-time highs.

S&P futures and Nasdaq 100 futures climbed 0.13% and 0.07%, respectively. Futures tied to the Dow Jones Industrial Average rose by 115 points, or 0.41%.

Shares of Cisco Systems surged 19% in extended trading after the software giant issued third-quarter results and guidance that beat Wall Street's expectations and announced it would be cutting almost 4,000 jobs. On the other hand, shares of Doximity stumbled 18% after the company posted revenue guidance for the current quarter and full year that fell short of expectations, as well as a fourth-quarter earnings miss.

Both the S&P 500 and the Nasdaq Composite notched new intraday and closing records during Wednesday's regular session. The broad market index added 0.58%, while the tech-heavy Nasdaq rose 1.2%. The Dow bucked the trend, slipping 67.36 points, or 0.14%.

Investors mulled over yet another hotter-than-expected inflation report — April's producer price index, which rose 1.4% for the biggest increase on a monthly basis since March 2022 and came in much hotter than economists were expecting.

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. The surge in tech stocks came as Nvidia CEO Jensen Huang joined U.S. President Donald Trump on his trip to meet Chinese President Xi Jinping in Beijing.

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."

Honda Motor, Yeti, Viking Holdings, Klarna, Bullish and Versant Media will report earnings before Thursday's opening bell. Traders will also look for April's retail sales and export and import price index readings, as well as initial jobless claims data from the week ended May 9. Meanwhile, New York Federal Reserve Bank president and CEO John Williams will moderate a discussion on Thursday afternoon.

Disclosure: Versant Media is the parent company of CNBC.

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.

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%.

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.

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.

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

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%.