JUST IN: THE DOW JUST RECAPTURED 50,000. THE S&P 500 CLOSED ABOVE 7,500 FOR THE FIRST TIME EVER. THE NASDAQ HIT A FRESH ALL-TIME INTRADAY HIGH. Three indexes, three records, one tape. The drivers behind the close: Today's index moves: - Dow: +370 points to 50,063 (+0.75%) - S&P 500: +0.77% (first close above 7,500) - Nasdaq: +0.88% (new all-time intraday high) The Cisco engine: - Cisco $CSCO closed +12% after Q3 beat plus raised AI orders guide ($5B to $9B for FY26) - Cisco also announced ~4,000 job cuts as part of its restructuring plan - $CSCO is +46% over the past two months The NVIDIA engine: - NVIDIA $NVDA closed +4% on the Reuters report that the U.S. approved ~10 Chinese firms (Alibaba, Tencent, ByteDance, others) to purchase H200 chips - Still no deliveries made despite the approval - $NVDA is +30% over the past two months The Trump and Xi summit, per a White House official 🇺🇸: - Iran was a major topic of discussion - Both sides agreed the Strait of Hormuz must remain open