S&P 500 Record, Cisco Cuts 5% Jobs

S&P 500 closed above 7,500 at 7,501.14 (+0.8%), Nasdaq at 26,635.22 (+0.9%), Dow at 50,063.46 (+0.8%) near its record.
Cisco shares jumped 13.4% after unveiling an AI‑focused restructuring that will cut roughly 4,000 jobs (~5% workforce) with a $1 bn charge.
Trump‑Xi summit lifted market mood; Nvidia cleared to sell its H200 AI chip in China, sending Nvidia up 4.4% to a record high.
Oil rose 0.5% to $106.16/barrel; Fed chair Kevin Warsh confirmed, retail sales grew 0.5% M/M, while initial jobless claims rose to 211,000.