05:42 PM EDT, 05/13/2026 (MT Newswires) -- The Nasdaq Composite and the S&P 500 reached fresh peaks on Wednesday, buoyed by a rally in technology stocks ahead of high-stakes talks between US President Donald Trump and his Chinese counterpart, Xi Jinping.

The Nasdaq rose 1.2% to 26,402.3 and the S&P 500 climbed 0.6% to 7,444.3. The Dow Jones Industrial Average slipped 0.1% to 49,693.2. Most sectors ended in the green, led by communication services, followed by tech, while utilities saw the steepest decline.

Chipmaking giant Nvidia's ( NVDA ) shares jumped 2.3%, among the best performers on the Dow. Apple ( AAPL ) , Amazon.com ( AMZN ) , and Cisco Systems ( CSCO ) also advanced. On Semiconductor (ON) shares surged 11%, the second-biggest gainer on the S&P 500.

Trump arrived in Beijing Wednesday, accompanied by Nvidia ( NVDA ) Chief Executive Jensen Huang, Apple's ( AAPL ) Tim Cook, and Tesla (TSLA) CEO Elon Musk, along with other executives. Trump is set to have talks with Xi on Thursday and Friday, CNBC reported.

"The trip underscores the stakes for chips, tech, and the (artificial intelligence) supply chain highlighted by Nvidia's ( NVDA ) most advanced chips, which (have) faced a series of tightening US export restrictions on China sales," Wedbush Securities said in note.

"We believe that this summit will prove 'constructive' as it keeps the conversation focused on reopening channels where possible rather than allowing the relationship to drift into a more permanent Cold War dynamic that would ultimately slow AI diffusion and cloud monetization on both sides," Wedbush said.

US Treasury yields were little changed in Wednesday late-afternoon trade, with the 10-year and two-year rates at 4.48% and 3.99%, respectively.

In economic news, US producer prices in April rose at the fastest pace in four years as broad-based increases in services and goods signaled intensifying inflation pressures, official data showed.

"On the heels of yesterday's disappointing (consumer price index) results, the April producer price report flags intense inflation pressure in the pipeline," BMO Capital Markets said in a note. "Look for another heated consumer inflation report in May, and not solely due to costlier gasoline, as price pressures stemming from the Iran war are bleeding into other sectors of the economy."

The central bank last month held rates steady for a third straight meeting and is widely expected to do so again in June, according to the CME FedWatch tool.

The US Senate confirmed Kevin Warsh's nomination as Fed chair on Wednesday. Warsh is Trump's pick for the job as the term of current central bank chief Jerome Powell is set to expire on Friday.

Boston Fed President Susan Collins expects the central bank to maintain its current monetary policy stance, which she described as "slightly restrictive."

"More than five years of above-target inflation has reduced my patience for 'looking through' another supply shock," Collins said in prepared remarks on Wednesday. "And while it is not

in my most likely outlook, I could envision a scenario in which some policy tightening is needed to ensure that inflation returns durably to 2% in a timely manner."

West Texas Intermediate crude was last down 0.9% at $101.27 a barrel, while Brent fell 1.8% to $105.85.

The International Energy Agency forecast a sharper decline in global oil demand this year than previously expected as the Middle East conflict drives up energy prices.

"More than 10 weeks after the war in the Middle East began, mounting supply losses from the Strait of Hormuz are depleting global oil inventories at a record pace," according to the report.

Separately, the Organization of the Petroleum Exporting Countries reduced its global oil demand growth outlook for 2026, but upgraded its projection for next year.

Trump recently rejected Iran's counteroffer to end the war, though a fragile ceasefire between the two countries still holds.

In company news, Wix.com ( WIX ) logged a larger-than-expected annual decline in its first-quarter earnings, while the Israeli web development platform maintained its full-year outlook. The company's US-listed shares tanked 27%.

Gold was last up 0.2% at $4,694.70 per troy ounce, while silver climbed 3% to $88.18 per ounce.