04:41 PM EDT, 05/14/2026 (MT Newswires) -- US equity indexes rose as sector-topping technology shares pushed the S&P 500 and the Nasdaq to new peaks on Thursday, while China agreed that Iran should not control the Strait of Hormuz, the chokepoint to about a fifth of global crude oil flows.

The Dow Jones Industrial Average climbed 0.8% to 50,063.46, trading close to its all-time high of 50,512.79. The Nasdaq advanced 0.9% to 26,635.22 after hitting a new high of 26,707.14 earlier in the session. The S&P 500 was up 0.8% to 7,501.24, after making a new record of 7,517.12.

Technology was the standout gainer, up 1.9% at the close. Materials and real estate led the decliners.

Of the top 10 companies with a market capitalization of more than $200 billion, implying a significant sway over indexes, nine were from the technology sector, according to data compiled by Finviz. The top performer in this category was Cisco Systems ( CSCO ) , up 13%, followed by chipmakers Broadcom ( AVGO ) and Nvidia ( NVDA ) .

Cisco ( CSCO ), also the leader on the S&P 500, the Nasdaq, and the Dow, overnight reported fiscal Q3 earnings and revenue that topped market expectations and raised fiscal 2026 guidance. The firm also announced restructuring plans that included lay-offs of nearly 4,000 employees.

Meanwhile, about 10 Chinese companies have secured US clearance to purchase Nvidia's ( NVDA ) H200 AI chip, Reuters reported, citing unnamed sources. Shares of the semiconductor manufacturer jumped 4.4%, the second-biggest gainer on the Dow.

Cerebras Systems (CBRS) soared 68% in its debut after the artificial intelligence chipmaker priced its initial public offering of 30 million shares at $185 apiece, higher than the prior upgraded range of $150 to $160 set by the company late Wednesday.

In economic news, retail sales in April rose for the third straight month, with analysts saying the increase largely reflected higher prices as the war in Iran kept fuel costs elevated. Sales rose 0.5% in April following a revised 1.6% gain in March, the Census Bureau reported, matching the consensus in a survey compiled by Bloomberg.

"Despite elevated prices at the pump and elsewhere, consumers continue to prove resilient thanks to decent wage gains, savings, and credit cards to support spending," Lindsey Piegza, chief economist at Stifel, said in a note. "That being said, consumers cannot perpetually withstand elevated costs."

Business inventories rose 0.9% in March, as expected in a survey compiled by Bloomberg and following a 0.4% increase in the previous month.

US Treasury yields were mixed, with the 10-year steady at 4.49%. The two-year rate rose 2.3 basis points to 4.01%.

West Texas Intermediate crude oil futures rose 1% to $101.99, and Brent crude futures climbed 0.9% to $106.61.

Chinese President Xi Jinping has pledged not to provide military equipment to Iran, CNN reported, citing President Donald Trump. Xi, however, warned the US that a mishandling of Taiwan could plunge bilateral relations to a "dangerous place," according to reports from CNN and Reuters.

The two leaders agreed that the crucial Strait of Hormuz should remain a free waterway and Iran shouldn't be able to exact payments for the use of shipping lanes, The Wall Street Journal reported, citing a White House readout of the Trump-Xi talks.

In precious metals, gold futures declined 1.1% to $4,654.3, and silver futures slumped 6.2% to $83.81.