By Heard Editors
What Happened in Markets Today
Stocks rose as the U.S. and China sought agreement on Hormuz. President Trump and Chinese leader Xi Jinping agreed Iran shouldn't control the key waterway. The S&P 500 rose 0.8%, and the Nasdaq Composite jumped 0.9%. The Dow Jones Industrial Average added 370 points, or 0.8%.
Chip company soars in debut. Shares of Cerebras Systems priced at $185 in their public offering and opened trading at $350 on Thursday. It closed at $311. The deal's success will build anticipation for coming IPOs, led by SpaceX.
Retail sales growth slowed. Sales growth slowed for U.S. retailers in April. Rising sales of gasoline overshadowed a slowdown in other sales, like furniture.
Cisco said it is cutting jobs. The networking giant said the move was part of a push into AI automation. Its shares jumped 13%, leading the S&P 500.
Top court boosts trucking. J.B. Hunt Transport Systems and Old Dominion Freight Line jumped after the Supreme Court ruled that a freight broker was liable for an accident. The decision could give leeway to raise trucking rates.
Senate vote jolts crypto stocks. Shares of Coinbase Global and Robinhood Markets both jumped more than 5% after a Senate committee voted up crypto legislation. Stablecoin issuer Circle Internet fell 2%, though, as banks won some concessions on the ability to pay interest.
This analysis comes from the Journal's Heard on the Street team. Subscribe to their free daily afternoon newsletter here.
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(END) Dow Jones Newswires
May 14, 2026 17:48 ET (21:48 GMT)
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