Stock market today: Live updates

S&P 500 futures were little changed on Wednesday night after a narrow rally in technology stocks pushed the index to new all-time highs.

S&P futures and Nasdaq 100 futures climbed 0.1% and 0.3%, respectively. Futures tied to the Dow Jones Industrial Average rose by 127 points, or nearly 0.3%.

Shares of Cisco Systems surged 14% in extended trading after the software giant issued third-quarter results and guidance that beat Wall Street’s expectations and announced it would be cutting almost 4,000 jobs. On the other hand, shares of Doximity stumbled 19% after the company posted revenue guidance for the current quarter and full year that fell short of expectations, as well as a fourth-quarter earnings miss.

Both the S&P 500 and the Nasdaq Composite notched new intraday and closing records during Wednesday’s regular session. The broad market index added 0.58%, while the tech-heavy Nasdaq rose 1.2%. The Dow bucked the trend, slipping 67.36 points, or 0.14%.

Investors shook off yet another hotter-than-expected inflation report — April’s producer price index, which marked the biggest increase on a monthly basis since March 2022 and came in much hotter than economists were expecting.

While fears of higher energy prices weighed on other sectors of the market, technology stocks — particularly semiconductor names like Nvidia and Micron Technology — drove the market rally on Wednesday. The surge in tech stocks came as Nvidia CEO Jensen Huang joined U.S. President Donald Trump on his trip to meet Chinese President Xi Jinping in Beijing.

Going forward, investor Peter Mallouk believes that chipmakers may have even more upside from here.

“This has been, for the most part, a tech-driven long, long, long bull market … This growth is because of expected earnings. It’s not really a speculative bubble,” the Creative Planning CEO said on CNBC’s “Power Lunch” on Wednesday afternoon. “I think the chipmakers are actually undervalued as a group, because that’s a mega trend … It seems like we’ve got so much demand ahead of the supply trying to meet it that it’s got a lot of room to run.”

Honda Motor, Yeti, Viking Holdings, Klarna, Bullish and Versant Media will report earnings before Thursday’s opening bell. Traders will also look for April’s retail sales and export and import price index readings, as well as initial jobless claims data from the week ended May 9. Meanwhile, New York Federal Reserve Bank president and CEO John Williams will moderate a discussion on Thursday afternoon.

Disclosure: Versant Media is the parent company of CNBC.