Stocks lifted early, driven by a jump in semiconductor names that lifted the broader market. The S&P 500 gained 0.6%, while the Nasdaq Composite added 1.2%. The Dow Jones slipped 67 points, a 0.1% decline, as investors weighed upcoming policy moves ahead of the upcoming Fed meeting and a potential shift in the trade strategy today.

Wall Street eyes the Trump‑Xi summit, where the former president will seek Beijing’s aid in ending the Iran conflict. The trip follows the confirmation of Warsh as the next Fed chair, a move that may prompt higher rates amid persistent inflation concerns. Investors expect this change to influence the trajectory of monetary policy over the next fiscal year cycle.

Ford’s new Energy subsidiary sparked a rally in the automaker’s shares, which jumped over 13%. Analysts credit the battery‑storage push for utilities and data centers as a catalyst for the stock’s performance. This surge reflects growing investor confidence in clean energy infrastructure and the company’s expansion into high‑margin technology segments across global markets and long-term.

Wholesale price inflation hit a 6% year‑over‑year rise in April, the highest since December 2022, and Treasury markets edged higher. The 10‑year U.S. note finished the session at 4.479%, a signal that investors are pricing in tighter monetary policy. This movement may prompt further adjustments in the Fed’s policy stance as it balances growth and inflation in the economy.