No. 7 on the S&P 500 was lucky — just barely. The S&P 500 rose 0.13% for the week, marking its seventh consecutive weekly gain. This winning streak is the longest since December 2023. All-time highs on Monday, Wednesday and Thursday were enough to offset Friday’s abysmal 1.24% decline. Stocks slumped over the weekend as the high-stakes Beijing summit between President Donald Trump and Chinese President Xi Jinping yielded few tangible wins for the United States. Rising oil prices and rising bond yields also weighed on the market. It wasn’t all bad news, as strength in tech stocks supported last week’s record highs. Information technology was one of four sectors rising on the S&P 500 index this week. It is unclear whether the market will be able to continue its weekly rise next time. Until then, here are the three driving forces that have moved Wall Street over the past five sessions. Trump and Xi summit At the end of last week’s meeting between Trump and Xi, Wall Street was left with more questions than answers. Boeing was the worst performer this week, dropping 7%. President Trump on Friday revealed new details about China’s commitment to buy Boeing jets. He told reporters aboard Air Force One that China had agreed to “order about 400, 450 engines, 200 aircraft, and if things go well, a commitment to order up to 750 aircraft.” The president revealed the 200 number in a Fox News interview Thursday. Wall Street estimates called for more than 500 planes. Neither China nor Boeing have announced anything. While we’re not thrilled about these developments, we still see a turnaround occurring under Boeing CEO Kelly Ortberg, one of the many CEOs who joined the president on the trip to China. Nvidia CEO Jensen Huang was also there. The summit failed to reach an agreement on semiconductors, sending Nvidia and other semiconductor stocks lower on Friday. President Trump said AI guardrails and Nvidia’s H200 chip, which has been approved for sale in China, were discussed. “I think something could happen,” he said, but added that China “wants to try and develop it on its own.” Nvidia stock rose 4.7% for the week. State newspaper Xinhua News Agency reported that President Xi told US CEOs accompanying President Trump that the door to doing business in China would “open even wider.” Tesla and SpaceX CEO Elon Musk and Apple CEO Tim Cook were also part of the delegation. Club name Apple rose more than 2% for the week. The war between the United States and Iran was discussed at the summit between President Trump and President Xi. But like many other issues, nothing concrete happened. Secretary of State Marco Rubio told NBC News that President Trump has discussed the Iran war and the closure of the Strait of Hormuz with Xi. Mr. Rubio added that Mr. Trump has not asked Mr. Xi for help in ending the months-long war. (President Trump said he had scrapped the latest peace offer from Iran.) Regarding Taiwan, Xi told Trump that if the issue was not handled “appropriately,” the entire relationship (with the United States) could be “in great jeopardy,” Chinese state news agency Xinhua reported. Trump said he told Xi he would “not talk” about whether the United States would protect Taiwan from China. What’s next for prices? New Federal Reserve Chairman Kevin Warsh has been dealt a tough blow, and prices seem to be rising at every turn. Last week, oil prices soared as uncertainty over a war with Iran persisted. Bond yields rose on concerns about Mr. Warsh’s ability to meet President Trump’s desire for lower interest rates. Two high-profile inflation reports cast further doubt on the Fed’s immediate interest rate cuts. On Tuesday, the consumer price index for April exceeded expectations, mainly due to war-related energy increases. On Wednesday, investors got a big inflation report that got even more attention. Last month’s producer price index recorded its largest annual increase since 2022. The economic announcement comes after Warsh was confirmed by the Senate as the next Fed chair. Jerome Powell’s term as Fed chairman expired on Friday, but he plans to remain at the central bank. Powell has two years left in his term as governor. New data complicates Warsh’s mission to lower rates. If central banks cut interest rates too quickly, inflation could reignite. Jim Cramer said things could get even tougher going forward, with stock prices near record highs and monetary policy remaining tight. “Without oxygen from lower interest rates, this stock market won’t be able to rise for long,” Jim said Tuesday night. AI Trading Last week was full of challenges, but AI trading was not among them. Cerebras’ blockbuster debut reminded investors that appetite for AI stocks remains strong. Cerebras, an AI hardware company that claims its flagship product runs faster than Nvidia’s GPUs, went public on Thursday. It was the largest IPO by a U.S. tech company in years, as Cerebras sold 30 million shares and raised a total of $5.5 billion. This chip name had a great first session and was up 68% by Thursday’s closing bell. Stocks fell 10% on Friday, but at the same time many tech stocks also fell. We don’t attribute it to anything systemic. We do not believe Cerebras is a threat to Nvidia. Yes, the two companies are competitors, but Cerebras is primarily focused on ultra-fast processing of everyday AI workloads called inference. The IPO wasn’t the only positive sign of the AI industry’s strength. Cisco Systems, once a club stock, released a big financial report Wednesday evening. Investors rejoiced at the networking company’s surge in AI orders. Management raised its expected orders for AI infrastructure and hyperscalers for fiscal 2026 from $5 billion to $9 billion. We thought this was also a positive for the club that owns Broadcom. Broadcom also has a strong networking business that should benefit from this wave of AI spending. Broadcom stock closed at an all-time high on Thursday following Cisco’s earnings report. However, Broadcom fell modestly for the week after coming under pressure on Friday. (See here for a complete list of Jim Cramer Charitable Trust stocks.) As a subscriber to Jim Cramer’s CNBC Investment Club, you will receive trade alerts before Jim makes a trade. After Jim sends a trade alert, he waits 45 minutes before buying or selling stocks in his charitable trust’s portfolio. If Jim talks about a stock on CNBC TV, he will issue a trade alert and then wait 72 hours before executing the trade. The above investment club information is subject to our Terms of Use and Privacy Policy, along with our disclaimer. 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