U.S. President Donald Trump speaks at a state dinner with President Xi Jinping (not pictured) at the Great Hall of the People in Beijing, China, on May 14, 2026.
Evan Vucci | Reuters
Hello, this is Dylan. I’m writing to you from Singapore. Welcome to another edition of CNBC’s Daily Open.
On the first day of the US-China summit, Wall Street was buzzing with hopes for a positive reset in relations and an agreement between the two sides.
Markets will be closely watching the second and final day of talks to see how developments at the summit will ripple across trade, technology and energy.
What you need to know today
U.S. stocks rose on Thursday, with the S&P 500 closing above 7,500 for the first time and the Dow Jones Industrial Average climbing 370 points to regain the $50,000 level.
Optimism about President Donald Trump’s visit to China and strong earnings from Cisco Systems helped boost results.
On the first day of a high-stakes summit in Beijing, Chinese President Xi Jinping and President Trump agreed to develop “a constructive China-US relationship with strategic stability.”
The two countries also discussed global conflicts, and Mr. Trump and Mr. Xi agreed to keep the Strait of Hormuz open to restore the flow of energy through the vital waterway, White House officials said.
President Xi also met with Elon Musk, Tim Cook and other US CEOs he visited with President Trump, and said China would “open its doors more widely” to foreign companies.
Regarding commercial deals signed so far, President Trump told Fox News that China will order 200 Boeing jets, a big win for the U.S. aircraft manufacturer.
However, there were some tough conversations at the summit, with President Xi warning Washington that mishandling Taiwan would put U.S.-China relations at “great risk.” Beijing considers Taiwan, a democratically autonomous island, part of its territory, but the island’s ruling party rejects that claim.
The summit is scheduled to conclude today, and President Trump has reportedly invited President Xi Jinping to the White House for a visit on September 1. 24.
The tech industry also excited the market this week, with shares in AI chipmaker Cerebras soaring 68% in their Nasdaq debut, boosting the company’s market cap to $95 billion, highlighting the continued hunger for high-growth AI stocks.
In other headlines, SpaceX’s IPO prospectus could be downgraded as early as next week amid expectations for record stock sales, sources told CNBC.
— Dylan Butts
And finally…
Lawmakers warn Trump against Chinese auto trade, Chinese parts already used in U.S. cars
As President Donald Trump meets with Chinese President Xi Jinping this week, lawmakers from both parties are warning the White House against using the U.S. auto market as a bargaining chip in any deal with China.
The warning stems in part from President Trump’s suggestion in January that he might welcome Chinese automakers to use American workers to build cars in the United States. Although the statement was later retracted, it still upset state automakers, labor unions, and industry groups.
“While the administration has always called for further investment in the revival of American industry, any notion that it would compromise national security is baseless and false,” White House Press Secretary Khush Desai said in an email.
— Luke Fountain
