Equities advance as Trump meets Xi, oil edges down 

By Sinéad Carew and Marc Jones

NEW YORK/LONDON, May 14 (Reuters) - Strong request for exertion stocks lifted equity indexes astir the satellite connected Thursday and lipid prices edged down connected reports of ships moving done the Strait of Hormuz portion investors awaited the result of a high-stakes U.S.-China summit.

In bonds, benchmark 10-year Treasury ‌yields pulled backmost from an 11-month precocious arsenic U.S. authorities indebtedness recovered enactment from falling lipid prices and buying involvement astatine cardinal method levels.

Oil prices fell somewhat ‌after Iran's authorities media said astir 30 vessels had crossed the Strait of Hormuz successful caller hours portion the semi-official Fars quality bureau cited a root saying Iran had begun allowing transit for immoderate Chinese vessels.

While Britain's lb ​weakened connected uncertainty astir its governmental leadership, the dollar climbed for a 4th consecutive time aft economical information kept expectations intact that the Federal Reserve was improbable to set involvement rates this year.

In Beijing, China's Xi told Trump that commercialized talks were making advancement astatine the commencement of their two-day acme but cautioned that disagreement implicit Taiwan could nonstop relations down a unsafe way and adjacent pb to conflict.

But helping to propulsion the S&P 500 and the Nasdaq to caller records was a rally successful exertion shares including heavyweight chipmaker Nvidia aft Reuters reported the U.S. has cleared astir ‌10 Chinese firms to bargain its second-most almighty AI chip, the ⁠H200.

A 15% surge successful Cisco shares aft its net study and occupation chopped announcement besides boosted sentiment successful exertion broadly, according to Garett Melson, portfolio strategist, Natixis Investment Managers.

"Investors are much disquieted astir missing retired connected the upside than worrying astir immoderate benignant of downside," said Melson. "The way ⁠of slightest absorption is that the AI commercialized is truly connected occurrence close now. And there's inactive grounds that investors are astir apt nether risked, peculiarly to that analyzable that has conscionable ripped to the upside."

But helium noted that elevated lipid prices and the unresolved U.S.-Israeli warfare connected Iran are making for pugnacious choices: "You get into this hostility wherever you astir apt person immoderate investors that are a small spot leery ​to ​add risk, but they consciousness the unit to adhd hazard conscionable fixed that that information of the marketplace ​continues to powerfulness higher."

On Wall Street astatine 11:28 a.m. ET (1528 GMT), ‌the Dow Jones Industrial Average roseate 389.35 points, oregon 0.78%, to 50,082.49, the S&P 500 roseate 64.59 points, oregon 0.87%, to 7,508.83 and the Nasdaq Composite roseate 276.21 points, oregon 1.04%, to 26,677.36.