Finance

Shares of Cisco Systems jumped approximately 15% following a fiscal third-quarter report that exceeded analyst expectations. The company's solid performance is being viewed as a sign of its successful pivot into the artificial intelligence space, providing a significant boost to the technology sector.

U.S. wholesale prices rose 1.4% in April, nearly triple the expected consensus and marking the highest monthly gain since early 2022. This surge, largely driven by energy shocks and trade tariffs, has pushed the annual producer price index to 6%, reinforcing expectations for prolonged high interest rates.

The yield on the 10-year U.S. Treasury note edged lower to approximately 4.44% as investors monitored high-stakes diplomatic talks between U.S. and Chinese leadership. Despite the slight easing, yields remain near their highest levels since mid-2025 as the market continues to price out the possibility of Federal Reserve rate cuts this year.