Tech CEOs attend White House dinner as US stock futures show mixed movement
Top technology leaders joined U.S. officials at a White House state dinner for Chinese President Xi Jinping, while U.S. stock futures edged lower and bond yields rose.
Nvidia chief Jensen Huang, OpenAI founder Sam Altman, Google CEO Sundar Pichai, Meta CEO Mark Zuckerberg and other senior tech executives attended a White House state dinner for Chinese President Xi Jinping on Thursday. The event also included senior U.S. officials, Supreme Court justices and financial leaders.
U.S. stock futures were largely unchanged overnight, with Dow futures down 0.04%, S&P 500 futures slipping 0.05% and Nasdaq-100 futures gaining 0.10% as of 10:13 p.m. ET. The Nasdaq Composite rose 0.01% on the day, while the Dow Jones Industrial Average fell 0.31% and the S&P 500 slipped 0.02%.
The meeting marked Xi’s first visit to Washington in more than a decade and featured discussions on artificial intelligence and broader U.S.–China relations. Xi reportedly emphasized that AI development should remain “under human control.”
“I met President Xi at the plane (Airport!) yesterday and he looks strong, vibrant, and fit – Better than ever. Madam Xi, of course, BEAUTIFUL!” – President Donald Trump on Truth Social
Xi also indicated support for a U.S.–Iran agreement based on a memorandum of understanding signed in June. Iranian President Masoud Pezeshkian said the United States must decide when the conflict will end.
Long-dated U.S. Treasury yields continued to climb, with the 10-year yield at 5.192% and the 30-year at 5.479%. The Treasury Department bought back $4.078 billion of 20- to 30-year bonds as part of a $6 billion liquidity program.
“The 10-year Treasury yield just hit 5.12%, the HIGHEST since 2007. Bessent's response? Another $6 billion bond buyback, triple the original plan. BESSENT IS BLOWING SMOKE AND HAS NO CREDIBILITY.” – Economist Steve Hanke on X
Oil prices stayed above $100 a barrel, with Brent crude at $105.87 and WTI at $93.20, adding to inflation concerns. Market participants will watch the University of Michigan consumer sentiment report and durable goods data later in the week.
Asian markets opened mixed on Friday, with gains in South Korea and Japan offset by declines in China and Australia.