Cisco leads Wall Street toward more records and the Dow back near 50,000

NEW YORK (AP) — The U.S. stock market is rising toward more records Thursday after Cisco Systems and others joined the parade of U.S. companies reporting fatter profits for the start of 2026 than analysts expected.

The S&P 500 added 0.5% to its all-time high set the day before. The Dow Jones Industrial Average climbed 254 points, or 0.5%, and is close to finishing a day above the 50,000 level for the first time since the war with Iran began. The Nasdaq composite was 0.5% higher and adding to its own record, as of 10:30 a.m. Eastern time.

Cisco helped lead the market after jumping 14.6% in what could be its best day in nearly 15 years. The tech giant reported better profit and revenue for the latest quarter than analysts expected, and CEO Chuck Robbins said it saw “very strong, broad-based demand for our products.”

Big Tech behemoths in particular are pouring cash into artificial-intelligence technology, and Cisco gave a forecast for profit in the current quarter that easily topped analysts' expectations.

Such voracious demand for AI, and the big profits it's producing, have been major reasons the U.S. stock market has set records throughout this year. Cerebras Systems, an AI processor company, raised $5.55 billion after selling its stock in an initial public offering, and its shares are set to begin trading on the Nasdaq later in the day.

Corporate earnings reported so far this season have “reinforced that this is still an AI-led market, but one where the impact is broadening quickly,” according to Gargi Pal Chaudhuri, chief investment and portfolio strategist at BlackRock.

“What started with a handful of companies is now driving earnings growth across semiconductors, infrastructure, and even parts of the industrial economy,” she said.

Outside of AI, other stocks rallying after delivering better-than-expected profit reports included StubHub Holdings, up 19.3%, and Viking Holdings, up 10%.

Both companies sell products that aren’t day-to-day essentials, such as concert tickets and river cruises. Strong results from them could be an indicator that customers are still willing to spend even though U.S. consumers have been telling surveys they're feeling discouraged about the economy.

Whether U.S. households will keep spending and support the economy is a big question for Wall Street because pressure has been rising on them due to high oil prices and inflation created by the Iran war. A report released Thursday said that shoppers overall spent less at U.S. retailers last month than economists expected. But the deceleration after factoring out gasoline and automobile sales wasn’t quite as bad as economists thought it would be.

A separate report, meanwhile, said more U.S. workers filed for unemployment benefits last week, which could be an indication of more layoffs. The number, though, remains relatively low compared with history.

Treasury yields zigzagged in the bond market following the reports, but they largely remained steady. The yield on the 10-year Treasury edged down to 4.45% from 4.46% late Wednesday.

In stock markets abroad, indexes rose in Europe following a mixed finish in Asia. Japan's Nikkei 225 fell 1%, while South Korea's Kospi jumped 1.8% to another record thanks to AI-related stocks.

Stocks were nearly flat in Hong Kong and down 1.5% in Shanghai as Chinese leader Xi Jinping met with U.S. President Donald Trump in Beijing.

Some investors hope Trump could encourage Xi to use China’s close economic ties with Iran to get it to reopen the Strait of Hormuz. The strait’s closure because of the war has kept oil tankers pent up in the Persian Gulf instead of delivering crude to customers worldwide, which has driven up crude prices.

The price for a barrel of Brent crude oil, the international standard, fell 0.1% to $105.54 Thursday, but it remains well above its price of roughly $70 from before the war.

AP Business Writers Chan Ho-him and Matt Ott contributed to this report.

Trader Michael Capolino works on the floor of the New York Stock Exchange, Wednesday, May 13, 2026. (AP Photo/Richard Drew)

Trader Patrick Casey works on the floor of the New York Stock Exchange, Wednesday, May 13, 2026. (AP Photo/Richard Drew)

A currency trader watches monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), right, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Thursday, May 14, 2026. (AP Photo/Ahn Young-joon)

Currency traders work at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Thursday, May 14, 2026. (AP Photo/Ahn Young-joon)

U.S. President Donald Trump, right, and Chinese President Xi Jinping attend a welcome ceremony at the Great Hall of the People in Beijing, Thursday, May 14, 2026. (Maxim Shemetov/Pool Photo via AP)

Asia markets index of Japan, South Korea and Australia is seen on a screen at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Thursday, May 14, 2026. (AP Photo/Ahn Young-joon)

ROME (AP) — Jannik Sinner is two victories away from becoming the first home man to win the Italian Open in half a century. And it doesn’t seem like anybody can stop him — either in Rome or at the French Open that starts in 10 days.

The top-ranked Sinner landed shots on the lines repeatedly in a 6-2, 6-4 triumph over No. 14 Andrey Rublev to reach the semifinals Thursday and move past Novak Djokovic with a record 32nd consecutive victory in Masters 1000 events — the biggest tournaments outside the Grand Slams.

“I don’t play for records. I play just for my own story. And obviously at the same time it means a lot to me,” Sinner said.

The last Italian man to raise the singles trophy on the red clay of the Foro Italico was Adriano Panatta in 1976. Panatta will present the title to this year’s champion on Sunday, with Italy President Sergio Mattarella also slated to attend the final.

“It’s a special tournament for me,” Sinner said.

With nearly everyone inside the 10,500-seat Campo Centrale cheering for Sinner, many supporters wore hats and T-shirts in orange — his theme color.

One group of fans held up a sign that said, “Sinner, Facce Sogna” — “Sinner, Make us dream.”

He lost last year’s final in Rome to Carlos Alcaraz, who is now sidelined due to a right wrist injury, while Jasmine Paolini in 2025 became the first Italian woman to raise the trophy in 40 years.

Sinner broke serve in the opening game for a third straight match and never lost control against Rublev, who was once ranked as high as No. 5.

Rublev noticed there were “many points where he played really well or close to the line or in a line. But he’s No. 1 and it’s normal. You need to force him to miss and it takes a lot of focus to be able to play at that level.”

Sinner had only one brief lapse when Rublev broke him late in the second set.

“It was a bit breezy, a bit windy, so it was very tough conditions,” Sinner said. “I felt we both didn’t play at our best today.”

Sinner said he felt fatigued toward the end.

“I’m going to be all right. It’s normal that one day in the tournament you are slightly tired,” he said. “It has been very long days for me.”

Sinner hasn’t been beaten in a Masters event since he retired with cramps in extreme heat against Tallon Griekspoor in Shanghai in October.

Djokovic won 31 straight Masters matches in 2011.

Including all tournaments, Sinner’s winning streak reached 27 matches. He was last beaten by Jakub Mensik in the Qatar Open quarterfinals on Feb. 19 — and he hasn't even dropped a set since his opening match of his previous tournament, the Madrid Open.

Sinner is also aiming to become the second man after Djokovic to triumph at all nine Masters events. Djokovic has won each event at least twice.

The Italian Open is the only Masters event that Sinner hasn’t won.

His semifinal opponent will be 2023 Rome champion Daniil Medvedev or Spanish qualifier Martina Landaluce, who were playing later.

The other semifinal will feature Casper Ruud of Norway against Luciano Darderi, an Argentine-born Italian.

In the women’s tournament, Coco Gauff beat 36-year-old Sorana Cirstea 6-4, 6-3 to reach the final for a second straight year.

Gauff saved a match point in a three-set victory over Iva Jovic in the fourth round and then came back from a set down to defeat Mirra Andreeva in the quarterfinals.

Against Cirstea, Gauff got 78% of her first serves in and had only one double fault.

“I'm just happy to be through in straight sets today," Gauff said. "It's been a marathon week.”

Gauff was beaten by Paolini in the 2025 Rome final, then went on to win the French Open.

In Saturday's final, Gauff will face three-time Rome champion Iga Swiatek or two-time winner Elina Svitolina, who were playing later.

AP tennis: https://apnews.com/hub/tennis

Romania's Sorana Cirstea returns to United States' Coco Gauff, during their match at the Italian Open tennis tournament in Rome, Thursday, May 14, 2026. (AP Photo/Andrew Medichini)

United States' Coco Gauff prepares to return the ball to Romania's Sorana Cirstea during their match at the Italian Open tennis tournament in Rome, Thursday, May 14, 2026. (AP Photo/Andrew Medichini)

Italy's Jannik Sinner serves a ball to Andrey Rublev, during their match at the Italian Open tennis tournament in Rome, Thursday, May 14, 2026. (AP Photo/Andrew Medichini)

Andrey Rublev reacts as he plays Italy's Jannik Sinner during their match at the Italian Open tennis tournament in Rome, Thursday, May 14, 2026. (AP Photo/Andrew Medichini)

Italy's Jannik Sinner reacts after beating Andrey Rublev 6-2, 6-4, during their match at the Italian Open tennis tournament in Rome, Thursday, May 14, 2026. (AP Photo/Andrew Medichini)

Italy's Jannik Sinner returns the ball to Andrey Rublev, during their match at the Italian Open tennis tournament in Rome, Thursday, May 14, 2026. (AP Photo/Andrew Medichini)

Italy's Jannik Sinner eyes the ball as he plays Andrey Rublev, during their match at the Italian Open tennis tournament in Rome, Thursday, May 14, 2026. (AP Photo/Andrew Medichini)