(Reuters) – The New York Stock Exchange opened sharply higher on Monday, with investors turning again to risky assets after US President Donald Trump’s more moderate tone eased concerns over trade relations between the United States and China.
In early trading, the Dow Jones index gained 360.45 points, or 0.79%, to 45,840.05 points and the broader Standard & Poor’s 500 rose 1.15% to 6,627.96 points.
The Nasdaq Composite gained 1.70%, or 376.36 points, to 22,580.79 points.
After threatening China on Friday with a massive increase in customs duties, the tenant of the White House declared on Sunday on social networks that the United States did not want to harm Beijing, which dispelled, at least momentarily, fears of a resumption of the trade war between the two countries.
The Asian giant, which defended its restrictions on exports of rare earths and equipment, refrained from imposing new surcharges on American products.
US Treasury Secretary Scott Bessent said in an interview with Fox Business on Monday that Donald Trump was on track to meet his Chinese counterpart, Xi Jinping, in South Korea, marking a further change in tone from Friday, when the US president said he had no reason to meet with him.
Furthermore, major American banks are due to publish their third quarter results this week, and investors remain attentive to developments in the situation in the Middle East.
The third quarter results will constitute a decisive test for the equity markets, recently stimulated by expectations of rate cuts in the United States and the enthusiasm for artificial intelligence. They should also provide new clues on the state of the American economy, while the publication of important official data continues to be delayed due to the “shutdown” of the federal administration, which has now lasted 13 days.
In terms of values, Broadcom climbed 7.7%, the American group having announced a partnership with OpenAI, the creator of ChatGPT, to produce its first artificial intelligence processors.
(Writing by Diana Mandiá, editing by Kate Entringer)
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