(Reuters) – The New York Stock Exchange opened higher on Tuesday, at record levels, as expectations of a trade agreement between China and the United States boosted risk appetite in a week that promises to be busy, with the publication of results from major technology companies and a widely expected cut in interest rates by the US Federal Reserve (Fed).
In early trading, the Dow Jones index gained 316.26 points, or 0.67%, to 47,523.38 points and the broader Standard & Poor’s 500 rose 0.94% to 6,855.54 points.
The Nasdaq Composite gained 1.46%, or 339.14 points, to 23,544.00 points.
This Monday, eyes turn to the commercial front. US President Donald Trump said on Sunday he was confident of reaching a deal with his Chinese counterpart Xi Jinping, whom he is expected to meet in South Korea on Thursday, after senior officials from the two countries reached a preliminary consensus on trade talks.
A trade deal between the two powers could suspend rising U.S. tariffs against Beijing, as well as Chinese controls on rare earth exports, U.S. officials said.
“Donald Trump’s Asian tour is taking center stage this week, with global markets focused on his highly anticipated meeting with Chinese President Xi Jinping on Thursday,” said Chris Weston, director of research at Pepperstone.
Elsewhere, investors are gearing up for the most intense period of earnings season, with giants Microsoft, Apple, Alphabet, Amazon and Meta Platforms all due to report results this week.
In terms of values, Keurig Dr Pepper advances around 6% after raising its annual sales forecasts on Monday and declaring that it had raised around $7 billion to finance its takeover of Dutch coffee giant JDE Peet’s.
Shares of American mining companies specializing in rare earths are falling due to the possible trade agreement between the United States and China which would suspend Chinese controls on exports of rare earths.
Critical Metals fell 18.1% and Niocorp Developments lost 14.1%. MP Materials lost 7.2%, USA Rare Earth lost 12.6%.
(Written by Mara Vîlcu, edited by Augustin Turpin)
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