Major US stock indexes closed sharply higher on Monday (October 13), recovering from Friday's sharp sell-off after President Trump took a softer stance on US-China trade tensions, assuring that relations with Beijing "will be fine." The S&P 500 and Nasdaq 100 rose 1.6% and 2.2%, respectively, while the Dow Jones Industrial Average surged 593 points, as investors returned to riskier assets following Trump's comments.
Trump's remarks helped ease fears of an escalating trade war after last week's threat of 100% tariffs on Chinese goods wiped out approximately $2 trillion in market value. Tech stocks led the gains, with Nvidia and AMD rising 2.9% and 0.8%, respectively, Oracle surging 5.1%, and Broadcom surging 9.9% after confirming its AI partnership with OpenAI.
However, investors remain cautious amid the prolonged government shutdown and delayed economic data releases, as attention shifts to the start of earnings season, with major banks like JPMorgan, Goldman Sachs, and Citigroup set to report results this week. (alg)
Source: Trading Economics
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