US open: Stocks trade higher as US-Sino trade tensions ease

(Sharecast News) - Major indices were firmly in the green at the open on Monday as trade tensions continued to ease ahead of Donald Trump's meeting with Chinese President Xi Jinping.

As of 1415 GMT, the Dow Jones Industrial Average was up 0.62% at 47,498.97, while S&P 500 advanced 0.93% to 6,854.79 and the Nasdaq Composite came out of the gate 1.49% firmer at 23,550.86.

The Dow opened 291.85 points higher on Monday, extending gains recorded in the previous session, when all three major indices hit fresh record highs.

US stocks jumped on Monday after officials from the US and China signalled progress on trade talks over the weekend, laying the groundwork for a potential deal between Donald Trump and Xi Jinping later this week.

Speaking from the ASEAN Summit in Kuala Lumpur, Treasury Secretary Scott Bessent said a "successful framework" was in place for the leaders to discuss on Thursday, with the framework reportedly including a delay to China's rare earth export restrictions, a reversal of Trump's threatened 100% tariffs due to begin on 1 November, and a resumption of Chinese soybean purchases. A resolution to the TikTok dispute may also be part of the agreement.

Trump said from Air Force One: "I have a lot of respect for President Xi, and we are going to come away with the deal."

Chipmakers led early gains on Monday, while US-listed rare earth miners traded lower at to the open.

Elsewhere, sentiment was somewhat capped by fresh tensions with Canada after Trump imposed an additional 10% tariff on Canadian imports over the weekend, citing a failure to withdraw a television ad featuring former president Ronald Reagan criticising tariffs.

On the macro front, the Dallas Federal Reserve's October manufacturing index will be published at 1430 GMT.

No major corporate earnings were slated for release on Monday, but a number "Magnificent 7" stocks will release their third-quarter earnings this week, including Alphabet, Amazon, Apple, Meta Platforms and Microsoft.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Dow Chemical Co. (DOW) $25.42 2.46%

Microsoft Corp. (MSFT) $530.42 1.30%

Goldman Sachs Group Inc. (GS) $793.66 1.25%

Caterpillar Inc. (CAT) $528.32 1.07%

American Express Co. (AXP) $361.35 1.06%

JP Morgan Chase & Co. (JPM) $302.60 0.72%

Salesforce.Com Inc. (CRM) $256.51 0.66%

Nike Inc. (NKE) $69.52 0.59%

Chevron Corp. (CVX) $156.32 0.49%

3M Co. (MMM) $169.26 0.45%

Dow Jones - Fallers

Amgen Inc. (AMGN) $289.06 -0.93%

Procter & Gamble Co. (PG) $151.21 -0.85%

International Business Machines Corporation (CDI) (IBM) $306.27 -0.83%

Walmart Inc. (WMT) $105.96 -0.42%

Coca-Cola Co. (KO) $69.49 -0.36%

Travelers Company Inc. (TRV) $269.07 -0.25%

Merck & Co. Inc. (MRK) $87.23 -0.14%

Cisco Systems Inc. (CSCO) $70.55 -0.11%

Home Depot Inc. (HD) $386.97 -0.07%

Apple Inc. (AAPL) $262.82 0.00%

S&P 500 - Risers

KLA-Tencor Corp. (KLAC) $1,218.34 3.00%

Advance Auto Parts (AAP) $56.02 2.67%

Ross Stores Inc. (ROST) $160.69 2.51%

Nvidia Corp. (NVDA) $190.84 2.46%

News Corp Class B (NWS) $30.81 2.19%

Mattel Inc. (MAT) $18.85 2.17%

Alphabet Inc. Class C (GOOG) $266.03 2.12%

T. Rowe Price Group Inc. (TROW) $105.71 2.09%

News Corp Class A (NWSA) $26.80 1.82%

Wynn Resorts Ltd. (WYNN) $127.71 1.70%

S&P 500 - Fallers

American Airlines Group (AAL) $13.47 -2.25%

Huntington Bancshares Inc. (HBAN) $15.71 -2.24%

Biogen Inc (BIIB) $148.42 -0.98%

Amgen Inc. (AMGN) $289.06 -0.93%

Intuitive Surgical Inc. (ISRG) $541.64 -0.89%

O'Reilly Automotive Inc. (ORLY) $96.41 -0.88%

Illumina Inc. (ILMN) $99.23 -0.88%

Sba Communications Corp. (SBAC) $197.12 -0.79%

CSX Corp. (CSX) $35.89 -0.66%

Verisk Analytics Inc. (VRSK) $233.47 -0.63%

Nasdaq 100 - Risers

Baidu Inc. (BIDU) $128.78 4.90%

KLA-Tencor Corp. (KLAC) $1,218.34 3.00%

JD.com, Inc. (JD) $34.10 2.73%

Ross Stores Inc. (ROST) $160.69 2.51%

Nvidia Corp. (NVDA) $190.84 2.46%

Tesla Inc (TSLA) $444.13 2.40%

Alphabet Inc. Class C (GOOG) $266.03 2.12%

Asml Holdings N.V. (ASML) $1,051.09 1.74%

Wynn Resorts Ltd. (WYNN) $127.71 1.70%

Biomarin Pharmaceutical Inc. (BMRN) $55.33 1.55%

Nasdaq 100 - Fallers

Qvc Group Inc Series A (QVCGA) $10.60 -6.98%

American Airlines Group (AAL) $13.47 -2.25%

Biogen Inc (BIIB) $148.42 -0.98%

T-Mobile Us, Inc. (TMUS) $215.74 -0.93%

Amgen Inc. (AMGN) $289.06 -0.93%

Intuitive Surgical Inc. (ISRG) $541.64 -0.89%

O'Reilly Automotive Inc. (ORLY) $96.41 -0.88%

Illumina Inc. (ILMN) $99.23 -0.88%

CSX Corp. (CSX) $35.89 -0.66%

Verisk Analytics Inc. (VRSK) $233.47 -0.63%