US stocks drifted higher on Monday as oil prices fell and investors continued to assess the Fed’s rate hike and geopolitical uncertainty.
The Dow Jones Industrial Average rose 0.2% after the blue-chip index posted its third straight weekly loss. Meanwhile, the S&P 500 gained 0.6% as the tech-heavy Nasdaq Composite climbed 2%.Helping sentiment, Oil prices retreated below $100 per barrel as hopes emerged that the US and Iran would resume diplomatic talks.
With a sparser economic and earnings calendar this week, one thing markets will be closely watching is the summit between President Trump and Chinese President Xi Jinping on Thursday.
The high-stakes talks are expected to focus on extending the tariff truce and cooperation on artificial intelligence. Several AI leaders, including Nvidia CEO Jensen Huang, OpenAI CEO Sam Altman, former Apple CEO Tim Cook, Qualcomm Inc. CEO Cristiano Amon, and Microsoft CEO Satya Nadella, will also attend a dinner with the Chinese president. Wall Street executives Citigroup CEO Jane Fraser and JPMorgan Chase CEO will also join, Yahoo Finance has learned.
The summit comes at a critical point for those companies, after an essay by Anthropic CEO Dario Amodei broke open a long-simmering debate over whether or not frontier AI labs should pace model development.
Tech stocks rose on Monday morning after Treasury Secretary Scott Bessent hailed “very successful” preliminary talks with his Chinese counterpart over the weekend and proposed a US-China AI dialogue.
Yahoo Finance
