Wall Street Surges as AI Stocks Lead Recovery Amid Trade Tension Easing
Wall Street's major indexes rebounded, driven by gains in AI tech stocks, after a softened tone from U.S. President Trump eased trade tensions with China. Broadcom led with a 10% surge. Despite Friday's decline, optimism rose as investors focused on upcoming earnings and the potential impact of tariffs.
Wall Street's indexes experienced a rally on Monday, primarily driven by increases in companies like Broadcom and other chipmakers. This momentum followed President Donald Trump's reconciliatory comments, which alleviated fears surrounding U.S.-China trade tensions.
U.S. Treasury Secretary Scott Bessent noted that Trump might meet his Chinese counterpart in South Korea soon, aiming to resolve recent trade disputes. AI-related technology stocks were the focus, with Broadcom soaring 10% after partnering with OpenAI to develop artificial intelligence processors.
The Nasdaq eyed its most significant single-day gain since late May, showing the driving force of AI investments. However, the backdrop of unresolved U.S.-China issues suggests cautious investor sentiment as eyes turn towards upcoming earnings reports from major financial entities like JPMorgan and Goldman Sachs.
(With inputs from agencies.)
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