Wall Street Soars on U.S.-China Trade Truce Hopes Amid Big Tech Earnings
Wall Street's indexes poised for record highs as U.S.-China trade truce optimism grows. Big Tech earnings and a potential Federal Reserve rate cut dominate the week. Chinese company shares rise as U.S. miners drop. Fed Chair's comments anticipated amid government shutdown and inflation concerns in a busy earnings period.
Wall Street's primary indexes seemed set to achieve record highs on Monday, buoyed by hopes of a U.S.-China trade agreement which is encouraging risk-taking. This comes during a crucial week featuring significant Big Tech earnings and a probable Federal Reserve interest rate reduction.
U.S. President Donald Trump is scheduled to meet China's Xi Jinping on Thursday, following the unveiling of a proposed framework that may forestall increased American tariffs and Chinese rare earth export restrictions. Meanwhile, shares of U.S. rare earth miners like MP Materials and USA Rare Earth saw declines.
In premarket trading, U.S. has seen notable gains in Chinese company stocks. As markets watch eagerly, Wall Street strategists anticipate remarks from Federal Reserve Chair Jerome Powell for possible hints of further rate adjustments, amid ongoing disruptions and easing inflation fears.
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