U.S. Treasury Secretary, Besant, indicated in a closed-door investor summit that the ongoing tariff standoff with China is unsustainable and expects tensions to ease. Following this announcement, U.S. stock market gains widened significantly. The Dow Jones Industrial Average soared by 1,100 points, marking a 2.9% increase. The Nasdaq saw an impressive rise of 522 points or 3.3%, while the S&P 500 climbed by 147 points or 2.9%.
The "Magnificent Seven" stocks, including Tesla (TSLA), experienced significant rebounds, with Tesla jumping over 6%, Amazon (AMZN) rising 5%, and Nvidia (NVDA), Apple (AAPL, Financial), and Meta (META) each up by 3% to 4%. Besant also mentioned that Sino-American negotiations have yet to commence but hinted at the possibility of reaching an agreement.
