The major averages claw back over half the losses from Friday as President Trump softens his stance on China after threatening 100% tariffs on Friday. The Dow Jones Industrial Average rose 587 points, or 1.29%. The S&P 500 rose 102 points or 1.6% while the Nasdaq Composite rose 490 points or 2.2%.

Plenty of diamonds in the markets today. The rare earth stocks outside China are seeing their stocks soar today on possible increase demand from the US and other countries. Critical Metals stock rose over 40%. Even retailers that are US based saw strong demand today. Coat company, Burlington Stores jumped 7%.

Tech bounced back sharply led by chips and software. Oracle rose 5% while Broadcom jumped 10% on an agreement with Open AI to codevelop up to 10 gigawatts of AI accelerators. This announcement comes just a week after OpenAI announced a multiyear, multibillion-dollar deal with AMD to provide OpenAI with up to 6 gigawatts of AI processors.

In the energy space, oil rebounded, but remains below $60 a barrel. Bloom Energy jumped 30% on a $5 billion AI partnership with Brookfield Asset Management. The rest of the commodities were higher as well. Gold rose 3% to a new high. Crypto currencies higher by a percent after a strong rebound over the weekend.

The bond market was closed today in observance of Columbus Day.

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