The major averages closed mixed as President Trump’s officials met with their Chinese counterparts in an effort to resolve trade issues between the two economic giants. The Dow Jones Industrial Average fell one point. The S&P 500 rose 5 points while the Nasdaq Composite rose 61 points or 0.31%.
Officials from the U.S. and China held trade talks on Monday in London, with U.S. Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer representing the U.S. National Economic Council Director Kevin Hassett told CNBC on Monday that the U.S. was seeking confirmation that China would restore critical mineral exports.
The chip stocks had a good day as some investors hope sale restriction to China may get lifted. Qualcomm also made news announcing it would acquire semiconductor firm Alphawave for $2.4 billion. Qualcomm rose 4% along with AMD. A number of other chip stocks were up 1% to 2%. Broadcom was the only big chipmaker lower today.
Most big cap techs were higher today. Apple fell a percent as the company held its 2025 Worldwide Developers Conference, during which it announced its first new iPhone operating system redesign since 2013. No other major developments from the conference gave little enthusiasm to the Apple bulls.
The 10-year Treasury yield fell 2.6 basis points to 4.48%. The 2-year yield was lower by 3 basis points to 4.0%. Inflation data will come out Wednesday with the latest consumer price index followed by the producer price index on Thursday.
In the commodity space, oil continues to act better up a percent today. Gold was modestly higher while bitcoin rose 2% to $108,000.
Today’s moves come after all three of the major indexes notched their second-straight winning week. The S&P 500 on Friday closed above the 6,000 level for the first time since Feb. 21.
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