US Stocks Extend Gains on Bessent Comments
On Tuesday, US stocks saw significant gains as optimism grew that the United States might take steps to ease its trade tensions with China. The S&P 500 and the Dow Jones Industrial Average both rose by nearly 3%, while the Nasdaq 100, known for its focus on technology, climbed 3.3%. Reports suggested that Treasury Secretary Bessent anticipates a reduction in the trade war's intensity between the US and China, citing the unsustainability of the current tariffs. This development fueled expectations that the White House might retract its plan to impose a 145% levy on China. The news spurred a renewed rally in dollar-denominated assets following Monday's decline in stocks, Treasury bonds, and the US dollar, as previous indications of heightened tariffs and threats to the Federal Reserve's independence contributed to capital outflows from the US market. The technology sector led the market's advance, with Amazon, Apple, and Meta each rising by more than 3.5%, and Tesla soaring 6.3% in anticipation of its post-market earnings report. In other earnings news, General Electric saw a 6.5% increase following its results, whereas Verizon lagged behind after releasing its earnings data.
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