Quick overview

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The S&P 500 increased into a second day as there were indications that trade tensions with China might be reducing patterns of higher-than-expected corporate earnings and an increase in Apple which raised sentiment as it got closer to a record and analysts noted that demand for iPhones was improving.

Treasury Secretary Scott Bessent is visiting Malaysia this week for a new round of US-China trade talks in an effort to allay fears of a full-scale trade war. In a separate statement, National Economic Council director Kevin Hassett said he thinks the US government shutdown will probably end this week.

The Nasdaq 100 was up 1.1 percent, while all S&P 500 sectors were up 0.8 percent. Amazon.com rose 1% after announcing that its cloud service had recovered from a widespread outage.

Tesla increased by 2% ahead of its third-quarter report, which is the first from the Magnificent Seven group of large technology companies and is due on Wednesday.

Cincinnati-Cliffs, Inc. increased by 20% following the steel manufacturer’s release of better-than-expected results.

The CEO of the company told reporters that the third-quarter results were a “clear sign of demand recovery for automotive-grade steel made in the USA, and that is a direct consequence of the new trade environment implemented and enforced by the Trump Administration.”.

Stocks of rare earth and critical minerals increased after William Blair launched the businesses at outperform, pointing to the possibility that the US government might acquire shares. These stocks might also fluctuate as Australia’s prime minister meets with President Donald Trump on Monday to present the country’s resource holdings as a remedy for China’s rare earth shortages.