Stocks Rally on U.S.–China Trade Hopes

U.S. stocks climbed to fresh record highs as hopes for a U.S.–China trade framework ahead of a Trump–Xi leaders' meeting and comments from Treasury Secretary Scott Bessent lifted risk appetite. Bessent said the tentative framework could pause tougher U.S. tariffs, ease China's rare‑earth export curbs and resume purchases such as soybeans, helping sentiment. Cooler‑than‑expected inflation data also reinforced expectations for a 25‑basis‑point Federal Reserve cut, which pushed the VIX lower. Technology and other growth names led gains—semiconductors and the Nasdaq hit fresh highs while materials and staples lagged. Investors braced for a busy Big Tech earnings week (five of the “Magnificent Seven” report), and the risk‑on mood weighed on safe havens such as gold and gold miners, with some observers warning the rally could spill into other risk assets including cryptocurrencies.