The S&P 500 Index experienced a positive close, driven by renewed hopes for a US-China trade agreement. Investor confidence was buoyed by easing trade tensions between the two economic giants.
The Nasdaq Composite saw a significant surge, fueled by chip stocks, particularly Nvidia, which jumped following a deal to supply AI chips to Saudi Arabia. This deal underscores Saudi Arabia's ambition to become a global AI leader.
While the Dow Jones Industrial Average faced a decline due to a drop in UnitedHealth shares after the health insurer replaced its CEO and suspended its 2025 outlook. Treasury Secretary Scott Bessent anticipates trade talks to resume, with the US aiming to recalibrate economic relations with China.