Stock futures are little changed as Wall Street awaits details from U.S.-China trade talks: Live updates – CNBC
Source: CNBC
The S&P 500 closed marginally higher on Monday as President Donald Trump’s officials met with their Chinese counterparts in an effort to resolve trade issues between the two economic giants.
The broad market index added 0.09% and notched a second winning session, closing at 6,005.88. The Nasdaq Composite climbed 0.31% to end at 19,591.24.The Dow Jones Industrial Average ticked down 1.11 points and closed at 42,761.76.
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 purpose of the meeting today is to make sure that they’re serious … to literally get handshakes … and get this thing behind us,” Hassett said on CNBC’s “Squawk Box.” “Our expectation is that … immediately after the handshake, any export controls from the U.S. will be eased, and the rare earths will be released in volume, and then we can go back to negotiating smaller matters.”
The talks are set to continue on Tuesday morning, a source familiar with the situation told CNBC. The meeting in London comes after Trump and Chinese President Xi Jinping held a lengthy phone call last week. Last month, the two countries agreed to temporarily cut tariffs while trade negotiations proceeded.
Shares of several semiconductor companies rose on Monday. Qualcomm jumped more than 4% after the chipmaker announced it will acquire semiconductor firm Alphawave for $2.4 billion. Shares of Advanced Micro Devices added 4.8% and Texas Instruments rose 3.5%, while Nvidia shares ticked higher. Alibaba gained 1.8%.
“Investors are taking bullish trades today on China large caps and U.S. semiconductor stocks, which are both beneficiaries of U.S./China trade talks,” said Larry Tentarelli, chief technical strategist for Blue Chip Daily Trend Report.
Separately, Apple shares lost 1.2% as the company held its 2025 Worldwide Developers Conference, during which it announced its first new iPhone operating system redesign since 2013.
Inflation data is expected to be a key topic later in the week. The latest consumer price index is due out on Wednesday, followed by the producer price index on Thursday. Traders will be looking for clues as to how the current tariff rates are flowing through the economy.
Monday’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.
Correction: The producer price index will be released Thursday morning. A previous version of this story misstated the timing.
The Dow Jones Industrial Average closed lower by just 1.11 points to end at 42,761.76. The S&P 500 edged higher by just 0.09%, closing at 6,005.88, while the Nasdaq Composite advanced 0.31% and settled at 19,591.24.
Trade talks between the U.S. and China in London will continue on Tuesday morning, a source familiar with the situation told CNBC’s Megan Casella.
President Donald Trump said that “he’s only getting good reports” from the talks but has not yet had a phone call with his team.
Bond yields advancing can put a lid on the stock market’s bounce, according to JPMorgan.
Stocks originally cratered after President Donald Trump announced his plan for broad and steep tariffs in April. But the market has regained lost ground after Trump rolled back much of those duties. Still, the S&P 500 has yet to return to all-time highs notched earlier this year.
“Big picture, our view is that activity-inflation tradeoff is likely to deteriorate into the summer, with potentially rising bond yields, which is set to arrest the equity rebound seen over the past two months,” Mislav Matejka, head of global and European equity strategy at JPMorgan, wrote to clients in a Monday note.
Investors have become weary from President Donald Trump’s tariff policy rollout that has sent stocks on a rollercoaster, according to Ed Yardeni of Yardeni Research.
“The market’s become very jaded about these tariffs, and rightly so,” Yardeni said on CNBC’s “Squawk on the Street” Monday morning.
“The game changes all the time,” Yardeni said. “On balance, it’s in everybody’s interest to come up with some solution to this that doesn’t cause a recession in any country, or certainly not in the world economy.”
The recent gains in the market could be approaching a standstill, if history is any indication, according to Raymond James.
“It’s easy to forget, this is seasonally normal, as early march-early June is a seasonally strong period for the equity market historically, but this tends to fade into the ‘summer doldrums’ starting right about now,” Tavis McCourt, an institutional equity strategist at the firm, wrote in a recent note. “It’s unclear why this trend persists, but our guess is increasing worries
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