Stock market today: Dow gains 900 points, while S&P 500, Nasdaq surge as US-China deal spurs a rush into stocks

President Trump promised to chopped the outgo of pharmaceutical drugs successful the US connected Monday via an enforcement order.

"Starting today, the United States volition nary longer subsidize the healthcare of different overseas countries ... and volition nary longer tolerate profiteering and price-gauging from Big Pharma," Trump said.

"We're getting them down 67%, 80%, 90%," Trump said connected terms reductions.

The president said the US has the highest prices successful the world, arsenic the federation is wherever pharmaceutical companies marque astir of their profits, portion the aforesaid drugs outgo overmuch little successful different parts of the world.

President Trump says China has agreed to "opening up" to US businesses, though a ceremonial statement has yet to beryllium reached.

"The biggest happening that we're discussing is the opening up of China, and they've agreed to bash that, but it's going to instrumentality a portion to insubstantial it. That's not the easiest happening to paper," Trump said.

The president besides said China volition suspend each of its non-monetary barriers. Trump made the comments during a property briefing astir the signing of an enforcement bid to slash cause prices.

Trump besides indicated helium volition talk with Chinese person XI Jinping, "maybe astatine the extremity of the week."

Gold futures (GC=F) tumbled 3% arsenic investors jumped into equities, selling disconnected the safe-haven plus aft the US and China's impermanent commercialized truce.

As of 9:45 a.m. ET futures hovered adjacent $3,244 per ounce.

The precious metallic is up astir 24% twelvemonth to day aft a monolithic run-up successful caller months arsenic investors flocked to the safe-haven plus amid a planetary commercialized war.

Productive talks betwixt the US and China person eased concerns of a slowdown owed to tariffs.

Stocks soared connected Monday aft a commercialized woody betwixt the US and China resulted successful a 90-day intermission connected tariffs. Duties connected imports from some countries are acceptable to driblet by 115 percent points by Wednesday.

Tech stocks led the gains, with the Nasdaq Composite (IXIC) surging implicit 3%, portion the S&P 500 (GSPC) soared 3%. The Dow Jones Industrial Average (^DJI) jumped much than 2.4%, oregon implicit 1,000 points.

The "Magnificent 7" megacap tech stocks rallied, with shares of e-commerce elephantine Amazon (AMZN) rising 7.6%. Tesla (TSLA) besides gained 7.8%Apple (AAPL), Meta (META), and Alphabet (GOOG, GOOGL) each advanced.

Big Tech stocks proceed to rally premarket connected the impermanent reprieve successful US and China tariffs, with Amazon (AMZN) and Tesla (TSLA) starring the morning's "Magnificent Seven" gains.

Yahoo Finance's Laura Bratton reports connected the archetypal absorption successful tech stocks:

Read much here.

A intermission connected the ample information of tariffs betwixt China and the US has Wall Street strategists turning much bullish again.

In a enactment to clients connected Monday morning, Fundstrat caput of probe Tom Lee said the caller updates connected negotiations with China "add to a bid of incremental macro positives implicit the past fewer weeks, which person supported the improving affirmative risk/reward successful stocks."

"We judge the probabilities favour a V-shaped recovery," Lee said, noting that the caller surge successful bearish sentiment among investors has much country to flip positive.

US tech stocks rallied crossed the committee connected the quality of a US-China commercialized deescalation, lifting futures connected the Nasdaq Composite (NQ=F).

Amazon (AMZN), the No. 1 trending ticker connected Yahoo Finance Monday morning, spiked 7.6%. The tariff intermission is apt a invited motion for the e-commerce giant, whose sellers often root goods from China.

In different tech names, Apple (AAPL) surged 6.2%, Meta (META) added 5.5%, and Alphabet (GOOG, GOOGL) precocious 2.4%.

Tesla (TSLA) besides soared 7.8%, adding to a question of bully fortune, which Yahoo Finance's Hamza Shaban wrote astir here. Tesla banal is up astir 15% successful the past 3 weeks

Chipmakers besides rallied, with Nvidia (NVDA) and AMD (AMD) up 4.5% and 5.5%, respectively.

Stock futures are surging aft the US and China agreed to slash tariffs and deescalate the 2 countries' commercialized war.

S&P 500 futures (ES=F) climbed 3%, portion Dow Jones Industrial Average futures (YM=F) gained 2.4%, oregon astir 1,000 points. Contracts connected the tech-heavy Nasdaq 100 (NQ=F) led gains, soaring 3.8%.

Meanwhile, the US dollar (DX-Y.NYB) gained 1.4%. Bitcoin (BTC-USD) declined slightly, down 0.25%. and Gold (GC=F) tumbled 3.6% to commercialized astir $3,220 per ounce.

Bloomberg reports:

Read much here.

Investors worldwide are assessing the US-China woody to trim their hefty rates of reciprocal tariffs, slashed by 115 percent points to 10% connected some sides.

Aaron Hill, FP Markets' main analyst

This "marks a pivotal infinitesimal successful planetary commercialized dynamics. However, the 90-day timeframe indicates these tariff cuts are a dialog maneuver alternatively than a imperishable resolution, creating uncertainty astir semipermanent commercialized policies."

Kenneth Broux, Societe Generale elder FX and rates strategist

"There is simply a de-escalation betwixt China and U.S. resulting successful a simplification of tariff connected Chinese goods to 30% and Chinese tariffs connected US goods to 10%. It's a wide ballot by the marketplace successful favour of riskier assets. It's a measurement successful the close absorption and a affirmative of U.S. assets and U.S. economy."

Jane Foley, Rabobank caput of FX strategy

"That doesn’t mean that we’re backmost to wherever we were earlier the Trump inauguration, the 10% baseline tariff inactive exists everywhere, the 90 intermission is determination and the timepiece is starting to tick. The wide script is not arsenic atrocious arsenic it could person been, but we inactive person a just magnitude of uncertainty astir wherever these tariffs volition settle, their interaction connected satellite maturation and cardinal slope policy."

Read much from Reuters here.

Crude oil, copper (HG=F) and harvest futures rose, but golden prices sank aft the US and China said they had agreed to a communal simplification successful tariffs.

Brent crude roseate 2.4% to commercialized supra $65 a barrel, portion WTI crude jumped 2.6% to astir $63 a barrel.

Bloomberg reported:

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Oil prices fluttered connected Monday aft optimism arsenic traders looked for factual outcomes from caller US-China commercialized negotiations, which some sides described arsenic showing “substantial progress.”

Bloomberg reports:

Read much here.