Wall Street closed sharply higher on Monday, led by gains in Broadcom and other chipmakers, as investors were reassured by U.S. President Donald Trump’s conciliatory tone on renewed U.S.-China trade tensions.
U.S. Treasury Secretary Scott Bessent told Fox Business Network that Trump is on track to meet his Chinese counterpart in South Korea as the two sides work to de-escalate trade frictions.
Technology stocks, particularly those linked to artificial intelligence (AI), were among the biggest drivers of Monday’s rebound. Broadcom surged after announcing a partnership with OpenAI to produce the startup’s first in-house AI processors.
Wall Street had tumbled on Friday, with the S&P 500 and Nasdaq posting their steepest weekly declines in months. The sell-off followed China’s announcement that it would dramatically expand controls on rare earth exports, prompting Trump to threaten a 100% tariff on Chinese imports and impose export controls on critical U.S.-made software.
Over the weekend, however, Trump said “it will all be fine” and emphasised that the U.S. did not wish to harm China. China blamed the U.S. for the escalation but did not introduce further countermeasures.
Other AI-focused chipmakers also posted gains, with Nvidia and Micron Technology climbing, while the PHLX chip index rose sharply.
The S&P 500 gained 102.21 points, or 1.56%, to close at 6,654.72, the Nasdaq Composite added 490.18 points, or 2.21%, to end at 22,694.61, and the Dow Jones Industrial Average rose 587.98 points, or 1.29%, to finish at 46,067.58.
U.S. President Donald Trump has said a peace agreement with Iran is scheduled to be signed on Sunday in a post on social media, despite Tehran's Fore...
Start your day informed with the AnewZ Morning Brief. Here are the top stories for 13 June, covering the latest developments you need to know....
As the 2026 World Cup kicked off on 11 June across North America, U.S. visa restrictions and travel policies have made it impossible for supporters, ...
Every June, roughly 13 million young people in China sit down at the same time to take the same test. They have been preparing for it, in many cases, ...
European museums are increasingly returning cultural artefacts to countries in Africa and the Middle East, as pressure grows to address the legacy of ...
U.S. President Donald Trump has said a peace agreement with Iran is scheduled to be signed on Sunday in a post on social media, despite Tehran's Foreign Ministry spokesperson Esmaeil Baghaei saying no deal would be approved this weekend.
Start your day informed with the AnewZ Morning Brief. Here are the top stories for 13 June, covering the latest developments you need to know.
As the 2026 World Cup kicked off on 11 June across North America, U.S. visa restrictions and travel policies have made it impossible for supporters, football officials and even a FIFA-appointed referee to attend. It's raised a lot of questions about access to such a high-profile global event.
Every June, roughly 13 million young people in China sit down at the same time to take the same test. They have been preparing for it, in many cases, since primary school. Their families have rearranged their lives around it.
SpaceX has made history with the largest initial public offering ever in the United States, pricing its shares at $135 each and achieving a market valuation of $1.77 trillion.
SpaceX made a historic entrance into the Nasdaq on Friday, surging over 20% in its first day of trading and lifting its valuation to more than $2 trillion. Investors flocked to the world’s largest IPO, betting on Elon Musk’s sprawling empire spanning rockets, AI and beyond.
Pakistan has warned that any attempt by India to block or significantly reduce river flows under the Indus Waters Treaty could have “far-reaching consequences”, after India's water minister said New Delhi was working to ensure that “not a single drop” of water reaches Pakistan in the coming years.
While France hosts next week’s Group of Seven summit, businesses in neighbouring Switzerland have already begun taking precautions, with many shops in Geneva boarded up ahead of a large anti-G7 demonstration expected on Sunday.
U.S. President Donald Trump has said a peace agreement with Iran is scheduled to be signed on Sunday in a post on social media, despite Tehran's Foreign Ministry spokesperson Esmaeil Baghaei saying no deal would be approved this weekend.
At the start of 2026, something unusual happened in China's car market. BYD, the company that had spent years at the top of the domestic sales charts, was knocked off its perch by a rival.
Apple has unveiled a long-awaited upgrade to Siri, aiming to close the gap with technology rivals and emerging artificial intelligence firms in an increasingly competitive market.
ChatGPT maker OpenAI has confidentially filed for a U.S. initial public offering (IPO), the company said on Monday, joining rival Anthropic in a race to the stock market as investors seek exposure to the artificial intelligence boom.
Chinese carmakers are rapidly reshaping the global automotive market, with record exports, soaring electric vehicle sales and growing investments overseas putting pressure on established European, Japanese and U.S. rivals.
The International Labour Organization (ILO) has begun its latest round of negotiations on creating the first binding global standards for platform-based work, covering services such as ride-hailing, food delivery and other app-based work.
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