- Positive developments on US-China trade dispute drive stocks higher.
- All major sectors of the S&P 500 are in positive territory on Monday.
- Risk-sensitive technology shares lead the rally in early trade.
Wall Street’s main indexes started the week on a positive note as investors cheer the positive developments surrounding the United States(US)-China trade dispute. As of writing, the Dow Jones Industrial Average was up 0.36% on a daily basis while the S&P 500 and the Nasdaq Composite were adding 0.45% and 0.85%, respectively.
The Global Times on Monday reported that China and the US were moving closer to concluding phase one of the trade deal despite some media reports suggesting that sides were struggling to reach an agreement. Additionally, China, over the weekend, has announced its decision to increase penalties on intellectual property (IP) theft in an effort to please the US ahead of next round of face-to-face talks.
Among the 11-major S&P 500 sectors, which are all in the positive territory in the early trade, the risk-sensitive Technology Index is up 1% on the day to lead the winners. On the other hand, a 0.7% decline in oil prices causes the Energy Index to underperform.
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