The S&P 500 and the Nasdaq closed at record highs for the second consecutive session on Monday, while the Dow Jones hit a record high for the first time since July.
Wall Street was set to open higher for the fifth straight session on Tuesday, a day after all three major U.S. stock indexes closed at record highs on rising hopes of a trade truce between Washington and Beijing.
China is pushing President Donald Trump to remove more tariffs as part of the “phase one” deal, which may be signed this month, according to the latest reports.
Trade-sensitive chipmakers, including Advanced Micro Devices Inc (AMD.O) and Nvidia Corp (NVDA.O), rose between 0.5% and 1.3% in premarket trading. U.S.-listed Chinese stocks also looked set to extend their gains.
“The main focus is to get this phase one trade deal, which could happen this month,” said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas. “I do think the market can hold its ground until we get some sort of a deal signed.”
Gathering optimism around the resolution of the trade war, along with a largely better-than-expected third-quarter earnings season and an upbeat October jobs report have spurred a Wall Street rally this month.
The S&P 500 and the Nasdaq closed at record highs for the second consecutive session on Monday, while the Dow Jones hit a record high for the first time since July.
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