Overview

• Major indexes climbed sharply by late morning, with the Dow up about 1.3%, the S&P 500 roughly 1.5% and the Nasdaq near 2.0%, clawing back part of Friday’s worst S&P 500 drop since April.
• Semiconductor shares outperformed as Broadcom jumped about 10% after announcing a partnership with OpenAI to develop custom artificial‑intelligence processors and networking equipment.
• U.S. Treasury Secretary Scott Bessent said President Trump is on track to meet his Chinese counterpart in South Korea as both sides work to de‑escalate trade frictions.
• Reports of a Gaza ceasefire that included the release of Israeli hostages supported the improvement in risk sentiment alongside the trade developments.
• Attention is turning to the start of earnings season with major U.S. banks set to report Tuesday, as some key economic releases remain delayed by the government shutdown.