Treasury Secretary Scott Bessent offered rough outlines of a potential agreement between the United States and China. The deal would include China easing its rare earth export restrictions and purchasing “significant” amounts of U.S. soybeans. In exchange, President Donald Trump would remove his threat to impose 100% tariffs on China.
President Trump and Chinese President Xi Jinping are scheduled to meet on Thursday on the sidelines of a regional economic conference in South Korea. During this meeting, they are expected to finalize the details of the deal.
In the markets, futures tied to the Dow Jones Industrial Average rose 312 points, or 0.66%. S&P 500 futures increased by 0.75%, while Nasdaq futures gained 0.91%. These gains would build on Friday’s rally, which saw fresh record highs.
Meanwhile, the yield on the 10-year Treasury remained flat at 4.003%. The U.S. dollar dipped 0.03% against the euro but rose 0.16% against the yen. Gold prices fell 0.59% to $4,113.40 per ounce. U.S. oil futures rose 0.80% to $61.99 a barrel, and Brent crude climbed 0.76% to $66.44.
Wall Street is also looking ahead to the Federal Reserve’s policy meeting, which will conclude on Wednesday. Investors overwhelmingly expect the Fed to announce another quarter-point rate cut, bringing the benchmark rate down to 3.75%-4.00%. This anticipation comes after the September consumer price index inched up but came in below forecasts, paving the way for the Fed to focus more on maximizing employment rather than solely combating inflation.
The coming week promises to be busy, especially for tech earnings reports. However, growing concerns remain that the recent AI boom may be starting to resemble a bubble.
https://fortune.com/2025/10/26/stock-market-today-dow-futures-us-china-trade-fed-rate-cut-tech-earnings/