Weekly Market Update

Weekly Market Update: Stocks Reach New Heights Amid Trade Talks and Fed Meeting

This past Monday was a great day for US stocks as they reached new highs amid ongoing trade talks between the US and China. The S&P 500 broke above 6,600 for the first time, while the tech-heavy Nasdaq Composite notched its sixth consecutive record close. Even the Dow Jones Industrial Average got in on the action, edging up more than 0.1%.

The market's strong performance is a continuation of last week's gains, which saw the Nasdaq and S&P 500 have their best weekly showings since early August. The Dow, meanwhile, snapped its two-week losing streak.

Meanwhile, trade talks between the US and China continued on Monday in Madrid. While there was no major breakthrough announced, Treasury Secretary Scott Bessent did reveal that the countries agreed on a framework for a TikTok deal ahead of the US ban set to go into effect next month. Shares of Oracle, which is reportedly considering buying TikTok, jumped in response.

Not all news was positive, however. Nvidia's stock fell fractionally after a preliminary probe in China found the AI chipmaker had violated the country's antitrust laws.

And finally, Tesla's stock got a boost after CEO Elon Musk announced he'd purchased $1 billion worth of shares, pushing the company's stock price above 3% for the year.

Key Takeaways:
• US stocks reached new highs on Monday amid trade talks and Fed meeting anticipation
• S&P 500 breaks above 6,600 for the first time, while Nasdaq notches sixth consecutive record close
• Federal Reserve policy meeting on Wednesday may bring rate cut, boosting market sentiment
• Trade talks between US and China continue, with no major breakthrough announced yet