00:00Next update on the U.S. market with Wall Street's main indexes ended sharply higher on Monday, led by gains in Broadcom and other cheapmakers after President Donald Trump struck a conciliatory tone about renew U.S.-China trade tensions, easing investors' worries.
00:17Lifting sentiment U.S. Treasury Secretary Scott Benson said in an interview with Falk Business Network that Trump was on track to meet his Chinese counterpart in South Korea as a two-sides work on these escalating trade frictions that grew late last week.
00:33The market is having a good day today and it's a rebound from what happened on Friday.
00:38And it's largely because the Trump administration, along with China, have agreed to continue to have trade talks.
00:46And so I think that we backed away a little bit from the strong demands that we were making as far as sanctions and 100 percent tariffs on Chinese goods going forward.
01:00And I think that that helped the market to kind of calm down as the administration walked some of that back.
01:06We believe that technology is still the trade out there.
01:10It's a lot of it is AI driven.
01:11We've seen that with the recent announcements that we've seen in the market that has caused the Nasdaq to be up today.
01:21And because there's so much focus on AI, we think that that trade still has some legs.
01:27AI-related tech stocks were the biggest winners in Monday's rebound, with Broadcom surging after partnering with OpenAI to produce the startup's first in-house artificial intelligence processes.
01:38Wall Street tumbled on Friday, with the S&P 500 and Nasdaq posting their steepest weekly declines in months.
01:46The latest rupture followed China's announcement on Thursday that it would dramatically expand its rare-earth export controls.
01:53In retaliation, Trump on Friday said he would apply an additional 100 percent tariff on imports from China and impose export controls on all critical U.S. mid-software from November 1.
02:04However, over the weekend, Trump said it will all be fine and that the U.S. did not want to hurt China.
02:11China on Sunday blamed the U.S. for the escalation but did not roll out further countermeasures.
02:17Other AI-related chip makers also gained, with NVIDIA and Micron technology both climbing while the PHLX chip index rose sharply.
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