Stock markets rebounded on Monday after Donald Trump appeared to row back from his threat to impose punishing new tariffs on Chinese imports, saying that the US “wants to help China, not hurt it!!!”
The S&P 500 index closed 1.6 per cent higher, partially recovering after Trump sparked a 2.7 per cent drop on Friday — the Wall Street benchmark’s biggest one-day sell-off since April — by threatening to impose additional 100 per cent tariffs on China.
The tech-heavy Nasdaq Composite rose 2.2 per cent, buoyed by a 9.9 per cent jump in shares in semiconductor giant Broadcom after it agreed to sell 10 gigawatts of chips to OpenAI. Chipmaking giant Nvidia rose 2.8 per cent.
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