04:06 PM EDT, 10/13/2025 (MT Newswires) -- US equity indexes rose ahead of the close on Monday after US Treasury Secretary Scott Bessent injected some positivity into trade negotiations with China, and a deal between Broadcom ( AVGO ) and OpenAI helped boost the so-called AI trade.

The Nasdaq Composite jumped 2.2% to 22,701.2, with the S&P 500 up 1.6% to 6,657.5 and the Dow Jones Industrial Average 1.4% higher at 46,097.7, following the sharp sell-off on Friday off the back of Trump's threat to impose 100% tariffs on China from Nov. 1.

All sectors except consumer staples and healthcare rose, with technology and consumer discretionary leading the gainers.

US Treasury Secretary Scott Bessent said he expects President Donald Trump and Chinese President Xi Jinping to still meet this month, after Trump threatened to call off their meeting in retaliation against new Chinese export controls, USA Today reported.

Bessent said Monday the Trump administration and China had "substantial communication" over the weekend after Trump last Friday threatened to impose a new 100% tariff on imports from China that would go into effect on Nov. 1.

"He will be meeting with Party Chair Xi in Korea. I believe that meeting will still be on," Bessent was cited as saying in an interview on Fox Business. "The idea is to give them time to meet and work this out."

Meanwhile, in company news, Broadcom ( AVGO ) and OpenAI, which counts Microsoft ( MSFT ) as a major investor, announced on Monday that they are launching a partnership to deploy 10 gigawatts of OpenAI-designed artificial intelligence accelerators. Shares of the chipmaker surged 10% intraday, the top gainer on the S&P 500 and the Nasdaq.

All Magnificent-7 stocks were up, with Tesla (TSLA) leading the pack of mega-caps with a significant combined weight in each of the three benchmark indexes.

In federal shutdown news, the Senate has failed seven times to pass funding bills that would end the political impasse, which entered its 13th day on Monday. The next vote to resolve the crisis is scheduled for Tuesday, implying a further delay in the release of macroeconomic data.