02:16 PM EST, 02/04/2025 (MT Newswires) -- US equity indexes traded higher after midday Tuesday amid media speculation that a call between President Donald Trump and Chinese President Xi Jinping won't go ahead on Tuesday.

The Nasdaq Composite jumped 1% to 19,593.2, the S&P 500 advanced 0.6% to 6,028.5, and the Dow Jones Industrial Average climbed 0.2% to 44,507.7. Energy, technology, and communication services led the gainers intraday.

Trump will speak with his Chinese counterpart "in the next couple of days," Reuters reported late Monday, citing White House press secretary Karoline Leavitt. "Let's see what happens with the call today," Peter Navarro, a trade advisor to Trump, was cited as saying in an ITV news report. However, the Wall Street Journal reported Tuesday that the call was off. Trump announced a 30-day pause in a plan to levy tariffs on Mexico and Canada, following telephone conversations with his counterparts.

China disclosed Tuesday its plans to impose 15% tariffs on US coal and liquefied natural gas imports and a 10% tariff on crude oil, agricultural machinery, large-displacement cars, and pickup trucks. The move followed the Trump administration's proclamation of a 10% additional tariff on imports from China late Friday.

The CBOE's Vix index, also known as the fear gauge for investors, slumped 9%, and the US dollar index sank 0.9% intraday.

In economic news, US job openings fell to 7.6 million in December, according to the Bureau of Labor Statistics, lower than the 8 million openings expected in a survey compiled by Bloomberg and down from the 8.156 million openings reported in November. The December level represents 4.5% of employment, versus 4.9% in November and 5.3% a year ago.

The data painted a familiar picture of the labor market, with a low pace of layoffs keeping net job growth positive despite a slow pace of hiring, according to a note from Oxford Economics.

"The December JOLTS report is consistent with the Fed's view that the labor market is healthy enough to tolerate a more cautious approach to lowering rates, particularly given the uncertainty surrounding tariff policy," Nancy Vanden Houten, Lead US Economist at Oxford Economics, wrote in the note. "We will be removing a March rate cut from our February baseline forecast."

The probability that the Federal Open Market Committee will extend its January policy pause in March jumped to 85% as of Tuesday afternoon from 69% a week ago and 52% a month ago.

Most US Treasury yields fell intraday, with the 10-year down 2.4 basis points to 4.52% and the two-year 5.1 basis points lower at 4.21%.

In company news, Estee Lauder ( EL ) reported a year-over-year drop in fiscal Q2 adjusted earnings and sales. The company also issued its fiscal Q3 outlook for adjusted EPS below market expectations. In addition, the firm said it expects to eliminate 5,800 to 7,000 job roles as part of a restructuring plan. Shares plunged 15% intraday, the worst performer on the S&P 500.

Palantir Technologies ( PLTR ) shares increased 23% intraday, the top performer on the S&P 500 and the Nasdaq, a day after the company reported higher Q4 adjusted earnings and revenue. Goldman Sachs adjusted Palantir's ( PLTR ) price target to $80 from $41.

Merck ( MRK ) shares sank 10% intraday, the steepest decliner on the S&P 500 and the Dow, after the company's 2025 guidance for non-GAAP earnings and sales trailed analysts' expectations.

West Texas Intermediate crude oil futures fell 0.7% to $72.68 a barrel, recovering in part from a decline of 3% earlier in the session.