12:31 PM EDT, 10/13/2025 (MT Newswires) -- US equity indexes jumped in midday trading on Monday after President Donald Trump softened his tone against China and as the so-called AI trade got a boost from a deal between Broadcom ( AVGO ) and OpenAI.

The Nasdaq Composite jumped 2% to 22,655.5, with the S&P 500 up 1.6% to 6,656.7 and the Dow Jones Industrial Average 1% higher at 45,918.6. All sectors except consumer staples advanced intraday. Technology, consumer discretionary, materials, and communication services emerged as top gainers.

"Don't worry about China, it will all be fine!" Trump said in a Truth Social post on Sunday, after threatening on Friday a 100% tariff on all Chinese imports starting Nov. 1 and potentially canceling a meeting with Chinese President Xi Jinping in South Korea, following Beijing's reported decision to impose new export controls on rare earth minerals.

"Highly respected President Xi just had a bad moment. He doesn't want Depression for his country, and neither do I. The U.S.A. wants to help China, not hurt it!!!" Trump added.

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.

Gold futures surged 2.8% to $4,113.81, touching yet another all-time high of $4,134.60 earlier in the session, and silver futures catapulted 6% to $50.10.

The US dollar also strengthened, gaining 0.8% against the Japanese yen to 152.29. The ICE US Dollar Index advanced 0.3% to 99.25.