05:01 PM EDT, 10/20/2025 (MT Newswires) -- US equity indexes rose Monday as communication services led broad-based gains across sectors.

The Nasdaq Composite climbed 1.4% to 22,990.543, the S&P 500 gained 1.1% to 6,735.13, and the Dow Jones Industrial Average advanced 1.1% to 46,706.58. Consumer staples and utilities were the only decliners, drifting marginally lower.

Apple's ( AAPL ) iPhone 17 series outsold the iPhone 16 series by 14% during the first 10 days of availability in the US and China, Counterpoint Research said. Shares of Apple ( AAPL ) rose 3.9%, among the top gainers on the Dow. All stocks in the so-called Magnificent-7 category rose, with Apple ( AAPL ) leading the pack, which has a significant weighting across the three benchmark indexes.

Equities "appear to be focusing on the prospect of further Fed rate cuts with market expectations pricing in two additional cuts by year-end, and a potential easing in trade tensions with China," Stifel Chief Economist Lindsey Piegza said in a note.

The probability of a 25 basis-point interest-rate cut on Oct. 29 is 99%, and the likelihood for further policy easing of the same magnitude on Dec. 10 is 96%, according to the CME Fedwatch Tool late Monday.

President Donald Trump reportedly said he is open to lowering tariffs on China if Beijing "gives us some things too," mixing a tough economic stance with signals of flexibility. Trump recently said 100% additional tariffs were unsustainable, but he seeks to end China's restrictions on rare earth mineral exports in upcoming trade talks.

Meanwhile, the partial US federal government shutdown entered its 20th day on Monday, making it the third-longest shutdown in the country's history, according to media reports. The shutdown "is likely to end sometime this week" as "moderate" Democrats come together to strike a deal, Kevin Hassett, National Economic Council director, told CNBC.

With Trump leaving Oct. 26 for a multi-country visit through Asia that could last five or six days, the shutdown is at risk of lasting much longer if a deal is not reached before the weekend, USA Today reported.

The CBOE Volatility Index, also known as the fear gauge, slumped 12% to 18.23.

US Treasury yields slipped, with the 10-year yield down 2.7 basis points to 3.98%, the lowest since early April.

"US Treasury yields are facing downward pressure as market participants seek safe-haven assets amid a prolonged government shutdown and new concerns regarding regional banks bubbling underneath the surface," Piegza added, adding to the mix credit stress-related concerns that hit regional banks last week.

Gold futures were up 3.7% to $4,369.62, after scaling a new peak of $4,398.00 earlier in the session. Silver futures advanced 2.5% to $51.34.

West Texas Intermediate crude oil futures fell 0.2% to $57.44 a barrel, dropping to the lowest in more than four years.