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Indexes up: Dow 1.14%, S&P 500 1.52%, Nasdaq 2.05%

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Broadcom ( AVGO ) jumps on OpenAI partnership

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JPMorgan ( JPM ) rises after a $1.5 trillion investment plan

(Updates after markets open)

By Sukriti Gupta and Twesha Dikshit

Oct 13 (Reuters) -

Wall Street's main indexes advanced on Monday following

Friday's pullback, as investors returned to risk assets after

President Donald Trump's softer tone eased concerns over renewed

U.S.-China trade tensions.

Aiding sentiment, U.S. Treasury Secretary Scott Bessent

said in an interview with Fox Business Network on Monday that

Trump was

on track to meet

his Chinese counterpart in South Korea as the two sides

de-escalate tensions over trade disputes.

Tensions flared up last week after China expanded its

rare earth export controls. In response, Trump on Friday

said he would impose an additional 100% tariff on China's

U.S.-bound exports, along with new export controls on critical

U.S.-made software.

The revived trade tensions sent the S&P 500 and the Nasdaq

to suffer their steepest weekly declines in months.

However, in a more conciliatory tone over the weekend, Trump

posted that "it will all be fine" and the U.S. did not want to

"hurt" China.

China on Sunday blamed the U.S. for the escalation but did

not roll out further countermeasures.

"The combination of earnings, Israel and the peace and that

some sort of deal will be eventually ironed out with China in

terms of trade should be a cushion for the market," said Peter

Cardillo, chief market economist at Spartan Capital Securities.

In the Middle East, Hamas handed over the first group of the

last surviving Israeli hostages, a key step in ending two years

of devastating conflict in Gaza as part of a ceasefire deal

pushed by Trump.

At 10:00 a.m. the Dow Jones Industrial Average

rose 517.17 points, or 1.14%, to 45,996.77, the S&P 500

gained 99.81 points, or 1.52%, to 6,652.32 and the Nasdaq

Composite gained 455.47 points, or 2.05%, to 22,659.90

The S&P 500 tech sector added 2.5%. Nvidia ( NVDA )

rose 3%, while Broadcom ( AVGO ) gained 9.1%.

Broadcom ( AVGO ) rose to top the benchmark index after

partnering with OpenAI

to produce the startup's first in-house artificial

intelligence processors.

The gains helped the broader semiconductor index

rise 4.4% and also boosted the tech-heavy Nasdaq.

Financials rose 0.9% on the benchmark index.

Consumer staples declined 0.4%.

Consumer discretionary stocks added 1.4%, with

Tesla up 2.6%.

Among other stocks, JPMorgan ( JPM ) advanced 2.5% after

unveiling

a $1.5 trillion strategic investment plan.

Oracle gained 5.4% after at least two

brokerages raised their price target on the AI cloud firm.

Estee Lauder ( EL ) advanced 7.5% after a Goldman Sachs ( GS )

rating upgrade.

Fastenal ( FAST ) dropped 4.7% after the industrial supplies

distributor missed third-quarter profit expectations.

Investor focus will be on the earnings season that kicks off

this week with major U.S. banks including JPMorgan Chase ( JPM )

, Goldman Sachs ( GS ), Citigroup ( C/PN ), and Wells Fargo ( WFC )

set to release quarterly results on Tuesday.

The season will prove as a litmus test for U.S. markets and

provide fresh clues on the economy at a time when major official

data releases remain delayed due to a government shutdown that

is currently in its 13th day.

Bessent said that the shutdown was beginning to impact the

economy as well as U.S. aid for farmers.

Advancing issues outnumbered decliners by a 4.91-to-1

ratio on the NYSE and by a 2.99-to-1 ratio on the Nasdaq.

The S&P 500 posted no new 52-week highs and seven new

lows, while the Nasdaq Composite recorded 41 new highs and 52

new lows.