02:44 PM EDT, 10/13/2025 (MT Newswires) -- US benchmark equity indexes were higher intraday after President Donald Trump appeared to have softened his trade stance on China.

The Nasdaq Composite was up 2.1% at 22,675.1 after midday Monday, while the S&P 500 rose 1.5% to 6,652.6. The Dow Jones Industrial Average advanced 1.2% to 46,038.2. Barring consumer staples, all sectors were in the green, led by technology's 2.6% jump.

On Friday, US equities plummeted after Trump threatened China with steep tariff increases. After market close, Trump announced additional tariffs of 100% on China, effective Nov. 1, as well as export controls on "any and all critical software."

However, in a social media post on Sunday about China, Trump said it "will all be fine." The US "wants to help China, not hurt it," he added.

"We are communicating now. I am confident that we can move forward," Fox Business reported Monday, citing US Treasury Secretary Scott Bessent. "Everything's on the table. I am optimistic that this can be de-escalated."

West Texas Intermediate crude oil was up 1.4% at $59.7 a barrel intraday. "Oil rebounded after hitting five-month lows in the previous session, with investors refocusing on US-China trade talks," D.A. Davidson said in a Monday note.

The Organization of the Petroleum Exporting Countries raised its global oil demand growth projection for 2025. The cartel said that concerns about a renewed tariffs war between the US and China "once again underscored the lingering uncertainty surrounding trade policy."

The US bond market was closed Monday due to the Columbus Day/Indigenous Peoples' Day holiday.

In company news, Broadcom ( AVGO ) shares were up 10%, the top gainer on the S&P 500, after the chipmaker and Microsoft ( MSFT )-backed (MSFT) OpenAI agreed to deploy 10 gigawatts of custom artificial intelligence accelerators.

Bloom Energy ( BE ) shares surged nearly 32% after announcing a $5 billion partnership with Brookfield Asset Management ( BAM ) to deploy its fuel cell technology in building AI infrastructure. Brookfield shares were up 3.4%.

Fastenal's ( FAST ) third-quarter earnings came in below market estimates amid sluggish industrial production. The industrial and construction supplies distributor's shares were down 5.7%, the worst S&P 500 performer.

JPMorgan Chase ( JPM ) announced a $1.5 trillion plan to finance and invest in industries "critical" to national economic security, including minerals and frontier technologies. The lender's shares rose 2.6%.

JPMorgan ( JPM ) and other major banks Goldman Sachs ( GS ) , Wells Fargo ( WFC ) , and Citigroup ( C ) are scheduled to report third-quarter results Tuesday.

The Federal Reserve should move monetary policy towards "a more neutral stance" in a bid to balance risks to its dual mandate of price stability and maximum employment, Philadelphia Fed President Anna Paulson said Monday.

"Labor market risks do appear to be increasing -- not outrageously, but noticeably," Paulson said. "Momentum seems to be going in the wrong direction."

A US federal government shutdown continues, with the Congress deadlocked on a funding plan. The Senate is not scheduled to hold any votes on a funding plan until Tuesday, CNN reported Monday.

Gold was up 3% at $4,121.60 per troy ounce, while silver jumped 6.6% to $50.37 per ounce.