\u200b\u200b\u200bMacro update<\/p>\n
\u200bUS equities surge:<\/b><\/p>\n
\u200bWall Street rallied strongly, with the\u00a0S&P 500<\/a> gaining 1.6% and the\u00a0Nasdaq 100<\/a> climbing 2.2%, after President Trump adopted a more conciliatory stance towards China, easing trade tensions before renewed trade tensions pushed equity futures lower.<\/p>\n \u200bSemiconductors power the rally:<\/b><\/p>\n \u200bBroadcom<\/a> jumped nearly 10% after announcing a partnership with OpenAI to develop its first in-house AI chips, boosting Nvidia<\/a>, Micron<\/a>, and the broader semiconductor sector.<\/p>\n \u200bEarnings season underway:<\/b><\/p>\n \u200bJPMorgan<\/a>, Goldman Sachs<\/a>, and\u00a0Citigroup<\/a> are set to release results today, officially kicking off the third-quarter (Q3) earnings season.<\/p>\n \u200bTrade tensions linger:<\/b><\/p>\n \u200bDespite Trump\u2019s softer tone, China accused Washington of \u201cmaking threats,\u201d and both sides imposed new port fees, keeping investors cautious about the outlook.<\/p>\n \u200bAsian markets mixed:<\/b><\/p>\n \u200bTaiwan briefly touched a record high before pulling back, South Korea\u2019s Kospi gave up early gains, and Japan\u2019s\u00a0Nikkei 225<\/a> declined as traders weighed conflicting signals from US\u2013China developments.<\/p>\n \u200bCommodities and FX steady:<\/b><\/p>\n Gold<\/a>\u00a0climbed above $4,150.00 an ounce,\u00a0Brent crude oil<\/a> edged toward $63.00 a barrel, and the\u00a0US dollar<\/a> held steady as markets priced in an almost certain Federal Reserve (Fed) rate cut later this month.<\/p>\n \u200bS&P 500 remains under pressure<\/p>\n