USA stocks shoot higher as trading opens

Dow Jones industrial down 700 points

The Wall Street Journal reported that the U.S. and China have "quietly started negotiating" and that U.S. Treasury Secretary Steven Mnuchin is considering a trip to Beijing for talks.

The Dow Jones industrial average surged almost 670 points, erasing almost half the ground it lost last week and marking the biggest gain since August 2015.

Semiconductor stocks have shown a significant move to the upside in morning trading, driving the Philadelphia Semiconductor Index up by 2 percent. Major indexes logged their worst week since January 2016 on Friday, with the Dow plunging 424.69 points. The two big trading partners reportedly are negotiating to improve US access to Chinese markets.

Nasdaq Composite futures have gained 1.4% on reports that China has offered to buy more USA semiconductors as a way to cut its trade surplus with the U.S. Asian markets were mostly lower, though sharper losses from earlier were easing up. Brent crude, used to price worldwide oils, shed 33 cents to close at $70.12 in London.

TARIFFS AND TRADE: Last week, global stock markets fell sharply amid fears of a trade war after President Donald Trump announced duties on $60 billion worth of Chinese goods in a dispute over technology policy. The 10-year Treasury yield climbed to 2.84 percent Monday.

BETTING ON BANKS: Financial stocks surged as bond yields rose.

ON THE WAY OUT: Lowe's jumped 7.1 percent after the home-improvement retailer said Chairman and CEO Robert Niblock is retiring. The stock gained $5.53 to $89.30. Shares of Facebook gained 0.42 percent at the close.

U.S. WTI May crude oil futures slipped 0.6% to $65.50/bbl.

Last week, Brent gained 6.4 percent and WTI rose 5.7 per cent, the strongest weekly gains since July.

CURRENCIES: The dollar rose to 105.20 yen from 104.82 yen on Friday. While the U.K.'s FTSE 100 Index has edged down by 0.1 percent, the French CAC 40 Index and the German DAX Index are down by 0.3 percent and 0.4 percent, respectively. In Asia, Tokyo's Nikkei 225 added 0.7 per cent, while Hong Kong's Hang Seng rose 0.7 per cent. Sydney's S&P-ASX 200 fell 0.5 per cent. Seoul's Kospi gained 0.8 per cent. India's Sensex rose 0.3 per cent.

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