Stocks Hit Record Highs Ahead of U.S.-China Trade Talks

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U.S. markets climbed to new highs on October 28, driven by renewed optimism surrounding trade negotiations between Washington and Beijing. The S&P 500 rose 0.23% to close at a record 6,890.89, while the Nasdaq jumped 0.80% to 23,827.49. The Dow also gained 0.34%, finishing at 47,706.37.

Investors credited much of the rally to strong momentum in AI-related stocks and growing confidence that the upcoming meeting between President Trump and President Xi on October 30 could bring progress on trade issues. News of ongoing talks covering rare earths, soybeans, and TikTok sent both tech and retail shares higher throughout the session.

Treasury Secretary Scott Bessent hinted that the two countries are nearing a potential deal that could ease tariffs if China agrees to limit exports of certain fentanyl chemicals. That signal was enough to boost investor sentiment and spark fresh buying across multiple sectors.

With markets pricing in softer trade tensions and continued enthusiasm for AI and semiconductor growth, analysts say investors are watching this week’s talks closely. A confirmed breakthrough could add even more fuel to the rally, solidifying what’s already shaping up to be a strong end to the month for equities.