U.S. stocks climbed Monday after Treasury Secretary Bessent touted substantial progress on talks with the Chinese setting up a busy week of trade talks as President Trump heads to the Middle East. In economic and earnings news,

The implication is that the baseline 10% tariff will likely stay in place globally but there can be industry-specific carve-outs. That’s good news for stocks.

President Donald Trump’s trade war is a source of anxiety for Wall Street’s crème de la crème. But among those with close ties to the administration, there are glimmers of hope that it is finally generating momentum in bilateral trade talks.