Trade Tensions Ease, Apple Hits New Yearly High

Market Overview

U.S. stocks rallied for a second straight session on Monday as trade tensions eased, lifting all three major indexes by over 1%. Apple surged nearly 4%, marking its first record closing high of the year, while Nvidia bucked the trend with a 0.3% decline—the only laggard among the “Magnificent Seven.” The Philadelphia Semiconductor Index rebounded more than 1%, though Oracle fell nearly 5%, extending its two-day losing streak.

After last Friday‘s intraday sell-off, both gold and silver staged strong rebounds. Gold posted its sixth consecutive intraday record high, with futures briefly jumping over 4% to approach $4,400 per ounce. Silver futures also gained more than 3%. Oil prices retreated, with WTI crude paring most of a 2% intraday drop by the close. The U.S. 10-year Treasury yield edged lower, nearing a six-month low, while the dollar index extended its two-day rally, rebounding from last week’s trough. Bitcoin rose more than 3%, climbing back above $111,000.

Hot Topics Ahead● Apple Shares Hit a Record High for 2025

Apple jumped nearly 4% on Monday, surpassing Microsoft to become the second-most valuable U.S. company, behind only Nvidia. According to Counterpoint Research, iPhone 17 sales in the first 10 days after launch in the U.S. and China rose 14% compared with the iPhone 16 series during the same period. The base model saw strong demand in China, while the Pro Max performed well in the U.S. Loop Capital raised its price target for Apple to $315, the highest on Wall Street, implying an additional 20% upside from Mondays close.

● Sanae Takaichi to Become Japans First Female Prime Minister

Japan‘s ruling Liberal Democratic Party leader Sanae Takaichi is set to become the nation’s first female prime minister. Following a meeting between Takaichi and Hirofumi Yoshimura, leader of the Japan Innovation Party, both sides signed a coalition agreement on the 20th. Although the Innovation Party will cooperate externally without cabinet participation, the two parties agreed on 12 policy priorities, including a plan to position Osaka as Japans “secondary capital.” The Nikkei 225 surged on the news.

Key Events to Watch (GMT+8)

21:00 U.S. Federal Reserve Payments Innovation Conference Topics: Stablecoins, Artificial Intelligence, and Tokenization Opening remarks by Fed Governor Christopher Waller