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Stocks bounced back in a big way today. The Dow pared yesterday's selloff, while the Nasdaq reclaimed 16,000, with both indexes snapping four-day losing streaks. The S&P 500 enjoyed outsized gains as well, after Treasury Secretary Scott Bessent reportedly told investors there "will be a de-escalation” in China trade tensions.

Bessent's comments helped spark a rally in tech stocks with China exposure. Investors are also keeping an eye on the earnings docket, with Tesla (TSLA) reporting after the close. While the Cboe Volatility Index (VIX) tumbled as stocks rallied, it remained above the psychologically-significant 30 level. 

GOLD NABS FRESH RECORD BEFORE COOLING OFF

Oil prices moved higher on Monday, after the U.S. issued new U.S. sanctions against Iran. The broader market rally also helped push black gold higher. May-dated West Texas Intermediate (WTI) crude fell $1.23, or 2%, to finish at $1.23per barrel. 

Gold prices settled lower, but not before scoring another record high of $3,509.90. The small loss came on the heels of potentially easing trade tensions between the U.S. and China. June-dated gold fell 0.2% to close at $3,419.40 an ounce.

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