New York stock market rebounds as Trump-Xi Jinping meeting is confirmed... Technology and energy stocks surge.

[Block Media Reporter Myung Jeong-seon] The New York stock market closed higher on the 23rd ( local time ). Buying pressure focused on technology stocks, and as the summit between President Trump and Chinese President Xi Jinping was confirmed, tensions regarding U.S.-China relations eased somewhat, restoring the preference for risk assets.

The S&P 500 index closed up 0.58% at 6,738.17, completely recovering from the previous day's losses, while the Nasdaq Composite index recorded a rise of 0.87% to 22,938.34. The Dow Jones Industrial Average finished trading up 0.31% at 46,733.91.

The market expanded its gains after the White House announcement during the day. White House spokesperson Caroline Levitt stated that President Trump is scheduled to meet with President Xi Jinping during his Asia tour next week. As a result, concerns over the trade conflict, which had escalated due to export regulations and retaliatory measures between the U.S. and China, have somewhat eased, restoring investor sentiment. Jack Hill, head of Horizon Investment's portfolio management, assessed that “the confirmation of the summit is a critical turning point for market sentiment.”

On this day, the rebound centered around tech stocks was prominent. Nvidia(, Broadcom), and Amazon( led the rise in AI)-related stocks, while Oracle( surged nearly 3%, driving the index higher.

Along with this, the energy sector recorded the largest increase. This is due to the Trump administration announcing sanctions on two of Russia's largest oil companies, causing oil prices to surge. Consequently, refining stocks such as ExxonMobil, Chevron, and Valero Energy all showed an upward trend. The defense industry also saw a rise in related indices as expectations for demand grew amid escalating geopolitical tensions.

In terms of performance-related stocks, Tesla rebounded and turned upward despite its third-quarter net profit falling short of expectations, while IBM declined due to the slowdown in its cloud segment growth. On the other hand, Honeywell adjusted its annual performance outlook upward due to strong performance in the aerospace sector, resulting in a bullish stock price, and American Airlines also closed higher thanks to improved performance and guidance.

The market sees the current earnings season as a turning point that will determine whether the bull market continues. According to data platforms, approximately a quarter of S&P 500 companies have reported earnings so far, with 86% of them exceeding market expectations. The overall earnings growth rate for the S&P 500 in the third quarter is being revised upward to 9.9% compared to the previous year.

Meanwhile, the market's attention is shifting to the U.S. inflation indicators to be announced the next day. This is expected to provide additional hints regarding monetary policy ahead of the Federal Reserve meeting at the end of October. The market sees a high likelihood that the Fed will lower the benchmark interest rate by 0.25 percentage points.