The S&P 500 (SPX) and the Nasdaq 100 (NDX) are soaring on Monday after Wall Street firms expressed optimism for 2026 amid a recovery in tech stocks. Google (GOOGL), Broadcom (AVGO), Palantir (PLTR), and Tesla (TSLA) are all up by over 5%. Furthermore, President Trump spoke with Chinese President Xi Jinping over the phone this morning, with Trump saying that the relationship between the two countries is “extremely strong.”
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Deutsche Bank set its 2026 S&P 500 price target to a street-high of 8,000, citing lower interest rates and easing trade uncertainty as positive catalysts. That was evidenced after Chinese state media publication Xinhua reported today that “China-US relations have generally remained stable and improved” following the Trump-Xi call. HSBC tagged along, setting its 2026 S&P 500 price target to 7,500.
Trump Speaks with Chinese President Xi Jinping
The call marked the first communication between the leaders since their meeting in Busan, South Korea. The meeting resulted in trade progress between the two countries, with the U.S. agreeing to lower its Chinese tariff rate to 47% from 57% and China promising to step up purchases of U.S. soybeans and ease restrictions on rare earth exports.
“This call was a follow up to our highly successful meeting in South Korea, three weeks ago,” Trump said in a Truth Social post. “Since then, there has been significant progress on both sides in keeping our agreements current and accurate.”
In addition, Trump accepted an invitation from Xi to visit Beijing in April 2026, while Xi said that he would visit the U.S. later in the year.
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