Stocks Jump on Positive China Talks, Media Sue White House, More
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News when you want it with Bloomberg News Now. I'm Nathan Hager. Trading is underway on this Monday morning on Wall Street with a risk on mood. That is the sound of the opening bell from the floor of the New York Stock Exchange in both the SP 500 and Dow Jones Industrial Average are higher by six-tenths of one percent at the open. The Tech Heavy Nasdaq composite is leading the gains with a 1% rise, and the 10-year Treasury yield is down about three basis points to Four point nine five percent. So it's a positive start to the trading week after positive talks over the weekend between the US and China.
They were constructive, always very professional. Uh, we made headway. The focus is on stability between the US and China, and and we're continuing that.
US trade rep Jamison Greer appeared on Bloomberg's surveillance after both countries agreed to set up a US China AI dialogue ahead of this week's summit in Washington between Presidents Trump and Xi Jinping. We get more from Bloomberg's Jill Diesis in Hong Kong.
It does seem like what the US and China are ultimately trying to accomplish here is this task force that's cre rather this dialogue that's aimed at uh managing risks rather than creating binding limits on AI development. I think that's particularly important to keep in mind just because of a lot of the chatter about AI that we've been discussing in recent weeks involving anthropic and others.
It's Bloomberg's Jill Diesis and trade rep Jameson Greer also tells us he does not expect an extension of the US China trade truce today, though he says a three to six month extension is still possible. Three major media outlets are taking legal action against the White House for taking away their media credentials. Splumberg's Megan Crane has more on that from Washington.
CNN, MS Now, and Politico said they intended to sue over their um, you know, lack of access to the White House that Trump announced on Friday and seemed to have implemented on Saturday.
After CNN was banned. President posted on Truth Social this morning that the White House is not instituting an assault on the free press. Quote, it is instituting an assault on the fake news. The president also hit at Ukraine on social media over the rising price of diesel fuel. He says Russia's lost control of its diesel industry due to what he calls a ridiculous and never-ending war. The Financial Times reports President Trump pressed Ukrainian leader Vladimir Zelensky to stop hitting Russian refineries. In a phone call yesterday, diesel prices in the U.S. hit a record six dollars fifty cents today on Triple A's nationwide average. Crude oil is falling with West Texas intermediate down three and a half percent and Brent lower by nearly three percent.
That's as President Trump says he's willing to meet with Iran's president this week, and U.S. Central Command says oil and natural gas flows through the Strait of Hormuz are at a six-month high. Bloomberg's Patrick. Patrick Sykes has more from Istanbul.
We know that uh Iran's president uh Pezesh Kyan is on his will be on his way to the UN General Assembly tomorrow. We also know that Iran's foreign minister, Abu Sarak Shi, uh left earlier today and he'll be going to New York via Qatar. Qatar, of course, one of the key mediators alongside uh Pakistan in in this conflict. And from Pakistan too, we've got the interior minister visit Tehran later today.
Bloomberg's Patrick Sykes in Istanbul. And later today, President Trump is set to meet with New York City Mayor Zoran Mamdani at Gracie Mansion.
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