Trump-Xi Meeting Leads to Improved Risk Appetite, Oil Continues to Rally – Market wrap for the North American session - October 23

Ben Graham · Outubro 23

Log in to today's North American session Market wrap for October 23

US stocks surged higher due to optimism over trade and strong gains in major tech companies, while investors mostly ignored the potential inflationary risk from the recent spike in oil prices.

The S&P 500 nearly hit a new record high after the White House confirmed that President Trump will meet with Chinese President Xi Jinping on October 30th to discuss trade. This news helped tech giants rebound, with Tesla reversing its earlier losses to lead the gains.

Separately, energy stocks rose along with oil prices after the U.S. imposed sanctions on major Russian oil companies over the Ukraine conflict.

The rally was further fueled by news that the Trump administration is considering a plan to boost the quantum computing industry to compete with China, which caused those related stocks to climb.

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Cross-Assets Daily Performance

DXY_2025-10-23_21-12-36 — Cross-Asset Daily Performance, October 23, 2025 – Source: TradingView

US stock indexes all moved higher, with the Dow Jones, S&P 500, and Nasdaq Composite seeing gains ranging from 0.39% to 1.05%.

The energy market was a major focus as oil prices surged by over 5% following new U.S. sanctions on Russian suppliers, with the US also calling for an immediate ceasefire in Ukraine and threatening further action.

This geopolitical tension also caused US Treasury yields to rise, as investors prepared for an important inflation report due on Friday.

Finally, the renewed global risks boosted demand for the safe-haven asset, causing gold prices to rise by 1.04%, recovering after its pullback earlier in the week.

A picture of today's performance for major currencies

2025-10-23 21_10_04-Greenshot — Currency Performance, October 23 – Source: OANDA Labs

The US Dollar was slightly stronger overall, gaining 0.38% against the Japanese yen but remaining mostly flat against a basket of major currencies.

The British pound fell slightly by 0.25%, continuing to struggle after weak inflation data caused traders to expect an interest rate cut from the Bank of England this year.

The euro saw a very small gain of 0.06% against the dollar, and the Swiss franc was largely unaffected by the release of its central bank's first-ever meeting minutes.

A look at Economic data releasing through tonight and tomorrow's session

2025-10-23 21_18_49- — For all market-moving economic releases and events, see the MarketPulse Economic Calendar.

We have a data dump ahead which is a nice change of pace from what we have seen for the majority of the week.

First we have S&P PMI data from Australia which is followed by Japanese CPI data.

Attention will then turn to the European session which will bring a host of PMI data releases from the Euro Area and the UK.

The US session will also bring PMI data and University of Michigan sentiment releases. Attention will however be on the delayed CPI data release from the US which could stoke some volatility.

Safe Trades!

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