US markets open in the green as Trump hints at possible trade deal announcements; Nasdaq, S&P 500 gain

US Treasury Secretary Scott Bessent and China's He Lifeng will be meeting to discuss a solution for escalating tariff tensions between the two trading nations.

US markets gained at open on May 9 on improved market sentiment as US President Donald J Trump hinted at trade deals for many countries including India. At open, the Dow Jones Industrial Average gained 0.3%, the S&P 500 gained 0.4%, and the Nasdaq Composite traded 0.6% higher.

Global investors will be watching out for updates on the US-China trade negotiations which are going to take place in Switzerland. US Treasury Secretary Scott Bessent and China's He Lifeng will be meeting to discuss a solution for escalating tariff tensions between the two trading nations. Prior to the meeting, US Preside Donald J Trump hinted in a post on social media platform Trust Social that he would be looking at reducing the tariffs on China to around 80 percent “80% Tariff on China seems right! Up to Scott B,” Trump said in the post, referring to  Scott Bessent. Currently, US has announced a 145 percent tariff on Chinese goods coming into the US. The US President also hinted at possible announcement of more trade deals. In a separate post, Trump said “Many Trade Deals in the hopper, all good (GREAT!) ones!”

One of the big gainers during early trades continued to be ride-sharing app Lyft which gained around 20 percent, a day after the company announced a boost to its share buyback plan to $750 million.

On the S&P 500, top market movers included Insulet Corp, Tesla and Microchip Technologies. Chevron, Apple, Boeing and Goldman Sachs were among the top gainers on the Dow.

European stocks were also trading in the green, after the UK and U.S. confirmed a trade agreement. The pan-European Stoxx Europe 600 index was 0.52% higher, UK’s FTSE 100 gained 0.38%, while Germany’s DAX was up 0.7%.

Asian markets on the hand traded mixed with the China’s CSI 300 falling 0.17 percent to close at 3,846.16, while Hong Kong’s Hang Seng Index gained around 0.4 percent to close at 22,867.74. Japan’s benchmark Nikkei 225

on the hand rose 1.56% to close at 37,503.33 and South Korea’s Kospi fell 0.09% to close at 2,577.27. India's benchmark indices Nifty and Sensex also closed around 1 percent lower.