Major indices rebounded strongly this afternoon, recapturing roughly half of Friday’s losses.

It's been a good year to buy the dip, historically, the S&P 500 shows strong performance after a 2% one-day decline.

The main catalyst today are comments from Trump who over the weekend said on Truth Social “Don’t worry about China, it will all be fine!". Contributing to the upbeat tone Treasury Secretary Bessent said this morning, the U.S. and China were in contact over the weekend and a meeting between President Trump and Chinese President Xi is on the books for the near future.

Retailers, who are reliant on Chinese imports, are notably outperforming today and driving Consumer Discretionary’s (XLR) strong performance. Consumer Staples is the sole sector in red after trading higher on Friday.

Broadcom Inc. (AVGO) is making the biggest move in the Technology (XLK) sector after announcing a multi-billion dollar agreement with OpenAI to deploy 10 gigawatts of AI accelerators designed by OpenAI over the next four years.

There was no economic data today, and the Treasury market is closed for the Columbus Day holiday.