Zinger Key Points
- Chinese stocks like Alibaba, NIO, and PDD rose after U.S. Treasury Secretary Scott Bessent said he expects a de-escalation in the trade.
- Bessent called the current tariff standoff unsustainable and signaled a possible path toward negotiations, boosting investor confidence.
- Learn the top momentum trading strategies for today’s whipsaw market, live with Chris Capre on Sunday, May 4 at 1 PM ET. Reserve your free spot now.
Shares of U.S.-listed Chinese companies, including Alibaba Group inc. BABA, NIO Inc. NIO and PDD Holdings Inc.PDD are trading higher Tuesday after U.S. Treasury Secretary Scott Bessent reportedly indicated a possible de-escalation in the ongoing tariff conflict with China.
What To Know: According to Bloomberg, Bessent's comments were made during a private session at an event hosted by JPMorgan Chase & Co. in Washington, held alongside the IMF and World Bank spring meetings.
According to attendees, Bessent acknowledged that formal negotiations between the U.S. and China have not yet started but emphasized that he believes a deal is achievable. He did not provide a timeline or specifics on potential terms but made it clear that the current state of trade—where each country has imposed more than 125% in tariffs on many goods—is untenable.
The S&P 500 index climbed as much as 2.9% by midday in New York trading.
Price Action: Alibaba shares were up 4.82% at $115.45, Nio shares were up 4.58% at $3.765 and Pdd holdings shares were up 4.78% at $98.88 at the time of writing, according to Benzinga Pro.
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