Global Stocks Rally as Oil and Yields Ease Ahead of Trump-Xi Summit

Global stock markets rallied on Monday, September 21, 2026, as falling oil prices and bond yields offset concerns about geopolitical tensions and recent central bank rate hikes. The advance was fueled by optimism surrounding preliminary U.S.-China trade talks and the upcoming summit between President Donald Trump and Chinese President Xi Jinping. U.S. stock indexes climbed, with the S&P 500 rising about 0.6% to pull within 1.3% of its all-time high set the previous month. The Dow Jones Industrial Average added 301 points, and the Nasdaq composite gained 0.8%. Futures for the S&P 500, Dow, and Nasdaq had all risen earlier in the day. The gains were mirrored across major markets in Europe and Asia, with indexes in Germany, France, and Hong Kong all advancing more than 1%. The market relief came as Brent crude oil prices fell more than 3% to approximately $100.50 per barrel. The decline followed a period of extreme volatility, with oil having surged past $100 earlier in the month amid the ongoing war in Iran and disruptions in the Strait of Hormuz. Analysts cited profit-taking after the recent jump and hopes for diplomatic progress as factors behind Monday's pullback.