Stocks gained on the first trading day in August as investors looked through revived US-China tensions and stayed hopes for a near-term stimulus bill.
Lawmakers and White House officials met through the weekend to deliberate on a second round of fiscal relief. The end of July marked the expiration of expanded unemployment benefits, erasing a key support measure for millions of jobless Americans. While Republicans and Democrats reached agreements on some facets including direct payments, the factions remain in a standoff on unemployment aid.
Meanwhile, new risks to the already fragile US-China relationship surfaced over the weekend. US Secretary of State Mike Pompeo said Sunday that the White House might take action against Chinese software companies "in the coming days" following the administration's order to ban TikTok. The statement reinvigorated trade fears just weeks after the two countries sparred on their respective consulates.
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