U.S. stock futures were modestly higher on Monday, supported by optimism over a potential easing in the renewed trade tensions between the U.S. and China. At the same time, new data showed that sales of iPhone 17 from Apple (NASDAQ:AAPL) have outpaced its predecessor by 14% in the first 10 days of availability in both the U.S. and China. Meanwhile, Kering (EU:KER) announced a €4 billion deal to sell its beauty business to L’Oréal (EU:OR).
Futures edge higher
Stock futures pointed to a positive start for Wall Street as traders weighed signs of easing U.S.-China trade tensions and looked ahead to a busy week of corporate earnings.
By 03:28 ET, Dow futures were up 176 points (+0.4%), S&P 500 futures gained 30 points (+0.5%), and Nasdaq 100 futures climbed 139 points (+0.6%).
All three major indexes closed last week higher. President Donald Trump said his proposed triple-digit tariffs on China were “not sustainable,” even as he criticized Beijing for escalating the trade conflict by tightening controls over rare earth exports.
Trump confirmed that his meeting with Chinese President Xi Jinping in South Korea will take place later this month, adding in a TV interview that the U.S. is “going to be fine with China.”
Treasury Secretary Scott Bessent also said he expects to meet with Chinese Vice Premier He Lifeng this week to prevent an escalation of tariffs. Chinese state media reported that He and Bessent held “constructive discussions” and agreed to begin new trade talks “as soon as possible.”
Still, tariff threats remain a key policy lever for the White House. Trump pledged to maintain “massive” tariffs on India until it halts Russian oil imports and signaled a hike on Colombian duties over a long-running drug trade dispute.
Investors will also focus on earnings this week from Tesla (NASDAQ:TSLA) and Netflix (NASDAQ:NFLX), as well as a U.S. consumer price report delayed by the federal government shutdown.
iPhone 17 sales outperform predecessor
According to data released Monday by Counterpoint Research, the iPhone 17 lineup outperformed the iPhone 16 by 14% in its first 10 days on sale in the U.S. and China.
The base model was the main growth driver, with sales rising by nearly a third compared to last year’s entry model. Chinese consumers showed particularly strong demand, with unit sales almost doubling.
Mengmeng Zhang, Senior Analyst at Counterpoint, attributed the performance to the base model’s appeal: “The base model iPhone 17 is very compelling to consumers, offering great value for money,” Zhang said, adding that it offers “a better chip, improved display, higher base storage, selfie camera upgrade – all for the same price as last year’s iPhone 16.”
In the U.S., the iPhone 17 Pro Max has been the standout, aided by carriers increasing maximum subsidies by 10%, signaling a strategic pivot toward ultra-premium customers.
Kering and L’Oréal strike €4 billion beauty deal
Kering (EU:KER) announced the sale of its fragrance house Creed to L’Oréal (EU:OR) for €4 billion in cash.
Under the agreement, Kering will also license fragrance rights for brands including Gucci, Balenciaga, and Bottega Veneta. Starting in the first half of 2026 (pending regulatory approval), L’Oréal will have exclusive rights to create, develop, and distribute beauty products for these labels for 50 years.
The two companies also announced a 50/50 joint venture to explore “new business opportunities at the intersection of luxury, wellness, and longevity.”
The deal comes as new CEO Luca de Meo focuses on reshaping Kering amid weak sales in China and the U.S. “This partnership allows us to focus on what defines us best: the creative power and desirability of our Houses,” de Meo said.
Kering shares rose more than 4% in early European trading, while L’Oréal gained 0.9%.
China growth slows to lowest in a year
China’s economy expanded slightly more than expected in the third quarter of 2025 but at its weakest pace in a year, pressured by disinflation and U.S. trade tensions.
GDP grew 4.8% year-on-year, slightly above expectations of 4.7%, but down from 5.2% in the previous quarter. On a quarterly basis, growth was 1.1%, above the 0.8% forecast.
Year-to-date GDP reached 5.2%, down marginally from 5.3% in the prior quarter but still above Beijing’s 5% annual target.
Gold steadies after sell-off
Gold prices held steady Monday, recovering some of last week’s losses and staying close to record highs as markets digested the more conciliatory tone from U.S. officials on China trade.
Spot gold rose 0.2% to $4,257.09 an ounce, while December futures climbed 1.4% to $4,270.69/oz at 03:54 ET.
The metal pulled back from record highs last week after Trump questioned the longevity of the U.S.-China trade war but confirmed that upcoming talks remain on track. That eased some of the safe-haven demand that had recently fueled the rally.
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