Rare earth stocks find themselves underground on Monday as Treasury Secretary Scott Bessent said he expects that China and the U.S. will work out a trade deal in the near future.

Meanwhile, stock markets largely soared on news of the trade optimism, with the Dow Jones Industrial Average up roughly 0.5%, the S&P 500 up 1%, and the Nasdaq up 1.6% as of midday Monday.

Bessent, appearing on CBS’ “Face the Nation” Sunday news program, said that he anticipates that China will resume soybean purchases from the U.S., and that there could be an announcement on Thursday when President Trump and Chinese President Xi Jinping meet in South Korea.

“I’m not going to get ahead of the two leaders who will be meeting in Korea on Thursday, but I can tell you we had a very good two days,” he said. “So I wo

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