US stocks closed mostly higher on Monday as high-stakes trade talks between the US and China began in London, rekindling hopes of a tariff truce. The S&P 500 gained 0.1% and the Nasdaq rose 0.3%, while the Dow finished flat. Treasury Secretary Scott Bessent and other senior officials met with their Chinese counterparts to negotiate rare earth shipments and potential easing of export restrictions, following a recent call between Presidents Trump and Xi. The prospect of a breakthrough helped lift market sentiment, with consumer discretionary, materials, and tech stocks leading gains, while financials lagged. On the corporate front, Apple fell 1% amid a lack of major AI announcements at its WWDC event, while Qualcomm jumped 4% on its $2.4 billion acquisition of Alphawave. Shares of Nvidia (0.6%), Amazon (1.7%), Microsoft (0.5%), and Alphabet (1.7%) also advanced. Tesla reversed earlier losses to close 4.3% higher, despite being downgraded by both Argus Research and Baird.