Global markets calm after trade truce; Tech shares volatile as AI-capex concerns mount

Global equity markets showed muted overall gains as investors digested a tentative trade-deal between the Donald Trump and Xi Jinping governments, which included tariff reductions and rare-earth supply assurances. However, tech stocks including Meta Platforms Inc. and Microsoft Corporation remained volatile amid concerns about large-scale AI infrastructure spending and possible margin pressure. The S&P 500 e-mini futures dipped 0.1% while Asian markets such as the MSCI Asia‑Pacific declined ~0.5%. Analysts noted that much of the deal’s promise was already priced in, reducing the initial enthusiasm in risk assets.