U.S. and world stocks rose as trade tensions cooled, while oil prices surged 5% after Washington sanctioned two Russian oil giants. Wall Street saw gains, with the Dow up 0.3%, S&P 500 up 0.6%, and Nasdaq up 0.9%. European stocks hit new highs, while Japan’s Nikkei fell 1.35%.

China’s new five-year plan focuses on modern industrial systems and technological self-reliance amid escalating U.S.-China tensions. The U.S. imposed sanctions on Russian oil companies, leading to Chinese oil majors suspending purchases. This twist comes as trade tensions escalate ahead of the Trump-Xi meeting next week.

The ‘Magnificent 7’ tech giants may be losing dominance on Wall Street. Earnings season and the 2026 outlook suggest a broadening of stock market leadership beyond tech megacaps. Analysts predict smaller stocks may outperform the tech giants next year, as the market seeks a more diverse mix of companies.

Read more at Yahoo Finance: Trading Day: US-China detente, oil surges