US stocks hover near all-time highs after the Fed’s first rate cut of 2025, with the Russell 2000 (^RUT) closing at a record for the first time since 2021. President Trump and China’s Xi Jinping are holding a high-stakes call on TikTok’s US future, tariffs, and broader trade. Oracle (ORCL) is expected to lead a consortium to run TikTok’s US arm, while Beijing escalates pressure on Nvidia (NVDA) with an antitrust probe and a ban on chip purchases. FedEx (FDX) beats on earnings and reinstates guidance but warns of a $1B tariff hit this year. Netskope (NETS) gains after a strong IPO, and Klaviyo (KVYO) rises on an analyst upgrade. Small caps surge as investors bet on more rate cuts and an earnings rebound.

Takeaways:

US stocks hold at record highs; Russell 2000 joins the rally

Trump and Xi speak on TikTok, tariffs, and trade framework

FedEx beats earnings but warns of $1B tariff impact

Netskope IPO pops, Klaviyo upgraded; small caps gain on Fed easing bets

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