President Donald Trump and Chinese leader Xi Jinping are meeting in Washington this week for their second summit of the year as markets seek signs that could reinforce a rally led by artificial intelligence stocks. The S&P 500 rose 1.5% Monday, its best session since Aug. 4, while the Nasdaq Composite gained 2.3% for its first record close since June. Intel, Advanced Micro Devices and Qualcomm each posted double-digit percentage gains. The summit is intended to support a fragile trade truce, but elevated tariffs, AI policy and Iran sanctions complicate the agenda. The one-year truce reached in Busan, South Korea, expires Nov. 10, one week after the US election, and analysts expect a modest extension rather than a breakthrough. The effective US tariff rate on Chinese goods is near 23%, while the Busan agreement included China suspending rare earth export controls and buying US farm products in exchange for some US tariff relief. Treasury Secretary Scott Bessent said the truce would likely hold and cited progress toward reciprocal tariff cuts for non-critical goods. The two governments also discussed notifying each other about AI-related incidents and reviewed Washington's sanctions program targeting Iran's financial enablers. Bank of America Global Research analysts see a full one-year extension as the base case, with possible additional Chinese purchases of Boeing aircraft, but consider major concessions on semiconductor access or export controls unlikely. The outcome may influence market direction into year-end, particularly for AI-exposed equities and energy prices.