Wall Street extended its record-setting streak on Monday, with major large-cap indices logging a third consecutive session of strong gains after a breakthrough in trade negotiations between Washington and Beijing.

U.S. trade negotiators reached a "very successful framework" with their Chinese counterparts, according to statements made by Treasury Secretary Scott Bessent. The development came ahead of a potential meeting between President Donald Trump and President Xi Jinping in the coming days.

Markets cheered the progress, as the immediate threat of an additional 100% U.S. tariff on Chinese goods appeared to have been averted. Beijing, in turn, pledged to delay planned restrictions on rare-earth exports and to resume purchases of American soybeans.

China, however, described the outcome as a "preliminary consensus," noting that both sides must now seek domestic approval before formally ratifying the details.

Meanwhile, the top three stock benchmarks hit fresh all-time highs:

The S&P ...