Tech stocks jumped in premarket trading as positive signals from initial US-Japan trade talks stirred optimism agreements can be reached to avoid higher levies on American trading partners.

Palantir, SMCI rose over 2%; Nvidia, AMD, Tesla, Apple, Netflix rose more than 1%.

President Donald Trump said there was “big progress” in talks to strike a deal for Japan. The yen weakened after the country’s chief trade negotiator said currencies weren’t discussed, allaying concerns the US would push for a stronger exchange rate. Gold hit a record on demand for havens while Treasury yields and a gauge of the dollar climbed.

Following the turmoil triggered by the announcement of broad US levies earlier this month, investors are focusing more on developments in country-specific trade negotiations. Key questions surround China, after Beijing indicated Wednesday it has several conditions for agreeing to talks with the Trump administration.

“The trajectory of US-Japan trade talks will continue to be closely monitored, not just for their bilateral implications, but also as a potential framework for how the US may approach trade relationships with other allies,” said Rajeev De Mello, a global macro portfolio manager at Gama Asset Management.