Bloomberg Money Minute: China Tariffs, Rivian R2, Stock Market Gains, Frida Kahlo Auction

China's Trade Policy Shifts

• 🇨🇳 China announced it will remove retaliatory tariffs on U.S. farm products, including soybeans, corn, wheat, sorghum, and chicken.
• 🇺🇸 Additionally, export controls on several U.S. companies will be lifted, following the Trump administration's reduction of fentanyl-related tariffs on Chinese goods.

Rivian's Financial Performance and Outlook

• 🚗 Upscale EV maker Rivian reported a smaller-than-expected loss last quarter, attributed to cost cuts and staff reductions.
• 🚀 The company confirmed it is on track to begin deliveries of its R2 midsize SUV next year, causing its shares to surge by 70%.

Wall Street Market Performance

• 📈 The stock market saw gains, particularly in the tech sector, as investors bought up undervalued tech shares.
• 📊 The Dow Jones Industrial Average rose by a third of a percent, the NASDAQ increased by 1%, and the S&P 500 was up 0.30%.

Art Auction Highlight

• 🖼️ A 1940 self-portrait by Mexican artist Frida Kahlo, titled "El Sueno La Karma," is set to be auctioned in London later this month.
• 💰 This artwork is expected to fetch as much as $60 million.