NEW YORK (AP) — The latest on developments in financial markets (all times local):

9:40 a.m.

Stocks are surging in early trading as investors digest a report saying the U.S. and China could hammer out a trade deal within the next month.

Technology companies and banks led the early rally.

Gap soared after the retailer said it would split off its Old Navy brand into a separate company. Foot Locker rose on strong earnings and a forecast for a profit surge in 2019.

E-commerce company eBay rose after saying it might spin off or sell StubHub.

The S&P 500 index rose 20 points, or 0.7 percent, to 2,805.

The Dow Jones Industrial Average rose 203 points, or 0.8 percent, to 26,115. The Nasdaq rose 48 points, or 0.6 percent, to 7,580.