US STOCKS-S&P 500 hits record high as trade optimism boosts techs

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* Trump says China trade talks 'back on track'
* Tech stocks boost S&P 500; Chipmakers rally
* Casino operators rise on higher Macau revenue
* Indexes jump: Dow 0.90%, S&P 0.99%, Nasdaq 1.45%

(Updates to open)
By Shreyashi Sanyal
July 1 (Reuters) - Gains in technology stocks lifted the S&P
500 to a record high on Monday, powered by growing optimism
around U.S.-China trade talks and a likely reprieve for Chinese
telecoms company Huawei.
The benchmark index .SPX hit an intraday high of 2,977.93,
surpassing its previous record high of 2,964.15 touched on June
21, as the truce agreed upon at the G20 summit boosted risk
appetite.
"We're right back on track," U.S. President Donald Trump
said after the world's two largest economies agreed to restart
talks. Trump also offered concessions including no new tariffs
and an easing of restrictions on Huawei Technologies Co Ltd
HWT.UL , while China agreed to make unspecified new purchases
of U.S. farm products. Tech stocks .SPLRCT , which are Wall Street's top
performers so far in 2019, jumped 1.80%, with heavyweight Apple
Inc's AAPL.O 2.9% gain providing the maximum support.
Chipmakers with a sizable revenue exposure to China jumped,
fueling a 3.76% gain in the Philadelphia Semiconductor index
.SOX . Huawei suppliers Intel Corp INTC.O gained 1.4%, while
Micron Technology Inc MU.O surged 6.1%.
"Any step towards a trade resolution, and it doesn't have to
be a lot of progress - just a step, is viewed very positively by
markets," said Scott Brown, chief economist at Raymond James in
St. Petersburg, Florida.
"And investors at this point are trying to focus on the
positive in hopes that there will be some trade resolution down
the line."
Stocks saw their steepest sell-off this year in May after a
breakdown in the U.S.-China trade negotiations sparked concerns
of a global economic slowdown.
However, expectations of a more accommodative Federal
Reserve helped the S&P 500 and the Dow Jones Industrial Average
index .DJI post their best June performance in generations.
Despite the latest development in trade talks, traders are
still expecting the Fed's next move will be an interest rate cut
as soon as at its July 30-31 policy meeting.
At 10:01 a.m. ET, the Dow Jones Industrial Average .DJI
was up 239.94 points, or 0.90%, at 26,839.90 and the S&P 500
.SPX was up 29.26 points, or 0.99%, at 2,971.02.
The Nasdaq Composite .IXIC was up 116.02 points, or 1.45%,
at 8,122.26. Shares of volatile favorites - Microsoft Corp
MSFT.O , Alphabet Inc GOOGL.O , NFLX.O and Amazon.com Inc
AMZN.O also helped boost the tech-heavy index.
A rise in oil prices lifted energy stocks .SPNY by 1.21%.
OPEC and its allies looked set to extend supply cuts until at
least the end of 2019 at their meeting in Vienna this week.
O/R
Wynn Resorts Ltd WYNN.O , Melco Resorts & Entertainment Ltd
MLCO.O and Las Vegas Sands Corp LVS.N jumped between 6% and
8.2% after gambling revenue in the Chinese territory of Macau
rose more than expected in June. The demand for riskier assets halted a recent rally in
safe-haven bet gold, with prices tumbling as much as 2%.
Advancing issues outnumbered decliners by a 3.25-to-1 ratio
on the NYSE and by a 2.36-to-1 ratio on the Nasdaq.
The S&P index recorded 55 new 52-week highs and no new low,
while the Nasdaq recorded 97 new highs and five new lows.