U.S. stocks jumped on Monday with finance and technology shares providing much of the upside muscle, as upbeat quarterly earnings results revived risk appetite and investors grew less fearful about regional bank credit quality.
Market Snapshot
The Dow Jones Industrial Average rose 515.97 points, or 1.12%, to 46,706.58, the S&P 500 gained 71.12 points, or 1.07%, to 6,735.13 and the Nasdaq Composite gained 310.57 points, or 1.37%, to 22,990.54.
Market Movers
Apple - Apple rose 3.9% to $262.24 after analysts at Loop Capital raised its rating to Buy from Hold and boosted its price target to $315 from $226 on expectations Apple could set a record for iPhone shipments. It marked its first record close since Dec. 26, according to Dow Jones Market Data. Apple also finished the day with a higher market cap thanMicrosoftfor the first time since Sept. 25.
While Meta and Alphabet gained 2.1% and 1.3%, respectively.
Tesla - Tesla rose 1.9% to $447.43. The electric-behicle maker gained 2.5% on Friday, shaking off a Sell rating. Tesla is scheduled to report third-quarter earnings after the markets close on Wednesday.
Netflix - Netflix gained 3.3% on Monday after climbing 1.3% on Friday and snapping a five-session losing streak. The stock has gained nearly 40% this year. The streaming service reports third-quarter earnings after Tuesday’s close.
Amazon - Amazon rose 1.6%. A major Amazon Web Services outage disrupted much of the internet on Monday, including apps such as Snap, Coinbase, Roblox, and McDonald’s. The world’s largest cloud provider first reported a problem in its “US-East-1 region” shortly after 3 a.m. Eastern time. By the afternoon, the company said it was “applying mitigations” to several availability zones in the U.S. to end the disruption.
Nvidia, TSMC - Nvidia was down 0.3%. On Friday, the AI chip maker unveiled the first Blackwell wafer produced in the U.S., made at TSMC’s plant in Phoenix. U.S.-listed shares of TSMC gained 0.9%.
AppLovin - AppLovin stock sank 5.6% on Monday as The New York Post reported that multiple state attorneys general are investigating the company’s data collection practices.
Cleveland-Cliffs - Cleveland-Cliffs surged 21.5% after the steel maker said it was exploring ways to produce rare-earths minerals from its iron ore deposits. For the third quarter,Cleveland-Cliffsposted adjusted Ebitda of $143 million, topping analysts’ calls for $128 million, and sales of $4.7 billion, narrowly beating expectations of $4.5 billion.
Super Micro Computer - Super Micro Computer gained 5.5%, making it the second-best performer in the S&P 500 on Monday. Barron’s technical analyst Doug Busch said the stock appeared to be forming a “cup and handle” pattern, a setup in which the price first dips, recovers to previous highs, then pulls back slightly to form the handle before potentially breaking out.
Boeing - Boeing traded up 1.8%. The aerospace giant will be allowed to increase production of its 737 MAX to 42 planes a month from 38, a cap that was put in place after an emergency door plug blew out of a 737 MAX 9 jet operated by Alaska Air in January 2024.
Tempus AI - Shares of AI-enabled medicine company Tempus AI climbed 5.3% to $92.45. Canaccord Genuity analyst Kyle Mikson initiated coverage at Buy with a $110 price target, arguing “the potential of AI deployment at scale in clinical practice could support strong long-term revenue growth for Tempus.”
KLA Corp. - KLA Corp. rose 4.2% to $1152.88 after Barclays named the stock its top semiconductor equipment pick. Analyst Tom O’Malley upgraded shares to Overweight from Equal Weight, and hiked his price target to $1200 from $750. Shares hit an all-time intraday high of $1161.18 on Monday.
Cooper - Cooper Cos. jumped 4.2% after The Wall Street Journal reported activist investor Jana Partners has built a stake in the company and plans to push for strategic alternatives, including a potential deal to combine Cooper’s contact-lens unit with rival Bausch + Lomb. The report cited people familiar with the matter. Bausch + Lomb CEO Brent Saunders told the Journal he would be interested in such a combination.
Hologic - Hologic gained 2.9%. Blackstone and TPG are in advanced talks to acquire the maker of medical devices in a deal valuing Hologic at $17 billion including debt, Bloomberg reported, citing people familiar with the matter.
Market News
US and Australia Sign Critical-Minerals Deal
US President Donald Trump and Australian Prime Minister Anthony Albanese signed a critical-minerals deal at the White House on Monday as the U.S. eyes the continent’s rich rare-earth resources when China is imposing tougher rules on exporting its own critical minerals abroad.
The two leaders described the agreement as an $8.5 billion deal between the allies. Trump said it had been negotiated over several months.
“In about a year from now we’ll have so much critical mineral and rare earth that you won’t know what to do with them,” said Trump, a Republican, boasting about the deal. “They’ll be worth $2.”
Albanese added that the agreement takes the U.S.-Australia relationship “to the next level.”
Amazon Says AWS Cloud Service Is Back to Normal After Outage Disrupts Businesses Worldwide
Amazon.com cloud service returned to normal operations on Monday afternoon, the company said, after an internet outage that caused global turmoil among thousands of sites, including some of the web's most popular apps like Snapchat and Reddit.
Still, Amazon said some AWS services had a backlog of messages that would take a few hours to process.
AWS hosts applications and computer processes for companies around the world, and the disruption knocked workers from London to Tokyo offline and halted others from conducting normal everyday tasks like paying hairdressers or changing their airline tickets. Users on Monday afternoon had complained of lingering difficulties using services such as digital wallet Venmo and video calling site Zoom.
