Updated 2 min read
US stocks climbed on Monday amid promising signs that a US-China trade deal will cap President Trump’s long-awaited meeting with Chinese President Xi later this week.
The Dow Jones Industrial Average (^DJI) moved roughly 0.6% higher, while the S&P 500 (^GSPC) jumped 0.9%. The tech-heavy Nasdaq Composite (^IXIC) led gains, up 1.5%.
Wall Street is in an upbeat mood as it gears up for a pivotal week featuring the Federal Reserve’s interest rate decision and a barrage of Big Tech earnings, as well as Thursday’s high-stakes meeting between Trump and Xi.
The optimism follows a banner week that saw all three major indexes close at all-time highs on Friday. Stocks are eyeing further records after US and China officials signaled that weekend talks had paved the way for a breakthrough in the trade standoff.
“I think we have a very successful framework for the leaders to discuss on Thursday,” Treasury Secretary Scott Bessent told reporters on Sunday. At the same time, Beijing hailed a “preliminary consensus” on resolving key issues, helping ease trade-war worries sparked by recent heightened tensions.
“I’ve got a lot of respect for President Xi, and I think we’re going to come away with a deal,” Trump told reporters on Air Force One en route to Japan from Malaysia.
Meanwhile, markets are all but certain the Fed will cut rates on Wednesday when policymakers wrap up their two-day meeting. Cooler-than-expected inflation data — the US shutdown-delayed Consumer Price Index report — bolstered the case for easing on Friday.
That decision lands alongside another big potential catalyst, the arrival of quarterly earnings from the “Magnificent Seven” tech megacaps. Microsoft (MSFT), Alphabet (GOOG), and Meta (META) are set to report third quarter results on Wednesday, with Apple (AAPL) and Amazon (AMZN) scheduled a day later.
LIVE 13 updates
-
Dow, Nasdaq, S&P 500 hit intraday highs
The three major stock indexes hit intraday records shortly after the open on Monday.
The S&P 500 (^GSPC) crossed 6,850 for the first time, while the Dow Jones Industrial Average (^DJI) hit 47,532 points. The tech-heavy Nasdaq Composite (^IXIC) surpassed 23,560.
The moves built on records from the previous trading session Friday.
-
Tesla chair warns that the EV maker ‘may lose’ Elon Musk if $1 trillion pay package fails
Tesla (TSLA) stock rose 2.4% at the open after the company’s board chair, Robyn Denholm, urged shareholders to approve Elon Musk’s $1 trillion pay package ahead of the company’s annual meeting on Nov. 6.
Denholm argued that Tesla risks losing Musk as the chief executive if the pay package is not ratified.
“The fundamental question for shareholders at this year’s Annual Meeting is simple: Do you want to retain Elon as Tesla’s CEO and motivate him to drive Tesla to become the leading provider of autonomous solutions and the most valuable company in the world?” Denholm wrote in a letter to shareholders.
Denholm later added that if the vote fails, Musk may give up his CEO role, “and Tesla may lose his time, talent and vision, which have been essential to delivering extraordinary shareholder returns.”
Musk himself campaigned for the pay package in a quarterly earnings call last week, stating that he wouldn’t feel comfortable building “a robot army” without control over it.
Earlier this year, a Delaware court struck down Musk’s 2018 pay deal on the grounds that it was awarded by board directors who were not fully independent. The Delaware Supreme Court is currently weighing the merits of Tesla’s appeal case.
-
Mag 7 gains ahead of Big Tech earnings
The “Magnificent Seven” Big Tech stocks and Broadcom (AVGO) started the week on an upbeat note as investors awaited key earnings reports from several of the group’s members.
AI chipmaker Nvidia (NVDA) led the gains, climbing 2.5%. Tesla (TSLA), Alphabet (GOOGL, GOOG), and Meta (META) shares also added more than 2%. Amazon (AMZN), Microsoft (MSFT), Apple (AAPL), and Broadcom rose over 1%.
The upswing comes ahead of a wave of earnings from tech giants, with Microsoft, Alphabet, and Meta set to report quarterly financial results on Wednesday. Apple and Amazon will report earnings on Thursday.
-
Stocks climb at the open
Tech led stocks higher at the open on Monday.
The tech-heavy Nasdaq Composite (^IXIC) rose 1.5%. The Dow Jones Industrial Average (^DJI) moved up roughly 0.6%, while the S&P 500 (^GSPC) jumped 0.9%.
The gains come as Wall Street awaits a slew of Big Tech earnings, the Fed’s October meeting, and President Trump’s meeting with China’s President Xi later this week.
The moves also put the indexes on track to build on all-time- highs last week.
-
JPMorgan invests $75 million in antimony and gold miner; first investment of “Strength and Resiliency Inititative”
JPMorgan Chase (JPM) is investing $75 million in gold and antimony miner Perpetua Resources Corp. (PPTA), the first investment announced of the bank’s $10 billion “Security and Resiliency Initiative.”
Shares in Perpetua jumped more than 10% in premarket trading before paring gains back to a bump of around 5%.
On Oct. 21, Perpetua broke ground on its Stibnite Gold Project development, reopening the abandoned Stibnite Mining District of Idaho.
The mining project is set to become the US’s only reserve of antimony, designated a critical mineral by the federal government for its use in weapons systems development, batteries, and semiconductors, alongside a host of other applications.
The mine is also expected to produce a high-grade open-pit gold mine, adding about 4.8 million ounces to the US’s gold reserves.
JPMorgan’s $75 million equity investment joins a $180 million equity investment from Agnico Eagle Mines (AEM) and $80 million in awarded funds from the Department of Defense, according to a press release from Perpetua.
“It has become painfully clear that the United States has allowed itself to become too reliant on unreliable sources of critical minerals, products and manufacturing — all of which are essential for our national security,” said JPMorgan chairman and CEO Jamie Dimon.
“Our security is predicated on the strength and resiliency of America’s economy.”
The investment from JPMorgan is the first publicly announced equity stake taken as part of the “$1.5 trillion [Strength and Resiliency] initiative to address pressing needs in key sectors from critical minerals to frontier technologies,” which includes $10 billion earmarked for equity investments.
JPMorgan’s investment represents a 2.7% stake in the company, according to Perpetua.
-
‘This fight is far from over’: Intel’s key business is nowhere near a turnaround
-
Huntington Bank to buy Cadence for $7.4 billion, WSJ reports
Huntington (HBAN) has reached an agreement to buy the regional bank Cadence Bank (CADE) in an all-stock deal worth $7.4 billion, the Wall Street Journal reported on Monday.
Huntington Bancshares’ stock fell 5%, while Cadence shares increased by 3% in premarket trading.
The acquisition expands Huntington’s presence in the Southern US, bringing the bank into 21 states, and marks the latest deal in a wave of regional bank consolidations as midsize financial institutions look to compete with megabanks. Other M&A activity announced this year includes Fifth Third’s (FITB) acquisition of Comerica (CMA) and Pinnacle Financial Partners’ (PNFP) merger with Synovus (SNV).
-
Good morning. Here’s what’s happening today.
-
Premarket movers: Dr Pepper, GameStop, and rare earth stocks
Keurig Dr Pepper Inc. (KDP) stock rose 5% before the bell after raising its full-year outlook on Monday. The beverage maker now expects fiscal 2025 constant currency net sales growth to be in a high-single-digit range.
GameStop (GME) stock gained 6% in premarket trading on Monday. The video-game retailer is benefiting from the meme stock frenzy, which boosted Beyond Meat (BYND) last week.
US rare earth stocks fell on Monday in premarket trading following US Treasury Secretary Scott Bessent’s comments that China will delay export restrictions on rare earth materials. USA Rare Earth (USAR) stock fell 6% in premarket trading on Monday. Trilogy Metals (TMQ) and MP Materials (MP) retreated by 4% and Energy Fuels (UUUU) dropped 3% before the bell on Monday.
-
Big Tech earnings, a crucial Fed meeting, and a Trump-Xi sit-down: What to watch this week
Yahoo Finance’s Jake Conley takes a look at a big week ahead:
-
Avidity stock surges after Novartis seals $12 billion buy
Novartis has agreed to buy Avidity Biosciences for about $12 billion in cash, seeking to bolster its range of treatments for rare muscle disorders.
Shares in the US biotech soared over 40% in premarket after the Swiss drugmaker’s announcement.
Reuters reports:
-
Asian shares rally with Nikkei topping 50,000
AP Finance reports:
-
Gold continues to fall as US-China trade deal reduces need for havens
Bloomberg reports:
