Stock market today: Dow jumps 600 points to record, S&P 500 and Nasdaq rally as oil stocks surge after Venezuela strike

Chevron (CVX) stock posted its biggest single-day gain since April on Monday on the heels of the dramatic capture of Venezuela’s leader, Nicolás Maduro.

It is the only US oil company currently operating in Venezuela, but Trump said US energy companies could spend billions in the region after the US captured Maduro and his wife, who face narco-terrorism-related charges in New York.

Oil giant Exxon (XOM) popped by about 2%, with the stock hitting a record. ConocoPhillips (COP) posted a modest gain of nearly 3%.

US refiners are also expected to post their largest single-day gains in nine months. That includes Gulf Coast-based Valero Energy Corporation (VLO), up roughly 9.5% around the close, and Marathon Petroleum Corporation (MPC), the largest refiner in the US by volume, up nearly 6%.

The energy sector (XLE) saw its best day since early April, followed by the financials sector (XLF), which also saw its biggest gain since April 22.

Despite the optimism, one expert warned that rebuilding Venezuela’s oil infrastructure would likely cost tens of billions of dollars and take years, at a time when gas prices are already forecast to be the lowest this year since the pandemic.

Gold (GC=F), silver (SI=F) jumped on Monday in the aftermath of the dramatic US capture of Venezuelan leader Nicholas Maduro.

Gold futures rose 2% to trade above $4,450 per troy ounce while silver futures gained as much as 7% to around $76 per ounce. Other metals, including copper, also gained as Maduro and his wife appeared before a judge in New York City on narco-terrorism-related charges.

President Trump has said the US would “run” Venezuela until a transition takes place and that American oil companies would spend “billions” on the country’s energy sector to tap its vast reserves.

The move in commodities underscores a “metals war” occurring as countries move to secure critical resources and compete in the accelerating AI race.

Central banks have sharply increased gold purchases in recent years, particularly after Russia’s assets were frozen following its invasion of Ukraine in 2022. The precious metal notched more than 50 record highs last year.

Silver and copper also shot up in recent months as the United States added them to its critical minerals list, considered vital to the US economy and national security.

Metals insiders point to resources beyond Venezuelan oil, which the United States is keen on keeping away from China, an ally of Caracas.

Read more here.

Shares in major US oil refiners rallied on Monday as the industry priced in a potential opportunity for the refiners to benefit from the Trump administration’s ouster of Venezuelan leader Nicolás Maduro.

Gulf Coast-based Valero Energy Corporation (VLO) led the way up, gaining more than 10%. Marathon Petroleum Corporation (MPC), the largest refiner in the US by volume, and fellow refining major Phillips 66 (PSX) picked up around 7% each.

While Venezuela sits on the largest proved oil reserves in the world, widely estimated at around 300 billion barrels’ worth, the majority of that oil is a heavy, more sulfurous or “sour” oil. Heavy sour oil tends to trade at a discount to lighter, “sweeter” oil like the international pricing benchmark Brent crude or the US’s West Texas Intermediate (WTI) because it requires more complex technology — and therefore more capital — to refine into usable products.

For refiners, the prospect of a large supply of cheap heavy oil could be a boon.

Partly because the US sits primarily on light sweet oil, the American refinery complex, especially around the high-volume Gulf Coast, is designed to handle heavy sour oil like that from Venezuela and process it into products like bitumen for road surfacing or industrial fuels like diesel and jet fuel.

Light sweet oil makes up more than three-quarters of US exports, due to its ubiquity throughout the States. Conversely, heavy sour oil makes up roughly 60% of imports. Right now, the majority of those heavy sour imports come from Canada, which has large reserves of bitumen oil.

While some of Canada’s oil goes to the Gulf Coast on the other end of the US, much of it goes to the American Midwest, saving money on a shorter pipeline trip. A cheap, reliable source of heavy sour crude from Venezuela, in geographical proximity to the Gulf Coast refinery infrastructure, creates a strong business opportunity for refiners such as Valero.

Venezuelan oil, if controlled by the US industry, would also likely be cheaper than what the US buys from its northern neighbor.

Right now, somewhere around 80% of Venezuela’s oil goes to China, which takes advantage of cheap pricing on Venezuelan barrels due to their steep risk premium. On paper, China has not bought any oil from Venezuela since the first quarter of 2024, but in reality, the oil has just been transported and obscured through the so-called “dark fleet” to independent, or “teapot,” Chinese refiners, all of which adds cost.

If the US maintains its goal of orchestrating the Venezuelan oil industry, much of that oil will likely flow to China instead of the US Gulf Coast, said Carlos Bellorin, executive vice president of energy trends and analysis at Welligence.

China, meanwhile, will look to other suppliers of oil being sold at a steep risk-premium discount, such as Russian Urals-grade oil or Iran’s “Iran Heavy” oil, Bellorin told Yahoo Finance.

Gasoline prices fell for a sixth straight week to their lowest level in nearly five years as seasonal factors and cheaper oil weighed on the market while traders monitored developments following the US capture of Venezuelan leader Nicolás Maduro.

The national average on Monday stood at $2.81 per gallon, according to AAA data, about $0.25 lower than a year ago and the lowest level since March 2021. Only about nine states have averages above $3 per gallon, while California, burdened with taxes and higher fees, has seen its average decline to $4.25 per gallon.

The declines come amid growing questions over Venezuela’s vast energy reserves after the United States captured Maduro and his wife over the weekend. President Trump stated that the US would temporarily “run” the South American country until a proper transition took place and said American oil companies would spend billions on Venezuela’s oil sector.

Read more here.

Bitcoin (BTC-USD) rose above $93,000 per token on Monday, signaling that near-term momentum may be shifting after a rough end to 2025.

“Bitcoin has entered a bullish trend,” crypto data firm 10X Research wrote in a note on Sunday.

The firm pointed to a return of more normal trading volumes and early signs of renewed institutional positioning to kick off the new year.

“This is precisely the type of environment where doing nothing feels safe … and turns out to be the real risk,” according to the note.

Read more here.

Bank stocks rallied on Monday, helping to fuel a 700-point gain in the Dow Jones Industrial Average (^DJI), which topped 49,000 for the first time.

Goldman Sachs (GS) stock rose 4%, JPMorgan Chase (JPM) was up 3%, Bank of America (BAC), Wells Fargo (WFC), and Morgan Stanley (MS) all gained more than 2%. All five major banks notched all-time intraday records at their session highs.

Financials are coming off a banner year, as Wall Street investment banking activity and surging trading fees amid a volatile year for traders helped spur momentum in the names. And as Yahoo Finance’s David Hollerith reported, the banks have major ambitions for 2026.

For now, the mood remains buoyant as investors gear up for bank earnings, which kick off the fourth quarter reporting season next week.

Economic activity in the manufacturing sector contracted for the 10th consecutive month in December, indicating that the overall economy is growing, albeit at a slower pace.

The ISM Manufacturing PMI report came in at 47.9 for the month of December, lower than the 48.4 expected, per Bloomberg consensus data. Manufacturing PMI was also lower than in November, when it came in at 48.2.

The gauge for US economic activity is based on surveys of manufacturing purchasing managers. New orders declined for the fourth straight month but were 0.3% higher than in November. Production grew at a slower pace, reaching 51, while the prices index reading was unchanged from November at 58.5, indicating ongoing rising input costs for producers.

Employment came in at 44.9, “indicating that managing head counts is still the norm at their companies, as opposed to hiring,” the report said.

“For every comment on hiring, there were three on reducing head counts,” ISM Manufacturing Business Survey Committee Chair Susan Spence said in the report. “Companies continued to focus on accelerating staff reductions due to uncertain near- to mid-term demand. The main head-count management strategies remain layoffs and not filling open positions.”

New export orders also grew last month by 6 percentage points.

“Despite a slight improvement in the New Export Orders Index, trade frictions continue to weigh on demand,” Spence said. Many panelists still report softer international orders tied to tariffs and ongoing uncertainty around U.S. economic policy, with a ratio of 1.5 negative comments for every positive one.”

Novo Nordisk’s (NVO) Wegovy weight-loss pill launched in the US on Monday, sending shares of the Danish drugmaker up 3% on Monday morning.

The GLP-1 pill is the first of its kind to market after regulators approved the treatment in the US last month. Competitors in the space, including Eli Lilly (LLY), Viking Therapeutics (VKTX), and Structure Therapeutics (GPCR), have been vying for a position in the weight-loss pill market as well amid a race to develop the blockbuster drug in pill form, which is seen as a less expensive and more patient-friendly delivery method than the injections.

Novo Nordisk said its Wegovy pill will be available through a range of US pharmacies, such as CVS and Costco, and will also be available at select telehealth providers, such as Ro, WeightWatchers, LifeMD, GoodRx, and others.

Also on Monday, Reuters reported that Novo Nordisk’s head of public affairs in the US, Jennifer Duck, has left the company, ​according to an internal memo. Novo Nordisk has been undertaking a global restructuring as it faces pressure from President Trump on drug pricing and from competition in the weight-loss space.

Shares in oilfield services jumped across the board in the first minutes of trading Monday morning as the market priced in opportunities for those companies to lead a rebuilding of Venezuela’s oil industry.

Baker Hughes (BKR) and Halliburton (HAL), the US’s largest oilfield services companies — responsible for providing equipment and crew to help oil companies drill for and extract oil — jumped by more than 5% and 8%, respectively. The French-originated Schlumberger (SCL.SG) picked up around 8.5%.

Smaller players such as Weatherford International (WFRD), NOV (NOV), and TechnipFMC (FTI) also notched gains during the first trading session since the US military’s capture of Venezuelan leader Nicolás Maduro.

While the “oil majors” like Exxon Mobil (XOM), Chevron (CVX), and ConocoPhillips (COP) often get much of the attention in the oil market — due in no small part to their stature as giants in the energy market — oilfield services companies are a crucial part of the business.

When a company like Exxon wants to drill or maintain an oil well, oilfield services companies will provide the equipment, the manpower, and specialized technology needed to make the drilling happen. Their expertise ranges from seismic surveying to discover hydrocarbons to operating the most complex oil rigs in the world, hundreds of miles offshore.

In Venezuela, where two decades of corruption and mismanagement have severely degraded the infrastructure of the country’s oil industry, oilfield services companies could be the first players to begin work in the country, focused on resetting rigs in “work-overs,” bringing in crew, and evaluating what infrastructure needs to be repaired or rebuilt.

Halliburton saw a massive share price rally in the years following the 2003 US invasion of Iraq as the company was awarded major government contracts to enter the war-torn country and begin repairing and operating oilfield equipment.

US stocks opened higher on Monday as investors shrugged off a shock from the US’s military intervention in Venezuela over the weekend that led to the capture and arrest of the country’s president, Nicolás Maduro.

The S&P 500 (^GSPC) rose 0.5% at the market open, while the Nasdaq Composite (^IXIC) added 0.6%. The Dow Jones Industrial Average advanced 0.2%.

Energy stocks were in focus, with Chevron (CVX) — the only US oil major with operations in Venezuela — rising 5%. Other energy stocks, including ExxonMobil (XOM), Halliburton (HAL), SLB (SLB), and ConocoPhillips (COP) also gained momentum at the open.

Meanwhile, crude oil prices rose, with the WTI benchmark climbing 1% to nearly $58 per barrel and Brent crude rising 0.8% to $61 per barrel.

Yahoo Finance’s Ben Werschkul reports:

Read more here.

Global defense stocks rose on Monday as investors assessed the US’s military operation in Venezuela and the ousting of the country’s president, Nicolás Maduro.

In the US, Palantir (PLTR) led the gains, climbing 3.5%, while Northrop Grumman (NOC), RTX (RTX), General Dynamics (GD), and Lockheed Martin (LMT) added less than 1%.

Europe’s largest defense contractor, BAE Systems (BA.L), rose 5%, while Germany’s Rheinmetall (RHM.DE) jumped over 7%. French air defense company Thales (HO.PA) increased by about 5%.

Meanwhile, the Hang Seng Aerospace & Defense index (HSCAAD), which tracks defense companies in mainland China, rose 2.2%, led by a 10% gain in Wuhan Guide Infrared (002414.SZ) and a 6% increase in North Navigation Control Technology.

Defense stocks traded higher on expectations of greater military spending on protection amid the heightened geopolitical risk following the US’s capture of Maduro and his wife, Cilia Flores.

QXO Inc. (QXO) stock rose more than 4% during premarket trading on Monday after Apollo Global Management Inc. agreed to invest more than $1 billion into the company, according to people familiar with the matter.

(Disclosure: Yahoo Finance is owned by Apollo Global Management.)

Bloomberg News reports:

Read more here.

The dollar index (DX-Y.NYB) hit its highest level since mid-December on Monday, as traders assessed the fallout from the US capture of President Maduro in a weekend military operation in Venezuela.

The likely ouster of the Venezuelan leader also dragged on the Mexican peso as geopolitical tensions rose.

Bloomberg reports:

Read more here.

US oil company, Chevron Corp’s (CVX) stock price rose 7% before the bell, alongside ConocoPhillips (COP), which also jumped 7%, and Exxon Mobil (XOM), which climbed 3% during premarket hours. The move in energy stocks follows President Trump’s arrest of Venezuela’s leader Nicolás Maduro over the weekend.

Trump said the US plans to “run” Venezuela after capturing Maduro.

Bloomberg News reports:

Read more here.

Yahoo Finance will be live and in person in Vegas bringing you all of the news and announcements at CES 2026, which runs Tuesday through Friday this week.

Daniel Howley lays out what to watch at the tech industry’s marquee event:

Read more here.

Palantir Technologies (PLTR) stock climbed more than 3% before the bell on Monday. Palantir, which is heavily involved in the defense sector and operates as a major defense software company, rose following the news of the US arrest of Venezuela’s president Nicolás Maduro, over the weekend.

Strategy (MSTR) stock rose 3% before the bell on Monday, following Bitcoin’s 1% rise. Strategy, which is one of the largest corporate holders of bitcoin, disclosed on Friday that it will be raising its dividend rate per year on one of its perpetual preferred stocks.

Comcast (CMCSA) stock fell 5% during premarket hours today. The media company will be spinning off its legacy NBCUniversal cable networks and digital assets into a new, independent public company called Versant Media Group on January 5th 2026.

Bitcoin (BTC-USD) rose 1% in early premarket trading on Monday, jumping from around $91,000 to over $92,000, as political uncertainty continued due to the US move to arrest Venezuela’s president Nicolás Maduro over the weekend.

Bloomberg News reports:

Read more here.

Bloomberg reports:

Read more here.