US stocks climbed to fresh records on Monday amid promising signs that a US-China trade deal will cap President Trump’s long-awaited meeting with Chinese President Xi Jinping later this week.
The Dow Jones Industrial Average (^DJI) moved roughly 0.7% higher, or over 300 points, while the S&P 500 (^GSPC) jumped more than 1.2% to close above 6,800 for the first time. The tech-heavy Nasdaq Composite (^IXIC) led gains, up 1.9% to also notch a fresh record close.
Wall Street is in an upbeat mood as it starts up 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.
In one other notable corporate move, Qualcomm (QCOM) shares soared as much as 20% as the company announced it would accelerate its data center push with new chips, putting it in direct competition with the likes of Nvidia (NVDA) and AMD (AMD).
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Whirlpool beats Wall Street’s expectations, results driven by new product launches
Whirlpool (WHR) posted better-than-expected results after market close on Monday. The stock rose 3% after hours.
Revenue came in at $4.03 billion, beating Wall Street’s forecast of $3.93 billion, per Bloomberg consensus data. Adjusted earnings per share came in higher than expected at $2.09, versus the Street’s estimates of $1.40.
“We had a significant amount of new product launches, especially in the Kitchen Aid (and) major domestic appliance space,” Jim Peters, Whirlpool CFO, told Yahoo Finance.
A 2.8% increase in major domestic appliances in North America was driven by a refresh of 30% of its major domestic appliances portfolio, which included counter-depth refrigerators and dishwashers that automatically open at the end to let the moisture out.
Small domestic appliances globally grew 10.5% jump, boosted by the KitchenAid business, which saw double-digit revenue growth.
Peters said it’s “still more of a replacement market,” but he expects “all the new products” to pick up in the fourth quarter and into next year as it gains “more presence in retailers.”
Read more about Whirlpool earnings.
Stocks notch fresh records as investors go risk-on amid US-China trade hopes
US stocks advanced toward new records on Monday as optimism grew that a long-awaited trade deal will emerge from President Trump’s meeting with Chinese President Xi Jinping later this week.
The Dow Jones Industrial Average (^DJI) rose about 0.7%, the S&P 500 (^GSPC) gained 1.2% to close above 6,800 for the first time, and the tech-heavy Nasdaq Composite (^IXIC) led the rally with a 1.9% advance to a new record high.
Gold (GC=F) prices fell to around $4,000 per ounce as investors moved away from the safe-haven asset on prospects of a US-China trade deal. However bitcoin (BTC-USD) advanced reclaim the $115,000 level.
Bitcoin rises above $115,000 as investors stay risk-on
Bitcoin (BTC-USD) rose on Monday to reclaim the $115,000 level, boosting crypto stocks and easing concerns that the prior weakness this month could signal a broader downturn.
October has historically been a strong month for bitcoin, as has the fourth quarter overall. The world’s largest cryptocurrency rose on Monday amid an overall jump in equities.
Robinhood stock pops 5% as analyst raises price target, citing explosive growth in prediction markets
Robinhood (HOOD) stock jumped more than 5% on Monday as analysts at Compass Point raised their price target on shares to $161 from $105, citing revenue growth from equity transactions, prediction markets, and crypto fees.
Compass Point analyst Ed Engel and his team said in a note that they expect the company “to disclose October trends pacing well above 4Q expectations.” They maintained their Buy rating on Robinhood shares.
Apart from increased revenue on higher options and equities volumes, they pointed to the explosive growth of the platform’s prediction markets launched earlier this year. The service enables traders to bet on the outcome of any major event, from the likely winner of a football game to the duration of the government shutdown or the year-end price of bitcoin.
Read more here.
Gold declines to $4,000 amid sell-off. Are China-US trade deal talks to blame?
Yahoo Finance’s Ines Ferré reports:
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Treasury Secretary Bessent says short list for next Fed chair is down to 5
Yahoo Finance’s Jennifer Schonberger reports:
Read more here.
Keurig Dr. Pepper stock pops on upbeat sales outlook
Keurig Dr. Pepper (KDP) stock surged during Monday’s trading session after the beverage maker raised its full-year sales outlook to reflect growth in the high single digits. Previously, the company had expected sales in the mid-single digits.
The company reported third quarter earnings of $0.54 per share, in line with analyst estimates, and revenue of $4.3 billion, ahead of estimates for $4.1 billion in sales.
According to Bloomberg, US coffee sales, which had shrunk in the previous 10 quarters, grew by 1.5%. Keurig Dr. Pepper is preparing to split up into two companies following its acquisition of Peet’s Coffee for $18 billion. One company will focus on coffee, while the other will sell cold beverages, including Dr. Pepper, Snapple, and energy drinks.
Shares of Keurig Dr. Pepper rose nearly 7% on Monday afternoon. Year to date, however, they are down over 9%. You can listen to the company’s earnings call here.
Fed expected to cut rates again, even as officials fly blind without data
Yahoo Finance’s Jennifer Schonberger reports:
Read the full story here.
China increases non-ferrous mining and refining activity by 14% year over year
China boosted its mining and refining activity for a category of metals that includes rare earth minerals by 14% year over year through the first three quarters.
Non-ferrous metal mining and dressing activity and non-ferrous metal smelting and rolling activity for the year through September grew by 14.2% and 14.6%, respectively, over the same period last year, according to data released Monday morning by China’s National Bureau of Statistics.
China classifies rare earths as non-ferrous metals, or those that don’t contain iron. The data does not indicate what share of the activity gains were attributed to rare earths alone.
The healthy increase in activity is one more sign that Beijing has been investing in its rare earth dominance. The world’s second-largest economy controls roughly 70% of rare earth mining, 90% of separation and processing, and 93% of magnet manufacturing.
Investors are paying particularly close attention to the materials this week as President Trump and his Chinese counterpart Xi Jinping prepare to sit down on Thursday in South Korea to hash out policy on several topics, including rare earths.
Tensions between the two countries have been heightened since the beginning of the month, when Beijing announced strict export controls on materials containing even trace amounts of rare earths.
US Treasury Secretary Scott Bessent said on Sunday that he expects China will revive its purchases of US soybeans (^SPGSSOP), which Beijing had halted earlier in the year, and delay implementation of its rare-earth export licensing requirements by a year.
“I believe we’ve reached a very substantial framework that will avoid (a tariff hike) and allow us to discuss that and many other things with the Chinese,” Bessent said Sunday morning on NBC’s “Meet the Press.”
Rare earth stocks, including MP Materials (MP), USA Rare Earth (USAR), and NioCorp Developments (NB), all fell Monday morning on news of positive developments in the US-China trade negotiations.
Qualcomm jumps nearly 20% after announcing new AI chips
Qualcomm (QCOM) stock jumped as much as 19% after announcing new chips and servers to rival those of Nvidia (NVDA) and AMD (AMD).
Yahoo Finance’s Dan Howley reports:
Read the full story here.
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
Yahoo Finance’s Laura Bratton writes:
Read more here.
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).
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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:
Read more here.
