US stocks close at record highs on US-China trade truce optimism |
US stocks kicked off the week on a positive note, after top officials from the US and China signaled that positive discussions this weekend had cleared the runway for the world's two largest economies to reach a deal. The S&P 500 rose 1.2%, the Nasdaq 100 outperformed with a 1.8% advance, and the Russell 2000 gained 0.3%, with all three setting record closing highs. Tech, consumer discretionary, and communications services (home to the Magnificent 7 stocks) were the three S&P sector ETFs to rise at least 1% on the day. Stocks that moved higher: |
- Semiconductor stocks rose on positive discussions between the US and China, sending Nvidia, Broadcom, and Intel higher.
- The US-China trade news also lifted wafer fab equipment makers Applied Materials and Lam Research.
- Separately, Qualcomm surged after revealing new AI chips for data centers and that Saudi Arabia's HUMAIN will be the first big buyer.
- Fermi spiked after announcing a nuclear deal with South Korean industrial firms Doosan Enerbility and Hyundai Engineering & Construction ahead of President Trump's visit to the country.
- EV maker Rivian rose as bullish options flows lifted the stock ahead of its third-quarter earnings, set to drop next week.
- Palantir touched a new intraday high amid a new defense deal with Poland.
|
- POET Technologies tumbled after announcing a $150 million share offering to two new fundamental investment managers.
- Intellia tanked after it paused late-stage CRISPR gene-editing trials following the hospitalization of one patient, dragging down Editas Medicine, Beam Therapeutics Inc, CRISPR Therapeutics, and Prime Medicine with it.
- Gold sunk as retail traders pulled money from commodity ETFs such as SPDR Gold Shares ETF.
- The likeliness of a US-China trade truce wasn't all good news, as rare earth stocks such as Critical Metals, USA Rare Earth, Lithium Americas, United States Antimony Corp., and MP Materials all cratered on the news.
|
— Luke Kawa, Markets Editor & Toby Bochan, Managing Editor |
|
|
Meta is expected to spend a bigger share of its revenue on capex than ever before |
Capital expenditures could represent 37% of Meta's revenue in Q3, according to analyst consensus estimates. Read more. |
|
|
As the Springsteen movie disappoints at the box office, is music biopic fatigue setting in? |
The genre has boomed in recent years, but we might have seen the peak. Read more. |
|
|
Amazon to cut 30,000 corporate jobs. Starting on Tuesday, nearly 10% of Amazon's 350,000 strong corporate workforce may receive a pink slip, Reuters reports. Read more. |
|
|
Was this email forwarded to you? Don't miss out on future stories — subscribe to The Wrap and get your daily dose of financial news straight to your inbox. Craving more insights in your inbox? Subscribe to Chartr and Snacks for quality reads. We care what you think! If you have any feedback or comments, feel free to reply and let us know your thoughts! |
|
|
Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate... See more |
|
|
SHERWOOD MEDIA, LLC, 85 Willow Road, Menlo Park, CA 94025 | |
|
|
No comments:
Post a Comment