Key Takeaways
- Major U.S. equities indexes gained at midday Monday ahead of a slew of earnings due later in the week.
- Apple shares surged following a report suggesting strong demand for the company’s new iPhone 17 series in the U.S. and China.
- Shares of USA Rare Earth jumped after receiving a bullish rating from William Blair analysts.
Major U.S. equities indexes gained at midday Monday ahead of a slew of earnings due later in the week, and amid some optimism the ongoing federal shutdown could end soon. The Dow, S&P 500, and Nasdaq all advanced.
Apple (AAPL) shares climbed to an all-time high following a report suggesting strong demand for the company’s new iPhone 17 series in the U.S. and China, which account for the bulk of the company’s phone sales.
Cleveland-Cliffs (CLF) shares took off after the steelmaker reported a narrower-than-expected loss, lowered its estimate for full-year expenditures, and told investors it is looking into building a rare earths mining business.
Shares of USA Rare Earth (USAR) and other companies in the sector also jumped after analysts at William Blair initiated coverage of the stock and four others in the sector with an “outperform” rating.
Cooper Companies (COO) shares rose following reports activist investor Jana Partners has taken a stake in the medical device maker and plans to push for strategic alternatives, possibly including a merger with eyewear giant Bausch + Lomb (BLCO). Bausch + Lomb shares were up as well.
AppLovin (APP) was the worst-performing stock in the S&P 500 amid reports the mobile advertising site is being investigated by regulators over its handling of consumer data.
Shares of Progressive (PGR) lost ground following a downgrade to “underweight” from “equal weight” from Morgan Stanley, which voiced concerns future profits may not justify the stock’s price.
Gold prices climbed while oil futures dropped. The yield on the 10-year Treasury note was little changed. The U.S. dollar gained on the pound, but lost ground to the euro and yen. Most major cryptocurrencies traded in positive territory.
