U.S. markets kicked off the week with strength, as mega-cap tech stocks powered a broad rebound following last week’s volatility tied to credit stress in the banking sector.
🔹 Key Movers:
- Apple (AAPL) surged 4.3% to a record high.
- Meta (META) and Netflix (NFLX) climbed 2%+, while Alphabet (GOOGL) rose over 1%.
- The Philadelphia Semiconductor Index hit an all-time high, led by Micron (+3.6%), ON Semiconductor (+5.6%), and KLA (+4.8%).
🔹 Market Snapshot (11:18 a.m. ET):
- Dow Jones: +0.80% to 46,560
- S&P 500: +0.99% to 6,730
- Nasdaq: +1.37% to 22,990
- CBOE Volatility Index (VIX): Fell to its lowest in a week
💬 “AI is the story and investors are excited about the tremendous productivity gains that will come from AI,” said Eric Schiffer, CEO of Patriarch Organization.
🔹 Macro Watch:
- Investors eye Tesla, Ford, GM, and Netflix earnings this week.
- The delayed U.S. CPI report now takes center stage, with inflation expected to remain steady at 3.1%.
- Markets price in a Fed rate cut this month, with another likely in December.
🔹 Other Highlights:
- Boeing gained 1% after FAA approval to ramp up 737 MAX production.
- WeightWatchers jumped 9.4% after partnering with Amazon for weight-loss drug delivery.
With tech leading the charge and AI optimism running high, investors appear confident — but all eyes remain on inflation and corporate results for the next major market catalyst.