Traders, merchants and speculators welcomed President Donald Trump’s newest feedback on China and impressive phrases from considered one of his most ardent supporters in Company America with a broad open-to-close rally on Monday. Markets appear content material with the incoming information we have now at first of one other essential week for earnings.
“I believe once we end our conferences in South Korea, China and I’ll have a extremely honest and actually nice commerce deal collectively,” Trump instructed White Home reporters on Monday, previewing a scheduled October 31 summit with President Xi Jinping.
A be aware on the prime of the Convention Board’s launch of its Main Financial Index for September explains immediately’s common lack of incoming information from the financial calendar as delays “because of the U.S. federal authorities shutdown.”
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The Convention Board will resume publication of the LEI and different employment-data-dependent reviews as soon as up to date authorities numbers are launched. And we are going to see delayed September Shopper Value Index (CPI) information on Friday.
The Cboe Volatility Index (VIX) retreated to 18.38 after rising to a six-month intraday excessive of 28.99 on Friday. A “regular” vary for what’s widely known because the market’s “concern index” is between 12 and 20.
At Monday’s closing bell, the blue chip Dow Jones Industrial Common had added 1.1% to 46,706, the broad-based S&P 500 was up 1.1% at 6,753 and the tech-heavy Nasdaq Composite had risen 1.4% to 22,990.
Steelmaker seeks uncommon earth publicity
Cleveland-Cliffs (CLF, +21.1%) Chairman and CEO Lourenco Goncalves proclaimed his help for the White Home, together with its new tariffs, in probably the most pointed commentary in regards to the then-simmering controversy over whether or not President Trump had the facility to fireplace Fed Chair Jerome Powell.
Goncalves is now taking operational steps to place CLF as one other inventory to purchase for the Trump presidency, asserting together with third-quarter earnings that Cleveland-Cliffs will search to develop deposits of uncommon earth components and minerals.
Cleveland-Cliffs reported income of $4.7 billion, up from $4.6 billion a 12 months in the past, and a lack of 51 cents per share, narrower than a 52-cent loss within the third quarter of 2024.
Goncalves famous “a transparent signal of demand restoration for automotive-grade metal made within the USA,” calling it “a direct consequence of the brand new commerce atmosphere carried out and enforced by the Trump administration.” The CEO mentioned Cleveland-Cliffs has reached an settlement with an unnamed “main international metal producer” that can be “extremely accretive” for shareholders.
And, primarily based on the “renewed significance of uncommon earths” in mild of China’s efforts to manage international provides of inputs vital to smartphones and computer systems in addition to electrical automobiles and batteries, Cleveland-Cliffs is re-focusing on potential alternatives at websites in Michigan and Minnesota.
“At these two websites,” the CEO explains, “geological surveys present key indicators of rare-earth mineralization. If profitable, it will align Cleveland-Cliffs with the broader nationwide technique for vital materials independence, just like what we achieved in metal.”
AAPL hits a brand new excessive
Apple (AAPL, +3.9%) was one of many top-performing Dow Jones shares Monday and hit its first new all-time excessive of 2025 after Counterpoint Analysis mentioned the iPhone 17 outsold the iPhone 16 by 14% throughout their respective first 10 days in the marketplace within the U.S. and China.
The Magnificent 7 inventory had lagged the S&P 500 by way of Friday, logging a acquire of 1.1% vs 14.5% for the index. The iPhone maker, which generates greater than 50% of its income from gross sales of the gadget, had posted a 46.7% rally off its April low.
Counterpoint analyst Ivan Lam cited a greater show, extra storage and an up to date chip for the brand new mannequin’s relative success. “Shoppers are resonating with the bottom mannequin iPhone 17 on improved specs and upgrades,” Lam wrote.
“In China, gross sales are virtually double these of the bottom iPhone 16 over the preliminary availability interval.” The analyst says momentum in October “continues to be good.” Lam provides that the iPhone 17 Professional Max is seeing sturdy demand within the U.S. and is drawing prospects who final purchased handsets in the course of the pandemic to purchase new gadgets.
Loop Capital analyst Ananda Baruah raised his ranking on AAPL inventory from Maintain to Purchase and his 12-month goal worth from $226 to $315. “We are actually on the entrance finish of Apple’s long-anticipated adoption cycle,” Baruah writes, citing “a mixture of refresh cycle and demand catalyzed by new design cycles.”
About that AWS outage
Amazon.com (AMZN, +1.6%) was in no way worse for put on after a widespread outage at its Amazon Internet Providers affected authorities companies and monetary platforms in addition to AI corporations and its personal e-commerce operations. The AWS Well being Dashboard confirmed community connectivity points for a number of companies on the East Coast. AWS accounts for roughly one-third of the complete cloud computing market.
Administration attributed the outage to a malfunction in a digital listing for a key database. Robinhood Markets (HOOD, +4.5%) mentioned its companies have recovered, whereas Coinbase World (COIN, +2.3%) continues to observe the state of affairs.
Issues at privately held AI agency Perplexity and the British tax authority have additionally been mounted.
