Tech stocks power market surge as bond yields and oil prices tumble
Tech stocks surged Monday, with the Nasdaq 100 recording its single best day since early August as a wave of euphoria swept over the markets.The broader Nasdaq Composite index also rose 2.2% to a new all-time closing high.The S&P 500 index soared by 1.5%, also its best day since early last month.
The Dow rose more than 360 points, or 0.7%.Chip companies such as ARM Holdings, which spiked 17%, and Intel, which rose 12%, accounted for some of the Nasdaq’s best performing stocks.AMD shares rose nearly 10%, and the company hit a $1 trillion valuation for the first time.Meta Platforms rose a stunning 11.4%, fueled by optimism around its AI ambitions and its recently released Muse AI assistant.Monday ranked as Meta’s best one-day stock performance since the global market tariff turmoil of April 2025.The buying was not restricted to tech stocks, however.
Shares of Moderna powered higher by 12%.The S&P industrial, real estate and consumer discretionary sectors also posted strong gains.After Paramount Skydance and Warner Bros.
Discovery reached a deal earlier Monday with state attorneys general that likely paves the way for them to close their merger, shares of each company jumped more than 10%.The market moves were largely attributable to a report over the weekend from Fox News Channel’s Trey Yingst, who said he had spoken to President Donald Trump.“The president said he would possibly be open to meeting with Iranian President Pezeshkian” during the United Nations General Assembly in New York this week, Yingst reported Sunday.The reporting raised hopes among investors that the monthslong freeze in any U.S.-Iran talks could end this week, potentially clearing the way for renewed oil traffic through the Strait of Hormuz.
Oil prices dropped sharply as a result, with Brent crude oil closing the session Monday at $100.34 per barrel, down 3.4% for the day.U.S.
crude oil slid to $95.78, down 4.5% for the session.Also pushing oil prices lower were reports of...