U.S. stocks rose Monday as Wall Street began a busy week filled with big reports and the belated release of key inflation data.
Dow Jones Industrial Average (^ DJI) jumped about 0.4%, and the S&P 500 (^ GSPC) increased by 0.5%. Technology-heavy Nasdaq Composite Index (^IXIC) also added about 0.5%, with shares weekly victories.
Wall Street was assessing the impact of a major Amazon (AMZN) AWS outage early Monday morning, the ripple effect of which affected platforms like Robinhood (HOOD) offline. The cloud giant powers the services of a number of leading companies, and users have reported crashes on websites including United Airlines (UAL) on Reddit (RDDT). AWS operations are now returning to normal, Amazon says said.
Markets also set aside a long list of issues to focus on. earnings seasonwhich will gain momentum this week. Hopes are high, thanks to Tesla reports (TSLA), Intel (INTC), Netflix (NFLKS) and Coca-Cola (IS) topped the highlights of this week's jam-packed list.
On Monday, attention will be focused on Zions Bancorp (ZION) Third quarter results are expected to be announced after the bell. A regional lender's disclosure of bad loans linked to fraud spooked investors last week. concerns about US credit quality.
The lull on the trade war front has also provided some consolation. Treasury Secretary Scott Bessent said relations with Beijing had “de-escalated” and said US-China talks would resume this week in Malaysia.
On Sunday, President Trump listed the top issues for the U.S. — rare earths, fentanyl and soybeans — in a sign that the White House continues soften his position. This has raised optimism that Trump's promised 100% additional tariffs on Chinese imports, set on November 1, may not come to fruition.
Meanwhile, US government shutdown enters third weekwhile Democrats and Republicans are still at odds over federal subsidies for health care. Economists warn that a protracted standoff could undermine short-term GDP growth, although most see any slowdown as temporary.
The federal government shutdown has stalled critical inflation and employment data that are key to the Federal Reserve's decision-making. But the Bureau of Labor Statistics is set to release the September consumer price index on Friday, delayed from last week. The data could prove crucial to the Fed's rate path as policymakers enter a quiet period ahead of their two-day meeting and rate decision next week.
LIVE 8 updates
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Stocks rise at open, oil falls
Shares rose at the open after a significant AWS outage caused disruptions for many companies Monday morning.
Dow Jones Industrial Average (^ DJI) rose 0.4%, and the S&P 500 index (^ GSPC) and the tech-heavy Nasdaq Composite (^IXIC) added 0.5%.
Meanwhile, the 10-year Treasury yield (^TNX) hovered below 4% after falling 2 basis points. 30 year yield (^TYX) also fell 2 basis points to 4.57%.
Gold (GK=F) futures rose 2% to $4.334 an ounce. Crude oil futures (CL=F) fell 1.5% to $56 per barrel.
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Tesla and Netflix to Report Earnings as US-China Trade Fight Gets 'Unsustainable': What to Watch This Week
Here's what's ahead as markets grapple with the US federal government shutdown, a looming oil glut and “cockroach” concerns about credit quality in the economy.
Yahoo Finance's Jake Conley reports:
Read more here.
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Beyond Meat shares surge 60% amid possible short squeeze
Besides meat (LINK) shares rose more than 60% in premarket trading Monday, erasing some of the heavy losses suffered this year. However, the stock is still down more than 82% year to date.
The plant-based meat producer is restructuring its debt, which prompted traders to dump shares last week. As of Friday's close, shares were trading at just $0.64 per share. Monday's move could see shares open above $1 again.
The lack of a major catalyst on Monday and increased trading volume suggest the stock may be experiencing a short squeezeas bearish investors are forced to buy back shares to limit losses.
Beyond Meat has fallen on hard times since its 2019 IPO, when shares traded at $240 per share. On October 13, Beyond Meat announced a debt swap deal that would issue 326 million shares to reduce its debt load by approximately $800 million.
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Good morning. That's what's happening today.
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Popular premarket tickers: Tesla, Robinhood and MP Materials.
Here's a look at some of the most popular trending stocks in pre-market trading:
Tesla (TSLA) Shares rose 1% before the bell on Monday. The electric vehicle manufacturer intends report third-quarter earnings on Wednesday. Barclays (BKS) Also repeated shares as Equal Weight and raised their price target to $350 (from $275).
Robinhood (HOOD) The company's shares rose 3% in premarket trading. The trading platform recently set a target price raised from $130 to $170 and confirmed Citizen JMP analysts' “outperform” rating.
MP materials (Member of Parliament) Shares were up 3% before the bell on Monday. The rare earths company has seen a flurry of action in the past few weeks after China curbed rare earth exports, forcing the US and other countries to diversify their supply chain. President Trump confirmed on Sunday that rare earths are a key talking point in trade talks between the US and China, which will take place in Malaysia this week.
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Huge Amazon Web Services outage takes major websites offline
A major outage at Amazon Web Services on Monday morning had the huge side effect of taking out platforms like Coinbase (COIN) and Robinhood (HOOD) resulting from a widespread outage that affected several major websites.
Among the victims were United Airlines (UAL) on T-Mobile (TMUS) and Reddit (RDDT), according to reports from Downdetector users. It has also worsened the quality of services for government agencies and artificial intelligence companies. for Bloomberg.
Amazon Web Services said around 6 a.m. ET said its cloud service had made a significant recovery from an outage that began taking its toll about four hours earlier due to customer complaints.
The cloud provider, whose services underpin much of the Internet, said a problem on the US East Coast was to blame.
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Gold falls as US-China tensions ease
Bloomberg reports:
Read more here.
