Stocks rose higher on Monday, as investors cheered Apple receiving multiple analyst upgrades. Market participants are also gearing up for a busy week full of mega-cap corporate earnings, as traders try to look past lingering uncertainties surrounding U.S.-China trade and the government shutdown.
The Dow Jones Industrial Average
Lifting the broader market higher, after research firm Counterpoint Research and analysts at Loop Capital and Evercore ISI on Monday offered glowing reviews of Apple's
Counterpoint Research said in a note that the tech giant's iPhone 17 -- which was launched late last month -- was on track to outsell its predecessor by about 14% in its first 10 days on the market. Loop Capital's Ananda Baruah upgraded Apple's stock to Buy from Hold, stating that "we are NOW at the front end of AAPL's long-anticipated adoption cycle that suggests ongoing iPhone shipment expansion through CY2027. Evercore ISI analyst Amit Daryanani also added Apple to its tactical outperform list, anticipating a strong earnings report ahead.
"We believe AAPL is well positioned to report upside to upside to current [September quarter] consensus expectations and could guide to upside for the [December quarter]," Daryanani said in a note to clients. "Our positive bias is driven by iPhone data points that suggest this may be more than the average iPhone refresh cycle, as lead times for the base iPhone 17 are above last year's October levels."
Apple shares rose nearly 1% on Monday to a record close of $262.24.
Also capturing much of the market's focus, President Donald Trump and Australian Prime Minister Anthony Albanese on Monday signed an agreement on key rare earth minerals, including plans for projects worth up to $8.5 billion. Albanese said during a meeting with Trump at the White House that "there will be $1 billion contributed from Australia and the United States over the next six months."
"In about a year from now, we'll have so much critical mineral and rare earths that you won't know what to do with them," Trump told reporters on Monday, and confirmed that he will meet with Chinese President Xi Jinping in South Korea later this month -- offering another positive sign that the White House is softening its previous threats to raise tariffs on Chinese goods by another 100% starting Nov. 1 if Beijing does not ease its export controls on rare earths.
Wall Street is coming off a volatile week after Trump's new tariff threats on China impacted global macroeconomic outlooks and a broad sell-off of regional banks led by Zions Bancorporation
Still, market sentiment has been kept afloat by a series of better-than-expected earnings reports from big banks last week. That positive momentum is expects to continue as companies including Netflix
In the news, Amazon
For Tuesday, investors will turn their attention to earnings reports from Zions Bancorporation, Coca-Cola, 3M
