Stock Market Today: QCOM Stock Jumps 18%, Dow 47,458, Nasdaq 23,569, S&P 6,856 — AI Stocks Lead Record Rally

Wall Street Extends Record Run as Trade Optimism and AI Momentum Ignite Markets

U.S. equities powered higher Monday, with the Dow Jones Industrial Average (DJI) climbing +0.53% to 47,458.96, the S&P 500 (GSPC) up +0.95% to 6,856.32, and the Nasdaq Composite (IXIC) surging +1.57% to 23,569.97, all scoring fresh intraday records. The rally followed renewed optimism around a potential U.S.–China trade agreement, bolstered by remarks from Treasury Secretary Scott Bessent confirming progress toward a framework deal that could delay China’s rare earth export restrictions and suspend Trump’s planned 100% tariffs on imports. The move sent global equities into overdrive, with Japan’s Nikkei 225 breaking the 50,000 mark for the first time ever, rising +2.46%, while South Korea’s Kospi gained +2.57%. In Europe, the Stoxx 600 added +0.3%, reflecting broad global optimism.

Big Tech and Semiconductor Surge Push Nasdaq to New Heights

The Nasdaq Composite (IXIC) was the day’s top performer, up nearly +1.6%, powered by tech heavyweights. Qualcomm (QCOM) rocketed +18% to $190.67 after launching its AI200 and AI250 chips aimed at competing head-on with Nvidia (NVDA) and AMD (AMD) in the rapidly expanding AI data center market. This marks a major strategic shift for Qualcomm from mobile semiconductors toward enterprise-scale inference computing. Nvidia climbed +2.5%, Tesla (TSLA) advanced +2.4%, Meta Platforms (META) gained +1.8%, and Alphabet (GOOGL) rallied +2.5%. Microsoft (MSFT) and Apple (AAPL) both added more than +1%, keeping the “Magnificent Seven” firmly in the spotlight ahead of their quarterly earnings.

Federal Reserve Rate Cut Expectations and Market Liquidity

Investors priced in near-certainty that the Federal Reserve will cut interest rates at its upcoming meeting, following softer-than-expected inflation data. Futures markets showed over a 90% probability of a 25-basis-point reduction. The 10-year Treasury yield eased to 4.017%, while the U.S. Dollar Index (DXY) slipped slightly to 98.89, highlighting an improving risk appetite. Liquidity-sensitive growth names benefited most, with the Russell 2000 (RUT) up +0.44% at 2,524.64 as traders rotated into cyclicals. Analysts expect the rate move to support corporate financing conditions heading into Q4, especially for highly levered tech firms.

Corporate M&A and Sector Highlights

M&A activity remained in focus. Novartis (NVS) agreed to acquire Avidity Biosciences (RNA) for $12 billion, paying $72 per share in cash — a 46% premium to Avidity’s Friday close. RNA shares soared +42.5% to $70.04, while NVS slipped -1% to $129.00 as investors digested the acquisition’s scale. In banking, Huntington Bancshares (HBAN) fell -3.3% to $15.55 after announcing a $7.4 billion all-stock acquisition of Cadence Bank (CADE), whose shares rose +3%. The combined entity will have approximately $276 billion in assets across 21 states by 2026. Separately, American Water Works (AWK) dropped 4.3% after disclosing an all-stock deal to buy Essential Utilities (WTRG), forming a $40 billion utility giant by 2027.

Argentina’s Milei Sparks Global ETF Rally

In Latin America, markets cheered President Javier Milei’s sweeping legislative win. Argentina’s Merval Index surged +17%, while the Global X MSCI Argentina ETF (ARGT) soared +19%. U.S.-listed Argentinian equities like YPF (YPF) jumped +25%, Banco Macro (BMA) and Grupo Financiero Galicia (GGAL) both rallied +30%, and MercadoLibre (MELI) advanced +7%. Investors applauded Milei’s rapid austerity measures, which slashed inflation from 12.8% to 2.1%, driving optimism over renewed fiscal discipline and U.S.-Argentina relations amid a $40 billion financial aid package tied to Trump’s backing.

Rare Earths and Commodities Respond to Trade Developments

Commodities markets saw sharp reversals as optimism curbed demand for havens. Gold (GC=F) fell 3.36% to $3,998.70 per ounce, extending last week’s slide as traders rotated into equities. Meanwhile, rare earth miners tumbled after reports that China would delay its export controls as part of the trade negotiations. MP Materials (MP) dropped -10.99% to $63.03, USA Rare Earth (USAR) fell -7.2%, and Trilogy Metals (TMQ) slid -5%. Treasury Secretary Bessent confirmed China’s plans to resume U.S. soybean (^SPGSSOP) purchases, adding momentum to risk assets while signaling de-escalation in trade hostilities.

Corporate Standouts: Keurig Dr Pepper, Beyond Meat, Intel, JPMorgan

Keurig Dr Pepper (KDP) surged +6.98% to $29.06 after beating Q3 revenue estimates with $4.31 billion and raising full-year guidance to high single-digit growth. Beyond Meat (BYND), in contrast, dropped -6% to $2.12, erasing part of last week’s meme-driven rally of +230%, as analysts flagged persistent liquidity risks and operating losses. Intel (INTC) gained +3.6% to $39.67, extending its post-earnings momentum, though analysts remain cautious about the profitability of its Intel Foundry Services (IFS) unit, which generated only $8 million from external customers. Meanwhile, JPMorgan Chase (JPM) invested $75 million in Perpetua Resources (PPTA), supporting domestic antimony and gold production under its $10 billion “Security and Resiliency Initiative.” PPTA shares rose +5% to $23.39 on the news.

Asian and European Markets Mirror U.S. Euphoria

Across Asia, Japan’s Nikkei 225 rallied to 50,512.32 (+2.46%), the Kospi (KS11) jumped +2.57% to 4,018.73, and Hong Kong’s Hang Seng (HSI) advanced +1% to 26,427.34. China’s Shanghai Composite gained +1%, while Australia’s S&P/ASX 200 (AXJO) added +0.3%. European indices followed suit, with the FTSE 100, DAX, and CAC 40 all modestly higher as traders priced in a synchronized global rebound if trade tariffs ease.

Outlook and Sentiment

Market leadership remains firmly in AI, semiconductors, and megacap tech, while defensive sectors like utilities and consumer staples lagged. Earnings from Microsoft (MSFT), Alphabet (GOOGL), and Meta (META) on Wednesday, followed by Apple (AAPL) and Amazon (AMZN) on Thursday, will test the sustainability of the rally. The Federal Reserve’s policy move Wednesday could either reinforce or temper momentum. With equities at record levels and volatility subdued, the market’s tone remains bullish, supported by improving macro signals and strong corporate execution. Based on current momentum, risk-on sectors — particularly AI-driven technology and industrials leveraged to global trade — appear positioned to outperform, reinforcing a Buy stance on growth-oriented U.S. equities while maintaining a Hold view on gold and defensive assets.

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