The S&P 500 and the Nasdaq notched record high closes on Monday, lifted by Alphabet and other megacaps ahead of several earnings reports this week, while investors bet on potential trade deals to blunt economic damage from the Trump administration's global tariffs.

Google-parent Alphabet rallied 2.7% ahead of its quarterly report on Wednesday. It and Tesla Motors, also reporting on Wednesday, kick off earnings from the so-called "Magnificent Seven", and their results may set the tone for other heavyweight companies reporting in the next several days.

Market Snapshot

The S&P 500 climbed 0.14% to end the session at 6,305.60 points. The Nasdaq gained 0.38% to 20,974.18 points, while the Dow Jones Industrial Average declined 0.04% to 44,323.07 points. SharpLink Gaming fell 13%.

Market Movers

Sarepta Therapeutics was down 5.4% after sinking 36% on Friday. The drugmaker refused a request from the Food and Drug Administration to stop shipments of its gene therapy Elevidys over safety issues. Two patients died earlier this year after taking the drug, and Sarepta already had paused shipments of Elevidys to a subset of patients with more advanced disease. The FDA responded by halting clinical trials for limb girdle muscular dystrophy after the agency said one of Sarepta’s experimental gene-replacement therapies was linked to the death of a 51-year-old patient last month.

Verizon gained 4% as second-quarter earnings topped analysts’ expectations and the telecommunications giant raised its earnings and free cash flow guidance for 2025. Verizon reported 51,000 wireless retail postpaid net phone losses in the quarter, when analysts were looking for 13,000 additions.

Block, Inc. rose 7.2% after it was announced Friday that the financial technology company formerly known as Square would be joining the S&P 500 before the start of trading Wednesday. Block will replace Hess following Chevron’s purchase of the energy company on Friday. Robinhood Markets and AppLovin, both prime candidates for admission into the benchmark index, were down 4.9% and up 0.5%, respectively.

Tesla Motors stock fell 0.4%. “Back to working 7 days a week and sleeping in the office if my little kids are away,” CEO Elon Musk tweeted Saturday. This came as good news to Tesla investors, with the electric-vehicle maker set to report quarterly earnings Wednesday. Wall Street expects Tesla to earn 43 cents a share on an adjusted basis in the second quarter, down from 53 cents a year earlier. Shares have lost 18% this year.

Domino's Pizza was down 0.8%. The pizza chain reported second-quarter earnings of $131.1 million, or $3.81 a share, compared with $142 million, or $4.03 a share, a year earlier. Analysts expected profit of $3.95 a share. The company said the quarter included a $27.4 million charge associated with the company’s investment in DPC Dash. Revenue at Domino’s rose 4.3% to $1.15 billion and U.S. same-store sales jumped 3.4%.

Shares of cleveland-cliffs surged 12% after the steel maker posted an adjusted loss of 50 cents a share in the second quarter, narrower than analysts’ estimates. The company reported earnings before interest, taxes, depreciation, and amortization of $97 million in the second quarter, while analysts expected an Ebitda loss of $35 million.

Pinterest, Inc. rose 2.4% to $38 after analysts at Morgan Stanley upgraded shares of the social-media company to Overweight from Equal Weight and raised the price target to $45 from $37.

Trump Media & Technology climbed 3.1% after the Truth Social parent, which is majority owned by President Donald Trump, said it had accumulated about $2 billion in Bitcoin and Bitcoin-related securities as part of its previously announced crypto treasury strategy.

Bruker shares tumbled 12% after the maker of scientific instruments posted preliminary second-quarter earnings and revenue that missed Wall Street estimates. Shares have fallen 39% this year.

Market News

Google and OpenAI's AI Models Win Milestone Gold at Global Math Competition

Alphabet's Google and OpenAI said their artificial-intelligence models won gold medals at a global mathematics competition, signaling a breakthrough in math capabilities in the race to build powerful systems that can rival human intelligence.

The results marked the first time that AI systems crossed the gold-medal scoring threshold at the International Mathematical Olympiad for high-school students. Both companies' models solved five out of six problems, achieving the result using general-purpose "reasoning" models that processed mathematical concepts using natural language, in contrast to the previous approaches used by AI firms.

Opendoor Stock Adds to Meteoric Rise Amid Retail Frenzy

Opendoor Technologies Inc shares extended its multi-day surge in Monday morning trading, in a move driven by speculative retail traders.

The stock started to rally last week after Eric Jackson, founder of hedge fund EMJ Capital, started talking it up on social media platform X.

He wrote that he thinks OPEN "could be a 100-bagger over the next few years," citing the company's efforts to optimize profitability and manage expenses.

Meanwhile, OPEN has soared 150% since Jan. 14, when Jackson posted on X.

SentinelOne Surges Amid Speculation Palo Alto Networks May Be in Deal Talks

SentinelOne, Inc rose 10% on Monday amid industry reports that Palo Alto Networks is in advanced discussions to purchase the smaller cybersecurity company, according to a report from Israel's Calcalist.

Israel's Globes also reported, citing industry sources, about the speculation of a combination and said a deal for SentinelOne could be valued at about $7 billion.