Wall Street indexes closed up on Monday with the Nasdaq leading gains as investors bought heavyweight technology stocks and shrugged off the uncertainty of a potential U.S. government shutdown and hawkish remarks from Federal Reserve officials.

Market Snapshot

The Dow Jones Industrial Average rose 68.78 points, or 0.15%, to 46,316.07, the S&P 500 gained 17.51 points, or 0.26%, to 6,661.21 and the Nasdaq Composite gained 107.09 points, or 0.48%, to 22,591.15. SanDisk Corp. rose 17%; Coinbase Global, Inc. rose 7%; AppLovin Corporation, Strategy rose 6%.

Market Movers

Electronic Arts rose 4.5% to $202.05. The videogame maker said it was being acquired by an investor consortium in an all-cash, take-private deal that values EA at about $55 billion. The group of investors includes Silver Lake, Affinity Partners, and the Public Investment Fund of Saudi Arabia, the country's sovereign-wealth fund. EA shareholders will receive $210 a share in cash, which represents a 25% premium to the closing price Thursday of $168.32.

Occidental rose 1.3% after a report said the oil company was in talks to sell its OxyChem division for $10 billion to an unknown buyer, creating one of the world's largest stand-alone petrochemical companies. Occidental's divestment could be announced in the coming two weeks, the Financial Times reported, citing people familiar with the matter.

Nvidia was up 2.1%. Shares of the chip maker closed up 0.3% on Friday. Nvidia recently signed deals with OpenAI, Alibaba, and Microsoft. The stock has gained nearly 36% this year amid ever-increasing demand for Nvidia's artificial-intelligence semiconductors.

Intel fell 2.9%. The stock ended Friday's session up 4.4% and gained 20% over the past week, making it the best weekly performer in the S&P 500. Lifting shares of the chip maker was a Bloomberg report that Intel had approached Apple asking for an investment, and a report from The Wall Street Journal that Intel had approached Taiwan Semiconductor Manufacturing as well.

Data-storage company Western Digital climbed 9.2% to $116.74. Just weeks after naming Western Digital a "top pick," Morgan Stanley reiterated an Overweight rating on the stock and nearly doubled its price target to $171 from $99 -- the highest figure on Wall Street, according to FactSet. The market hasn't fully priced in the uptick in demand for the company's core products, Morgan Stanley argued.

Robinhood Markets surged 12.3% to a record closing high. CEO Vlad Tenev said Friday the company was rolling out its Robinhood Banking service "to the first set of external customers." Shares have surged nearly 258% this year.

Lam gained 2.2% to $131.09 after Deutsche Bank upgraded the stock to Buy from Hold and raised its price target to $150 from $100. Deutsche Bank said the chip-equipment maker's exposure to memory and leading-edge logic chips give it a solid platform for growth.

Shares of electric-vehicle maker Tesla rose 0.6% after gaining 4% on Friday. The company is expected to issue third-quarter deliveries this week, with Wall Street projecting about 447,000, down about 3% from a year earlier.

Shares of MoonLake Immunotherapeutics sank 90% after the biotechnology company reported disappointing trial results for an antibody-based therapy. In one of two identical trials, MoonLake's sonelokimab drug didn't have a statistically significant effect in treating the skin condition hidradenitis suppurativa, or HS, the company said. The company pinned the result on a "higher-than-expected placebo response rate." The results were released Sunday.

Carnival tumbled 4%, even as fiscal third-quarter earnings from the cruise company topped analysts' estimates and fourth-quarter guidance also beat forecasts. Carnival also hiked its fiscal-year earnings guidance to $2.14 a share, up from $1.97.

Market News

Wolfspeed Exits Chapter 11 Bankruptcy, Slashes Debt and Interest Costs

Chipmaker Wolfspeed Inc. shares rose 1726% after the company said on Monday it has exited Chapter 11 bankruptcy after cutting its total debt by nearly 70% and lowering annual cash interest expense by roughly 60%.

The company said it has sufficient liquidity to continue supplying customers with silicon carbide-based chips.

Etsy to Move Stock Listing to NYSE from Nasdaq

Online marketplace Etsy on Monday said it will transfer its common stock listing to the New York Stock Exchange, with trading set to begin on October 13.

The company said it expects to cease listing on Nasdaq on October 10.

Earlier on Monday, OpenAI partnered with Etsy to launch instant checkout on ChatGPT, allowing users to buy directly from Etsy sellers within the chat to boost shopping on the platform.

The Brooklyn, New York City-based company's shares closed up 15.8% at $74.34, the highest since February 2024 after the news.