Tech stocks staged a full rebound from last Friday's sell-off, with the Nasdaq 100 surging to 23,600 — just shy of the 23,700 all-time high set in late July, as the week’s strong sector earnings and broad gains among the Magnificent Seven fueled the rally.
Apple Inc. AAPL climbed 3.5% by midday in New York, extending weekly gains to over 12% and setting up its strongest week since August 2020.
The Magnificent Seven's combined market capitalization hit $19.5 trillion, matching last month's peak. NVIDIA Corp. NVDA is once again testing record highs.
On the trade front, President Donald Trump unveiled a surprise import tariff on gold bars, a move expected to pressure Switzerland's refining industry. The price spread between New York gold futures and spot prices spiked to a record $90 per ounce. Bullion edged up 0.1% to $3,400 per ounce.
Geopolitically, reports suggest the U.S. and Russia are exploring a potential Ukraine ceasefire deal that would formalize some of Moscow's territorial gains, ahead of a possible Trump-Putin summit next week.
In commodities, oil briefly slipped below $64 a barrel before trimming losses, positioning to end a six-session losing streak.
Bitcoin BTC/USD fell 1.2% to $116,000.
According to Benzinga Pro data:
Stocks reacting to earnings reports included:
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