Stocks mostly rose Monday as technology and communication stocks drove solid gains even as rising bond yields continued to put pressure on equities.
Intel fell 1.7%. Elon Musk confirmed Intel rival semiconductor manufacturer Taiwan Semiconductor Manufacturing was in talks with Musk's chip venture Terafab. Intel also is a Terafab partner.
PTC surged 34% to $192.91. The French electrical equipment maker Schneider Electric agreed to buy the industrial-software maker for $205 a share in a $22.6 billion all-cash deal.
RXO jumped 21% after C.H. Robinson said it would acquire the freight- and-logistics company for an implied value of $5.8 billion. The stock-and-cash deal is expected to close in the first half of 2027. Shares of C.H. Robinson dropped 14%.
Cerebras rose 8%. OpenAI CEO Sam Altman said on social media Friday that Cerebras was a close partner, helping to ease concerns that the chip maker was losing out to Nvidia when it comes to powering high-speed versions of OpenAI's artificial-intelligence models. Cerebras stock has fallen 15% over the past five trading sessions.
XP Inc. soared 34% after the first round of Brazil's general election in which right-wing senator Flávio Bolsonaro upset President Luiz Inácio Lula da Silva. The stock was on pace to have its largest single-day percentage gain on record, according to Dow Jones Market Data. Other U.S.-listed stocks rallied following the results: Online retailer MercadoLibre climbed 7.3% and Brazilian neobank Nu jumped 13%.
Vaxcyte surged 34% after the company's late-stage trial results for its lead vaccine candidate signaled it could steal significant share from Pfizer and Merck in a multi-billion dollar market.
Sphere Entertainment tumbled 11% to $113.73. Craig Hallum downgraded the stock to Hold from Buy, pointing to demand for its "The Wizard of Oz" production dwindling faster than expected. The firm also lowered its price target to $132 from $170.
Western Digital advanced 6.5% and Seagate Technology rose 4.6%. Wall Street analysts advised investors to buy the dip in shares after each stock dropped 10% Friday, following a Nikkei report that Japanese rival Toshiba planned to double its production capacity of AI data center drives.
Strategy gained 1.4%. The company purchased 334 bitcoin for $28.7 million last week. Other cryptocurrency stocks traded higher. Coinbase advanced 2.9% and Robinhood added 0.9%.
Qualcomm declined 1.6%. The chip maker and Huawei announced a multi-year patent license agreement Monday, which includes cross licenses to the companies' 5G, compute, AI, and networking patent portfolios.
DraftKings gained 8.1%. Bank of America upgraded shares to Buy from Neutral, saying the gaming company's prediction markets are a "win-win" and noting that a 47% drop in shares this year could offer an attractive entry point for buyers. The firm also anticipates prediction markets will generate $400 million in fees for 2027.
Harley-Davidson advanced 8.9% after Citi upgraded the stock to Buy from Neutral. The firm noted that motorcycle manufacturer is poised to benefit from a large product launch and cost-saving initiatives, building on a modest retail recovery seen earlier this year.