On Monday, Eastern Time, boosted by easing trade tensions and a surge in Apple's stock price, all three major U.S. stock indices rose by more than 1%, approaching all-time highs again. By the close, the Dow Jones Industrial Average rose 1.12% to 46,706.58, the S&P 500 climbed 1.07% to 6,735.13, and the Nasdaq Composite Index rose 1.37% to 22,990.54. Market analysts attributed this performance primarily to Apple's stock price, which surged 3.94% in a single day, reaching a record high of $262.24. Its total market capitalization reached $3.89 trillion, surpassing Microsoft to become the second-largest publicly traded company in the United States.
Apple's impressive performance stems from the latest iPhone 17 series sales report released by research firm Counterpoint. The data shows that early sales of the iPhone 17 in China and the United States have increased by 14% compared to the previous generation, with sales of the base model in China nearly doubling. This news not only pushed Apple's stock price to a new high since December, but also boosted the entire tech sector. Shares of giants like Microsoft, Google, and Amazon rose between 0.6% and 2.1%, while Tesla saw a 1.85% increase. Only Nvidia saw a slight decline of 0.32%.
Meanwhile, popular Chinese stocks saw a broad-based rise, with the Nasdaq China Golden Dragon Index rising 2.39%. Alibaba led the gains with a 3.84% gain, while JD.com and Pinduoduo rose 2.09% and 2.4%, respectively. Among emerging automakers, NIO surged 4.59%, while Xpeng Motors and Li Auto rose 1.23% and 0.09%, respectively. Among internet companies, NetEase rose 3.13%, while Baidu and Bilibili both saw gains between 1.7% and 1.9%.
Market sentiment was also influenced by positive signals regarding the possible end of the US government shutdown. Kevin Hassett, director of the US National Economic Council, said on Monday that the 20-day federal government shutdown "is expected to end this week," and that the White House would take tougher measures if no agreement was reached. In addition, nearly one-fifth of S&P 500 companies will release earnings reports this week, including tech giants like Netflix and Tesla. Bank of America data shows that 76% of companies have already exceeded earnings expectations in the first week of the current earnings season, exceeding the historical average.
In other market developments, steelmaker Cleveland-Cliffs' stock price surged 21% after announcing it would explore rare earth mineral production. Pharmaceutical giant Merck announced a $3 billion investment in new US facilities. Electric aircraft company Archer Aviation reached a partnership with Korean Air to commercialize air taxis in South Korea. The Bitcoin market also saw large transactions. Last week, major holder Strategy spent $18.8 million to purchase 168 Bitcoins, at an average price of $112,000 per Bitcoin.
