Stock market today: Dow jumps 600 points, S&P 500, Nasdaq soar as Wall Street rebounds from tariff-fueled rout

On Monday, stocks finished the trading session sharply higher after equities plummeted on Friday due to the latest tariff threats from Trump’s administration.

The tech-heavy Nasdaq Composite (^IXIC) led the gains, up 2.21% by closing. The S&P 500 closed 1.56% higher, while the Dow Jones Industrial Average (^DJI) ended the trading day with a gain of 1.29%, or almost 600 points.

Stocks regained some of the losses from Friday, which surfaced after Trump threatened additional tariffs amounting to 100% on Chinese goods, beginning November 1, while simultaneously seeking to calm market anxieties through a post on Truth Social.

“Don’t stress about China, it will all be ok! Respected President Xi just had a moment of doubt,” Trump stated on Sunday. “He doesn’t want a Depression in his nation, and neither do I. The U.S. is here to assist China, not harm it.”

Continued strength in the market was also driven by optimism from the tech sector as OpenAI (OPAI.PVT) and Broadcom (AVGO) announced their collaboration, which uplifted Broadcom’s stock by nearly 10%. Shares of Taiwan Semiconductor Manufacturing Company (TSM) saw nearly an 8% increase, greatly attributed to analysts predicting a 28% profit surge for the company’s third quarter.

Furthermore, crude oil prices gained momentum, with futures for Brent crude (BZ=F) and West Texas Intermediate crude (CL=F) both rising more than 1.2%, pushing prices above $63 and $59 per barrel, respectively. Reports of a peace agreement made little impact on pricing, according to Claudio Galimberti, chief economist at Rystad Energy.

Through Monday’s trading, silver futures (SI=F) gained over 7%, closing above $50 per troy ounce, surpassing the previous record price of $48.70 set in early 1980.

The metal has enjoyed its most robust bull run this year, up more than 73%, outpacing gold’s (GC=F) increase of over 58% to exceed $4,000.

This rally has been fueled by two primary factors.

Firstly, the so-called debasement trade has emerged. As global tensions rise and fiat currencies weaken, investors are increasingly turning to precious metals as a safe haven. Futures for both platinum (PL=F) and palladium (PA=F) are witnessing gains of 88% and 70% year-to-date respectively.

The second factor driving this rise has been an intense short squeeze.

Earlier in the year, significant quantities of silver were moved from London—a traditional hub for precious metals trading—to New York in anticipation of tariffs proposed by Trump. Consequently, prices soared in London, with trading at significant premiums over New York, as Europe confronts an increasingly restricted supply.

The US Geological Survey has proposed adding silver to its critical minerals inventory, enabling the Trump administration to impose tariffs akin to those it has enacted on metals like steel and copper.

The spot price of cobalt rose more than 3.5% on Monday, reaching the highest point since 2023 after the Democratic Republic of the Congo published stricter export quotas set to be enacted later this week, replacing an eight-month prohibition on cobalt exports.

The new quotas, established by the DRC’s Agency for the Regulation and Control of Strategic Minerals, will commence on Thursday. Research from Macquarie indicates that these quotas may permit miners to ship less than half of their 2024 production over the course of both 2026 and 2027.

The newly introduced restrictions could push the market into a deficit in 2025 and 2026 if adhered to, according to a statement from BNP Paribas. Stricter quotas from the Congo effectively limit global supply in the short term.

“Should the quota be adhered to, it is clear that the market will exhaust its resources before the middle of 2026, suggesting that prices could potentially exceed those seen during the previous bull market rally of 2022,” asserted analysts from Macquarie.

Currently, prices for cobalt are hovering around approximately $41,865 per ton as of Monday afternoon, having surged after the DRC initiated an initial export ban earlier this year. This metal is up over 70% year-to-date.

The DRC, which produces about 75% of global cobalt output, imposed the February ban intending to correct an oversupply resulting from years of production in DRC and Indonesia that far surpassed demand.

Cobalt, classified as a “battery metal,” plays a crucial role in the batteries that power electric vehicles, alongside other essential metals such as copper, aluminum, lithium, and nickel.

Battery metals have also gained increased focus from the Trump administration, particularly as Beijing declared it would implement a wide range of export restrictions on various metals and rare earth minerals. The major producer of cobalt in DRC is China’s CMOC Group.

Shares of the dating app Grindr (GRND) surged more than 11% during mid-afternoon trading on Tuesday amid reports that the company is considering a buyout valued at $3 billion.

The primary shareholders, board chair James Lu and key investor and board member Raymond Zage, are in negotiations for a deal with Fortress Investment Group, which would facilitate Lu and Zage acquiring the company.

The proposed deal is set to value buyout shares at $15 each, in contrast to the existing stock price around $13. By mid-afternoon trading on Monday, Grindr was valued at approximately $2.5 billion.

This stock increase marks Grindr’s first significant upward movement in a year, with the stock having dropped 33% year-to-date as of Friday’s close, according to Bloomberg.

These discussions come after Singaporean investment manager Temasek seized underlying shares and sold them, impacting at least one of Lu and Zage.

Businesses at the epicenter of the AI boom are pouring billions into one another, prompting analysts to warn of a potential bubble in the sector.

Nvidia (NVDA) recently announced plans to invest as much as $100 billion in OpenAI, partnering for the ChatGPT developer to use Nvidia’s chips for training and deploying its next-generation models.

This has been one of many agreements among key tech players made public recently.

Such partnerships indicate a growing trend where AI infrastructure providers are investing in their clientele, creating parallels to the dot-com era.

Yahoo Finance analysts caution that this increasing interconnectedness in AI investments could reduce the resilience of the AI ecosystem, leading to an overinflation of perceived AI demand.

“The latest developments are very concerning,” remarked Kim Forrest, chief investment officer at Bokeh Capital Partners.

Read the full analysis from me and my colleague Jake Conley here.

U.S.-based rare earth producers MP Materials (MP), USA Rare Earth (USAR), and Ramaco Resources (METC) experienced stock increases on Monday amid a recent upswing, as China has heightened restrictions on its rare earth exports.

MP Materials’ stock soared over 22% Monday midday, following an 8% gain on Friday. USA Rare Earth shares rose 19%, and Ramaco saw a climb of 11%. Both stocks have enjoyed notable increases over the past five trading days of 48% and 34%, respectively.

The U.S. government has become the largest stakeholder in MP Materials with a $400 million investment made in July, as the Trump administration takes an unconventional approach to corporate involvement.

The rare earth export restrictions imposed by China are part of a wider series of trade actions that prompted Trump’s threats of 100% tariffs on China last Friday, an aggressive stance which he appears to have retracted on Monday.

Tesla (TSLA) shares rose 3% during Monday’s trading session, recovering from a 5% drop on Friday amid a broader market decline.

Yahoo Finance’s Pras Subramanian reports:

Read the complete story here.

Shares of various nuclear companies, including the Sam Altman-supported reactor manufacturer Oklo (OKLO), experienced a double-digit rise on Monday morning following several optimistic news reports.

Urenco, the sole domestic provider of low-enriched uranium utilized in commercial power-generating reactors, announced that its New Mexico enrichment facility will increase capacity by approximately 15% between the years 2025 and 2027, according to the Midland Reporter-Telegram.

Shares of Oklo surged over 14% during mid-morning trading, while NuScale Power (SMR) and NANO Nuclear Energy (NNE) gained more than 12% and 13% respectively.

The enhanced supply of enriched uranium will benefit companies like these that are developing smaller reactors requiring less construction time than the traditional massive nuclear plants.

Energy Fuels (UUUU), the main uranium supplier in the country, increased by over 17% on this news; the increase in enrichment capacity from Urenco indicates a stronger supply chain for Energy Fuels’ offerings. Centrus Energy (LEU), the latest major player in the domestic uranium enrichment sector and one of two companies authorized to enrich uranium to “high-assay” levels, rose by 9%.

On the same day, a report from a government-appointed panel in India stated that the Modi administration should shorten nuclear development timelines, secure long-term uranium supplies, and expand its reprocessing capabilities, according to Reuters—signals that may lead to increased global demand for uranium.

The spot price of uranium (UX=F) hovered just below $79 per pound around midday EST, reflecting a rise of over 2% through morning trading and adding to an annual gain of 8%, according to Trading Economics data.

Beyond Meat’s (BYND) stock tanked more than 47% on Monday after the announcement that a majority of its bondholders accepted a debt restructuring that will lead to the issuance of over 300 million new shares.

This debt restructuring involves exchanging $1.1 billion worth of convertible notes at 0% interest, maturing in 2027, for $200 million of new notes at 7% interest, maturing in 2030, in addition to 316 million newly issued shares of common stock.

Although this step extends Beyond Meat’s deadline to fulfill its financial obligations, it substantially dilutes shareholder value.

Beyond Meat’s stock has dropped 84% in the past year and is drastically lower than its peak value of over $196 shortly post-IPO in 2019, as shares traded around $1 on Monday.

Bank of America downgraded Intel’s (INTC) stock to Underperform from Neutral, asserting that its recent ascension was “too rapid, too excessive.”

The shares of the struggling chip manufacturer have surged in recent months due to investments from Japan-based SoftBank Group (SFTBY), the U.S. government, and Nvidia (NVDA). Nvidia’s backing corresponds with efforts to design chips for data centers in collaboration with Intel.

However, Arya remarked that despite the influx of investments improving Intel’s balance sheet, the pace of the stock’s increase was overblown as the company’s “competitive outlook remains uncertain, lacking a clear AI portfolio/strategy,” while its data center server chips continue to be “uncompetitive.” The recent U.S. investment may hinder any divestment from its unprofitable manufacturing sector (Intel Foundry Services, or IFS).

Last week, Intel disclosed additional information about upcoming computer and data center server chips utilizing its latest manufacturing technology, 18A, which is essential for demonstrating that its manufacturing process can attract external clients.

However, difficulties remain, according to Arya, who expressed that further changes may postpone the timeline for Intel’s upcoming manufacturing processes, damaging the segment’s potential to attract external customers.

Nvidia (NVDA) spearheaded a rally among the “Magnificent Seven” Big Tech stocks as the market showed signs of recovery following Friday’s downturn.

Nvidia’s shares surged by as much as 3.7%, while Alphabet (GOOGL) and Tesla (TSLA) saw near 2% increases.

Amazon (AMZN) and Meta (META) gained over 1.5%, while Microsoft (MSFT) and Apple (AAPL) stocks rose nearly 1%.

These gains were fueled by a shift in President Trump’s rhetoric regarding China following his previous threats of 100% tariffs, which had prompted a sell-off led by tech stocks on Friday.

Furthermore, enthusiasm surrounding future AI demand was nourished on Monday, as Broadcom (AVGO) unveiled a strategic agreement to manufacture custom chips for OpenAI.

The Nasdaq Composite (^IXIC) played a leading role in the stocks’ rebound on Monday at market opening.

The Nasdaq rose nearly 1.8%, while the S&P 500 (^GSPC) and Dow Jones Industrial Average (^DJI) rose 0.9% and 1.25%, respectively.

The market’s increase followed President Trump’s de-escalation of his tariff threats against China, as well as an optimistic outlook brought on by OpenAI’s collaboration with Broadcom (AVGO).

This change comes in the aftermath of the market experiencing its most significant drop since April on Friday.

Technology and semiconductor shares experienced a rebound ahead of market opening on Monday following President Trump’s softer tone towards China, saying, “everything will be alright!”

Shares of chip manufacturers faced pressure on Friday as tensions escalated, particularly when Trump pledged a 100% tariff on Chinese goods.

Advanced Micro Devices (AMD) and Marvel (MRVL) increased by 3%. On Semiconductor (ON), Micron (MU), and Taiwan Semiconductor (TSM) rose over 4%. Meanwhile, Qualcomm (QCOM) experienced a 2% increase.

Nvidia (NVDA) also rallied in premarket trading, mirroring the growth of all “Magnificent Seven” stocks, gaining 3% on Monday morning.

In contrast, Chinese stocks declined, with Hong Kong’s Hang Seng index (^HSI) closing down 1.5%. Notably, tech giants Alibaba (BABA) and Tencent (TCEHY) faced declines.

Brookfield Asset Management (BAM) announced Monday its investment of up to $5 billion in fuel cell manufacturer Bloom Energy (BE) for the establishment of artificial intelligence data centers, propelling Bloom Energy’s stock upward by over 29% in premarket trading.

The two firms revealed that their strategic partnership will focus on constructing AI factories, including one expected to launch in Europe by the year’s end. Bloom Energy has previously secured partnerships including collaborations with American Electric Power (AEP), Equinix (EQIX), and Oracle (ORCL).

Shares of Brookfield Asset Management increased by 1.7% before the markets opened.

Yahoo Finance’s David Hollerith reports:

Read more here.

Xiaomi (1810.HK, XIACF) reported a tragic incident on Monday involving an electric vehicle crash, reigniting concerns regarding the design of the automaker’s electric car doors. Xiaomi’s shares fell by over 5% today.

Bloomberg News reported:

Read more here.