United States benchmarks rebounded on Monday (Tuesday AEDT), led by a strong rally in Apple shares, amid growing optimism over an end to the prolonged government shutdown as market participants turned focus toward a crucial week of earnings and economic data.
The Dow Jones Industrial Average surged 516.0 points, or 1.1%, to close at 46,706.6. The S&P 500 climbed 71.1 points or 1.1% to 6,735.1, while the Nasdaq Composite advanced 310.6 points or 1.4% to 22,990.5.
Apple led the gains, rising nearly 4% after reports indicated that Apple’s iPhone 17 series, launched in September, outperformed the previous iPhone 16 lineup by 14% in its first 10 days of sales across the U.S. and China, according to Counterpoint Research.
Shares of Meta gained 2.1%, Netflix added 3.3%, and Alphabet lifted 1.3%, while the Philadelphia Semiconductor Index rose 1.6% to an all-time high.
Boeing advanced 1.8% after the U.S. Federal Aviation Administration approved a production increase for the 737 MAX to 42 planes per month.
WeightWatchers also surged 9.3% following its announcement of a partnership with Amazon for the delivery of weight-loss medications.
In the banking sector, Zions Bancorporation and Western Alliance gained 4.7% and and 4%, respectively, after recent volatility tied to loan losses triggered a sector-wide sell-off last week.
Adding to the positive tone, hopes for an end to the 20-day U.S. government shutdown grew after National Economic Council Director Kevin Hassett told CNBC that a resolution could come this week.
With the shutdown extending into its third week, the lack of fresh government data has left investors navigating in partial darkness.
However, the Labor Department confirmed it would release September’s consumer price index (CPI) report on Friday, offering key insight into inflation trends and the impact of President Donald Trump’s tariffs on prices.
Several major companies are due to report earnings this week, including Netflix, Coca-Cola, Tesla, and Intel.
On the bond markets, Treasury yields eased slightly, with the 10-year yield down 0.7% to 3.982% and the 2-year yield slipping 0.1% to 3.459%.
