Post-Bell｜Wall St Ends Higher; Circle up 10%; Tesla, Li Auto Surge 8%; HIMS Sinks 35%; Wolfspeed Plunges 32%; SMCI Declines 10%

Wall Street rallied on Monday as Iran didn't close the Strait of Hormuz, a key oil shipping route. Also, prospects of the U.S. Federal Reserve cutting interest rates as early as July contributed to the upbeat mood.

Market Snapshot

The Dow Jones Industrial Average rose 374.96 points, or 0.89%, to 42,581.78, the S&P 500 gained 57.33 points, or 0.96%, to 6,025.17 and the Nasdaq Composite gained 183.57 points, or 0.94%, to 19,630.98. Circle Internet Corp. up 10%, Li Auto up 8%.

Market Movers

Defense contractors traded mixed. Northrop Grumman rose 0.4%. The company's B-2 bombers were involved in the attack on the Iran's nuclear sites. The planes dropped 14 bunker-busting GBU-57 massive ordnance penetrators, or MOPs. It was the first operational use of the 30,000-pound weapon the U.S. Air Force ordered from Boeing in 2011. Boeing shares were up 1.3%.

Tesla Motors launched its highly anticipated robo-taxi service in Austin, Texas, on Sunday, and early users will be receiving a deal: CEO Elon Musk said they would pay a flat fee of $4.20 for each ride. The launch Sunday included only a handful of Tesla vehicles, in a geofenced area of Austin, with users handpicked by Tesla and a safety monitor in the front passenger seat. Shares of the electric-vehicle maker surged 8.2%.

SUPER MICRO COMPUTER INC declined 9.8%. The server maker plans a $2 billion offering of senior notes that are convertible to stock. It was the worst performing stock in the S&P 500 on Monday.

Northern Trust was up 8% after The Wall Street Journal reported Bank of New York Mellon approached its smaller rival last week to express interest in a merger. The Journal, citing people familiar with the matter, said the chief executives of BNY and Northern Trust had at least one conversation though they didn't discuss a specific offer. BNY is weighing next steps, which may include a formal bid for Northern Trust, the report said. BNY shares declined 2.2%.

FISERV INC rose 4.4%. The financial-technology company plans to launch a stablecoin and digital-asset platform for its clients by the end of the year.

Shares of Hims & Hers Health Inc. sank 35% after Novo Nordisk terminated its partnership with the telehealth company, citing concerns about "illegal mass compounding and deceptive marketing." Hims CEO Andrew Dudum responded to Novo's announcement in a social media post at midday, charging Novo with "misleading the public."

Separately, U.S.-listed shares of Novo-Nordisk A/S tumbled 5.5%. The Danish drugmaker unveiled its latest data for a weight-loss drug candidate but shares of the maker of Wegovy and Ozempic tumbled as the results missed investors' expectations and reignited concerns about competition in the market for weight-loss drugs.

Wolfspeed plunged 32% to about 61 cents. The chip component maker said it plans to file for bankruptcy in the U.S. Wolfspeed said the bankruptcy was part of a planned restructuring that would cut its overall debt by around 70%, or $4.6 billion, and reduce its annual total cash interest payments by roughly 60%.

Market News

US Stock Futures Rise After Trump Says Ceasefire Reached Between Israel and Iran

U.S. stock futures rose on Monday after President Donald Trump said a ceasefire has been agreed to between Israel and Iran.

S&P 500 futures rose 0.5% and Nasdaq futures added 0.7%, suggesting traders expect Wall Street to climb when it opens on Tuesday.

Boeing Shares Volatile as 787 Crash Investigation Zeroes in on Engines

Boeing's share price in the past week was volatile as investigators worked to understand the deadly crash of an Air India Boeing (NYSE:BA) 787 Dreamliner, with early attention focused on the jet’s engines and a potential loss of lift shortly after takeoff, Barron's reported.

The crash, which occurred on June 12, involved Air India Flight 171 en route to the United Kingdom. The aircraft, a 12-year-old 787 powered by GE Aerospace (NYSE:GE) engines, went down shortly after departure, killing 241 of the 242 people on board.

Amazon to Invest $54 Billion in Britain over Next Three Years

Amazon.com has deepened its commitment to Britain, with the e-commerce giant saying it plans to invest 40 billion pounds ($54 billion) over the next three years, a move the UK government hailed as a vote of confidence in its economic policies.

Elected in 2024, the Labour government has made boosting Britain's anaemic growth a priority and wants to see a step up in foreign investment.