Nasdaq Notches Record High Close; Quantumscape and EchoStar Up 20%; Robinhood Up 16%; AppLovin Up 12%; Broadcom Up 3%

The Nasdaq notched a record high close on Monday, lifted by a rally in Broadcom, while the S&P 500 also gained as investors bet the Federal Reserve will soon lower borrowing costs to shore up economic growth.

Market Snapshot

The S&P 500 climbed 0.21% to end at 6,495.15 points. The Nasdaq gained 0.45% to 21,798.70 points, its highest close ever. The Dow Jones Industrial Average rose 0.25% to 45,514.95 points.

Market Movers

AppLovin Corporation , the maker of app-monetization technology, rose 12%, online brokerage Robinhood Markets jumped 16%, and Emcor Group, a provider of construction and maintenance services, slipped 0.6%. It was announced late Friday the three stocks would be joining the S&P 500 index before the markets open on Sept. 22.

The three companies will replace MarketAxess Holdings, Caesars Entertainment, and Enphase Energy in the index, according to S&P Dow Jones Indices. Of the three stocks being removed, Enphase was faring the worst, slipping 2.1%.

Tesla, the electric-vehicle maker, was down 1.3%. Shares jumped 3.6% on Friday and ended the week with a gain of 5.1% after Tesla's board asked investors to approve a new pay package for CEO Elon Musk that could be worth as much as $1 trillion over the next 10 years.

EchoStar shares surged 20% after the company said it had reached a $17 billion cash-plus-stock agreement to sell its AWS-4 and H-block spectrum licenses to SpaceX. Verizon Communications, AT&T, and T-Mobile fell between 2.4% and 3.9%, following the announcement. AST SpaceMobile, the satellite company, declined 3.9%.

Broadcom gained 3.2%. The semiconductor and software company rose 9.4% on Friday to a closing high of $334.89 after it announced that it had secured an artificial-intelligence order of $10 billion from a new undisclosed customer, which The Wall Street Journal reported was OpenAI, the creator of ChatGPT. Broadcom ended Friday's session with a market capitalization of $1.575 trillion, according to Dow Jones Market Data.

Shares of Nvidia, the leading maker of AI chips, were up 0.8% to $168.31. The stock closed down 2.7% on Friday after the Broadcom deal was disclosed. Analysts at Citi Research lowered their price target on Nvidia to $200 from $210 on Monday. The stock has closed lower for six of the last seven trading days, but it remains up 26% this year.

Strategy, previously known as MicroStrategy, fell 1.8% as the price of Bitcoin slipped to around $112,000 on Monday from above $113,000 at one point on Friday. The company is one of the largest corporate holders of Bitcoin. Separately, Strategy wasn't added to the S&P 500 after posting a profit last quarter -- the final hurdle it needed to clear for qualification.

Apple was down 0.8%, a day ahead of the tech giant's annual iPhone event on Tuesday. Apple is expected to announce four new iPhones at the gathering -- which it has dubbed its "Awe Dropping" event -- including a new iPhone 17 Air. The Air likely will be thinner and lighter than its base iPhone models.

Planet Labs Pbc , the Earth imaging company, soared 48% after reporting a narrower-than-expected second-quarter loss and revenue of $73.4 million that beat analysts' estimates. Planet Labs also raised its fiscal-year guidance.

Quantumscape Corp. jumped 21%. The battery maker partnered with PowerCo SE, Volkswagen's battery company, to demonstrate how its solid-state lithium-metal batteries could power an EV at the IAA Mobility auto show in Munich. "This demonstration represents a significant advancement in battery technology, showcasing the first anode-free solid-state batteries to move from laboratory discovery to real-world vehicle," QuantumScape said in a statement.

Fox Corporation Class B — Shares dipped more than 2% after Fox Corp. announced the Murdoch family has settled a dispute over the family trust, with Lachlan Murdoch gaining control of the media empire.

Dell Technologies Inc. — Shares slid 2% after Dell Technologies announced Chief Financial Officer Yvonne McGill will resign, effective Tuesday. David Kennedy, currently senior vice president of global business operations, finance, was named interim CFO.

Mission Produce — Shares of the avocado and mango supplier popped more than 4% after third-quarter earnings exceeded expectations. Mission earned 26 cents per share, excluding items, on revenue of $357.7 million. Analysts polled by FactSet forecast earnings per share of 15 cents on revenue of $320.3 million.

Casey's General — The stock dipped less than 1% even after the Midwestern convenience store chain reported a fiscal first-quarter beat. Earnings of $5.77 per share topped the FactSet consensus forecast of $5.02 in earnings per share. Revenue of $4.57 billion exceeded the anticipated $4.46 billion.

Market News

Dell CFO Yvonne McGill to leave, PC maker reaffirms forecasts

Dell Technologies said on Monday its Chief Financial Officer Yvonne McGill will resign effective September 9 after roughly three decades with the company.

David Kennedy, who has been with the PC maker for 27 years, will serve in the interim role. He is currently senior vice president of Global Business Operations, Finance.

Intel announces key executive shake-up, says products chief Holthaus will exit

Intel announced a series of top executive changes on Monday, including the departure of products chief Michelle Johnston Holthaus, at a time when CEO Lip-Bu Tan intensifies efforts to turn around the struggling U.S. chipmaker.

Holthaus, who will leave after more than three decades with Intel, had held numerous senior leadership roles, including interim co-chief executive officer following the ouster of former CEO Pat Gelsinger last year. She will remain a strategic adviser over the coming months.