Post-Bell | Wall Street Ends Sharply Higher. Tesla, Alibaba up 5%; TSMC, BMNR Jump 8%; Broadcom Soars 10%; MP Materials up 21%; RGTI Soars 25%; Bitfarms Surges 28%

Wall Street's main indexes ended sharply higher on Monday, led by gains in Broadcom and other chipmakers, after President Donald Trump struck a conciliatory tone about renewed U.S.-China trade tensions, easing investor worries.

Lifting sentiment, U.S. Treasury Secretary Scott Bessent said in an interview with Fox Business Network that Trump was on track to meet his Chinese counterpart in South Korea as the two sides work on de-escalating trade frictions that grew late last week.

Market Snapshot

The S&P 500 climbed 1.56% to end the session at 6,654.72 points. The Nasdaq gained 2.21% to 22,694.61 points, while the Dow Jones Industrial Average rose 1.29% to 46,067.58 points. Canaan Inc. up 39%; Bitfarms Ltd. up 28%; Navitas Semiconductor Corp up 21%; Taiwan Semiconductor Manufacturing, BitMine Immersion Technologies Inc. up 8%.

Market Movers

Broadcom jumped 9.9% after announcing a partnership with OpenAI to develop and deploy 10 gigawatts of custom artificial-intelligence accelerators. OpenAI, the maker of ChatGPT, will design the accelerators, while Broadcom will provide ethernet and other connectivity solutions at OpenAI's facilities and partner data centers.

Bloom Energy Corp soared 27% after the company agreed to a $5 billion partnership with Brookfield Asset Management to construct factories to supply computing capacity and energy for artificial intelligence.

Nvidia, the leading maker of chips for artificial-intelligence applications, rose 2.8% after closing down 4.9% on Friday amid increased trade tensions between the U.S. and China. Shares fell 2.4% last week.

Advanced Micro Devices rose 0.7% following a 7.7% drop Friday. AMD was the best performing stock in the S&P 500 last week, rising almost 31%. The gains came after the chip maker unveiled a deal with OpenAI to power six gigawatts of AI infrastructure with its graphics processing units. OpenAI, the developer of chatbot ChatGPT, also was issued a warrant for up to 160 million shares of AMD, representing about 10% of total shares.

Tesla climbed 5.4% to $435.90 after Melius Research initiated coverage on the stock with a Buy rating and $520 price target. Shares of the EV maker declined 5.1% on Friday and 3.8% for the week.

Tesla unveiled new versions of its Model 3 and Y last Tuesday that cost less than $40,000. A lack of affordable models, more EV competition and concern over CEO Elon Musk's politics have dented demand in Europe, and Tesla now hopes lower-priced versions of its two most popular cars can boost sales in the region.

Intel and Texas Instruments were up 2.3% and 2%, respectively, even after BofA Securities downgraded both stocks to Underperform from Neutral ahead of the companies' earnings reports. The firm also upgraded Applied Materials to Buy from Neutral and boosted its price target on the shares to $250 from $180, citing near-term growth prospects and a wide valuation gap to peers. Shares rose 4.5% to $219.48.

Alibaba's U.S.-listed shares rose 4.9% after closing down 8.5% on Friday. While Trump's remarks about China trade relations had investors worried, the president dialed back his rhetoric over the weekend, saying President Xi Jinping "just had a bad moment." Shares of Chinese tech companies Baidu and JD.com rose 3.3% and 4.4%, respectively, after suffering steep losses in the previous trading session.

Fastenal, the fastener maker, reported third-quarter earnings of 29 cents a share, missing analysts' estimates of 30 cents, as revenue of $2.13 billion match expectations. The stock declined 7.5%.

Estee Lauder gained 5.8% to $92.74. The cosmetics company was upgraded to Buy from Neutral at Goldman Sachs and the price target was increased to $115 from $76.

Market News

MP Materials, Albemarle Lead Huge Rally in Rare Earth Stocks on U.S.-China Tensions

Albemarle +7.2% as one of the largest gainers on the S&P 500, and MP Materials Corp. +21% on Monday, as fresh tensions between the U.S. and China over the latter's exports of critical minerals prompted bets on alternative suppliers.

Also, USA Rare Earth Inc. +19%, The Metals Company +20%, Energy Fuels +17%, Lithium Americas Corp. +13%, NioCorp Developments Ltd. +9%, Uranium +5%, Cameco +6%, Nexgen Energy Ltd. +3% on Monday, after all closed higher on Friday.

Quantum Stocks Rally as JPMorgan Unveils Investing Push into Strategic Tech

Quantum computing names saw a rally in their share price on Monday after JPMorgan Chase unveiled a plan to invest in industries critical to national economic security and resiliency.

The company said it will make direct equity and venture capital investments of up to $10B to help select companies, primarily in the U.S., enhance their growth, spark innovation, and accelerate strategic manufacturing.

Quantum computing stocks reacted positively to the news, with shares of Arqit Quantum Inc. rising 20%, D-Wave Quantum Inc. shares rising 23%, and Rigetti Computing rising 25%.

Gold Notches New All-Time High Above $4,100, Silver Soars to First Record Since 1980

Gold and silver futures surged to fresh highs Monday, with gold breaking through the $4,100/oz level for the first time and silver surpassing the previous record set in January 1980, as a flare-up in U.S.-China trade tensions and prospects of further U.S. interest rate cuts drove up demand for precious metals.

Front-month Comex gold for October delivery jumped $132.70/oz, or +3.3%, to $4,108.60/oz, the largest one-day dollar gain on record and biggest percentage gain since April 16, and front-month Comex October silver gained $3.192/oz, or +6.8%, to $50.13/oz, the largest one-day dollar gain since January 23, 1980 and biggest percentage gain since March 13, 2023.

Front-month gold and silver are up 56.3% and 74.2%, respectively, so far this year, and have gained a respective 6.9% and 8.4% in October.