4:23pm: New records
US stocks finished Monday’s trading session at record highs, driven by US-China trade deal optimism.
The Nasdaq added 1.9% at 23,637 points, the S&P 500 added 1.2% at 6,875 points, and the Dow Jones was up 0.7% at 47,544 points.
3:50pm: Proactive news headlines:
- Power Metallic Mines Inc: Analysts at Red Cloud Securities said the company’s Nisk project in Quebec could host a large-scale deposit, praising the exploration team despite the site’s complex geology.
- North Bay Resources Inc: Reported assay results from its Fran gold project in British Columbia showing grades between 0.4 and over 2.9 ounces per ton from samples analyzed by ALS Global.
- Century Lithium Corp: Began relocating its lithium extraction demonstration plant to Tonopah Airport, Nevada, to consolidate operations supporting the development of Angel Island.
- HIVE Digital Technologies: Surpassed 22 Exahash per second in Bitcoin-mining capacity, a 267% year-to-date increase, while expanding its AI Cloud footprint through Tier-3 data center conversions.
- Ondine Biomedical Inc: Shares rose 4% after a pilot study at Royal Columbian Hospital showed its Steriwave nasal photodisinfection treatment significantly reduced harmful pathogens in ICU patients.
- Greatland Resources Ltd: Reported producing 80,890 ounces of gold and 3,366 tonnes of copper in the September quarter, generating $284 million in cash flow and ending with $750 million in cash and no debt.
- Rainbow Rare Earths Ltd: Said its Definitive Feasibility Study for the Phalaborwa project in South Africa remains on track for completion in 2026, paving the way for construction to begin in 2027.
- Tamboran Resources Corp: Raised up to US$115 million through a combination of public and private offerings to advance its Beetaloo Basin gas project toward first production.
- Nova Minerals Ltd: Advanced its dual gold and antimony strategy at the Estelle Project in Alaska, securing US$43.4 million in U.S. government funding and completing its 2025 exploration programs.
- FireFly Metals Ltd: Announced a major exploration breakthrough at its Green Bay Copper-Gold Project in Newfoundland, with assays revealing an 800-metre zone of very high-grade mineralization outside the current resource.
3:05pm: Market movers
- Qualcomm Inc shares surged nearly 16% after the company unveiled new AI accelerator chips, the AI200 and AI250, set to launch in 2026 and 2027, respectively, positioning it to compete directly with Nvidia and AMD.
- Lululemon Athletica Inc shares rose about 4% following news of a partnership with the NFL to launch a men’s and women’s apparel and accessories collection for all 32 teams starting October 28.
- Keurig Dr Pepper Inc reported third-quarter revenue of $4.31 billion, up 10.7% year over year and above estimates, while raising its full-year sales outlook on strong demand for energy drinks and soft beverages.
- Novartis AG announced a US$12 billion acquisition of Avidity Biosciences to strengthen its neuroscience portfolio with Avidity’s RNA-based therapeutics and Antibody Oligonucleotide Conjugates technology.
- Ondine Biomedical Inc shares gained 4% after reporting positive results from its Steriwave ICU pilot study in Canada, showing significant reductions in harmful pathogens among intensive care patients.
1:55pm: NDX breaks resistance
The Nasdaq 100 has rebounded to record highs after a brief pullback, posting back-to-back weekly gains of over 2% amid broad buying pressure, with advancers outpacing decliners 3:1, according to LPL Financial.
Strength has been driven by solid earnings, easing inflation, growing expectations for Fed rate cuts, and the confirmed Trump–Xi meeting, analysts noted.
Technically, the NDX broke out of a short-term ascending triangle at 25,137, setting a minimum price target of 26,067, while momentum indicators and relative strength versus the S&P 500 suggest the rally and NDX leadership could continue.
12:30pm: Confidence on Wall Street
Stocks climbed to fresh highs in midday trading on Monday, fueled by optimism over a potential US-China deal and strong corporate earnings.
The Nasdaq gained 1.7%, to 23,592, the Dow Jones 0.5%, to 47,461, while the S&P 500 added 1%, to 6,861.
“Expectations of a US-China deal have underpinned today’s bullish sentiment on Wall Street,” Chris Beauchamp, Chief Market Analyst at investing and trading platform IG, noted.
“US companies have sailed through earnings season so far, trouncing estimates in robust fashion, proving the endless calls of a bubble are misplaced.”
Meanwhile, precious metals have come under pressure. Gold slipped below $4,000 per ounce, continuing a sharp reversal after recent record highs. Beauchamp added: “The selling continues to snowball in gold and silver, barely two weeks after the price reached a record high. Such rallies often reverse dramatically. The drop should be welcomed by most investors, both for offering the chance to buy at lower prices and for taking some of the undoubted speculative froth out of the situation.”
11:10am: Qualcomm makes AI chip splash
Qualcomm Inc (NASDAQ:QCOM, ETR:QCI) shares climbed nearly 16% on Monday after the semiconductor maker announced that it will release new artificial intelligence (AI) accelerator chips, placing the company into direct competition with Nvidia and AMD.
Qualcomm said both the AI200 chip, which will go on sale in 2026, and the AI250, planned for 2027, can come in a system that fills up a full, liquid-cooled server rack.
A third chip and server are scheduled for 2028.
Qualcomm’s AI chips are anticipated to have advantages over other accelerators in terms of power consumption, cost of ownership, and a new approach to the way memory is handled, CNBC reported.
10:30am: Week ahead
It’s shaping up to be one of the busiest—and potentially most market-moving—weeks of the year on Wall Street. Investors are gearing up for a double dose of excitement: a closely watched Federal Reserve meeting and a wave of earnings from the world’s biggest tech companies.
The Fed is widely expected to cut interest rates by another 25 basis points on Wednesday, marking its second straight reduction since restarting policy easing in September. That view was reinforced by a softer-than-expected inflation report for September, which gave policymakers more room to maneuver.
Markets are already pricing in about a 95% chance of the cut, which would bring the target range down to around 3.75% to 4%. “If the Fed cuts as the market expects, I anticipate liquidity will return quickly to growth assets,” said Nigel Green, CEO of deVere Group. “These companies are first in line to benefit.”
And those companies, otherwise known as the “Magnificent Seven,” will dominate the week. Microsoft Corp (NASDAQ:MSFT), Alphabet Inc (NASDAQ:GOOG), and Meta Platforms Inc (NASDAQ:META, ETR:FB2A, SWX:FB) report earnings on Wednesday, followed by Apple Inc (NASDAQ:AAPL, ETR:APC) and Amazon.com Inc (NASDAQ:AMZN) on Thursday. Together, they could determine whether this year’s rally has more room to run.
9.55am: New index record reached
US stocks moved firmly higher in early trading on Monday, with major indices buoyed by demand for technology sector names.
The Nasdaq led the way, rising 1.5% to new record highs around 23,556, as Nvidia, Alphabet, Meta, Tesla and Palantir all gained over 2%.
The S&P 500 rose 0.9% to its own record highs above 6,856, while the Dow Jones notching its own new records as it climbed 0.5% to 47,532 in initialy trades.
The small-cap Russell 2000 index was also in virgin territory as it rose 0.9%.
8.30am: Nasdaq tipped to lead gains as US-China framework agreed
US stock futures pointed sharply higher on Monday, setting up Wall Street for a buoyant open after weekend progress in US-China trade talks and renewed optimism over Federal Reserve policy.
Tech stocks were set to drive gains, with Nasdaq 100 futures up 1.3%, while Dow Jones futures rose 0.5% and S&P 500 futures gained 0.8%.
The upbeat tone followed a strong close on Friday and a rally across Asia, where Japan's and South Korea's benchmarks surged to new record highs.
US Treasury Secretary Scott Bessent said a "preliminary consensus" had been reached on key issues, including tariffs, rare earth export controls, fentanyl, and agricultural trade, according to official statements and media reports.
He said President Trump’s recent threat of a 100% tariff was "off the table" and that he believed Beijing was pausing its planned expansion of rare earth export controls for at least a year.
A "substantial framework" for trade talks had been reached between the two countries, ahead of a meeting between Presidents Donald Trump and Xi Jinping on Thursday.
Both sides agreed to extend the current tariff truce beyond its 10 November expiry, with China said to agree to resume US soybean purchases.
Trump called the framework "very positive", with further details expected to be finalised on the sidelines of the APEC summit in South Korea.
A busy week of earnings lies ahead, with five of the 'Magnificent Seven' – Alphabet, Microsoft, Meta, Apple and Amazon – reporting results.
The US Fed meeting concludes on Wednesday, with a quarter-point interest rate cut widely anticipated.
Traders will also monitor monetary policy meetings from the Bank of Japan, Bank of Canada and European Central Bank for signs of coordinated easing.
The US dollar index was down 0.15% and 2-year Treasury yield was easing off after firming on Friday's inflation data.