CNBC Daily Open: Surge in most tech lifts the S&P 500 beyond 6,600 level

Congratulations are owed to Alphabet for joining the $3 trillion club, to which lone Apple, Microsoft and Nvidia person memberships. The Google genitor has artificial quality —what else? — to convey for its inclusion successful that rarefied space.

Ironically, it isn't due to the fact that Google's AI offerings person been blowing investors away. (I heard Gemini tin thatch maine however to instrumentality amended photos connected Google's Pixel smartphone.) It's the information that Google has been falling down AI companies specified arsenic OpenAI and Perplexity — which allowed it to flight divesting its Chrome browser successful a recent antitrust ruling — that gave its shares a bully bump this month

If AI isn't having the desired effect connected stocks, there's thing that bully aged currency won't solve. Tesla shares jumped Monday aft its CEO Elon Musk disclosed a $1 cardinal acquisition of the stock, erasing the company's losses for the year. Elsewhere, shares of CoreWeave popped 7.6% aft the unreality infrastructure supplier announced an order of astatine slightest $6.3 billion from Nvidia.

Buoyed by those gains, the S&P 500 and Nasdaq Composite secured caller closing highs, with the erstwhile exceeding the 6,600 level for the archetypal time. Hey Alexa, make an representation of traders popping champagne successful the New York Stock Exchange.

U.S. has reached TikTok 'framework' with China. The woody involves "two backstage parties," U.S. Treasury Secretary Scott Bessent said Monday. The presidents of some nations will meet Friday to sermon the terms.

Elon Musk reveals $1 cardinal banal acquisition of Tesla. It's the first clip since February 2020 that Musk, CEO of Tesla, has bought shares of the institution successful the unfastened market. Tesla shares jumped 3.6% after what looks to beryllium a vote of assurance from Musk.

Alphabet's valuation hits $3 trillion. After its shares rose 4.5%, the hunt elephantine joined the ranks of Nvidia, Microsoft and Apple. Alphabet stock experienced a important bump in aboriginal September aft a ruling from a justice successful an antitrust case.

The S&P 500 closes supra 6,600 for the archetypal time. On Monday, the Nasdaq Composite besides closed astatine a caller record, portion the Dow Jones Industrial Average ticked up 0.1%. Europe's Stoxx 600 scale added 0.42%.

[PRO] A complaint chopped mightiness not beryllium unambiguously bully for stocks. According to Evercore ISI, humanities information from 1970 showed that the quality of the chopped — "because they can" oregon "because they person to" — affects how stocks execute the twelvemonth ahead.

Trump advocates extremity to quarterly net reports

U.S. President Donald Trump floated the thought Monday of companies nary longer providing net study connected a quarterly ground and switching to semiannual instead, saying it is "would "save money, and let managers to absorption connected decently moving their companies."

The U.S. Securities and Exchange Commission told CNBC aboriginal Monday that it is actively looking into that plan.

— Jeff Cox