Nasdaq ends session on high note, carrying Dow and S&P along for the ride

4:20pm: Tech-led rally

Wall Street got off to a strong start this week, and it carried that momentum all the way to the close.

The Nasdaq led the charge, climbing 523 points, or 2.3%, to 23,527. The Dow Jones rose 382 points, or 0.8%, to 47,369, while the S&P 500 added 104 points, a 1.5% gain, closing at 6,832, and the Russell 2000 ticked up 23 points, or 0.9%, to 2,456.

Tech stocks were the stars of the show, fueled by optimism that Congress may finally end the 39-day government shutdown. Over the weekend, enough Democrats joined Republicans in the Senate to advance a new funding bill past a key procedural vote, raising hopes that federal operations could resume soon. Investors are keeping an eye on the House, where the bill’s future remains uncertain.

The shutdown has weighed on consumer confidence and delayed key economic data, including this week’s CPI and PPI reports, which traders were already watching closely for signs on inflation and Fed policy.

Risk appetite returned to the markets: bitcoin bounced back 1% to trade near $106,000, while gold futures rose 2.7%, hovering around $4,120 an ounce.

3:50pm: Proactive news headlines

• Bit Digital Inc (NASDAQ:BTBT) saw Noble Capital Markets maintain an ‘Outperform’ rating and $5.50 price target, highlighting growing Ethereum holdings and potential upside from its WhiteFiber stake.
• Fineqia International Inc (CSE:FNQ, OTC:FNQQF) saidGlobal crypto ETP assets totaled $212.7 billion in October, down 2.5% from September, marking the fourth consecutive month above $200 billion.
• Millennial Potash Corp (TSX-V:MLP, OTCQB:MLPNF) applauded the USGS’s addition of potash to its 2025 Critical Minerals list, supporting the strategic importance of the Banio Potash Project in Gabon.
• EnWave Corp (TSX-V:ENW, OTC:NWVCF) signed a royalty-bearing commercial license agreement for its REV technology to produce fruit and vegetable-based snacks with a US-based partner.
• NanoViricides (NYSE-A:NNVC) received regulatory approval in the DRC to begin Phase II trials of NV-387 for treating MPox, pending submission of certain documents.
• HIVE Digital Technologies (TSX-V:HIVE, NASDAQ:HIVE) produced 289 Bitcoin in October, up 8% month-over-month and 147% year-over-year, with an average daily output of 9.3 BTC.
• American Resources Corp (NASDAQ:AREC) signed a partnership with Uzbekistan’s TMK LLC to develop a critical minerals value chain, beginning with tungsten sourcing and refining.
• First Phosphate Corp. (CSE:PHOS, OTCQX:FRSPF) welcomed the addition of phosphate to the US Critical Minerals List.
• Delivra Health Brands Inc. (TSX-V:DHB, OTCQB:DHBUF) Q1 fiscal 2026 net revenue rose 1% to C$3.21 million, with adjusted EBITDA improving to C$56,000 on higher sales and lower marketing costs.
• AtaiBeckley NV (NASDAQ:ATAI, ETR:9VC) said its Phase 2b OLE study showed positive antidepressant effects of BPL-003 nasal spray in treatment-resistant depression, sustained up to eight weeks.
• G Mining Ventures Corp (TSX:GMIN, OTCQX:GMINF) completed the first US$80 million drawdown of its US$350 million revolving credit facility to fund development of the Oko Gold Project in Guyana.
• Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF) plans to fully acquire Arway Corp to integrate its spatial computing and AR tools into Nextech’s Map D platform for accelerated growth in 2026.

2:55pm: Market movers

• Papa John’s International Inc shares rose 5% after reports that the pizza chain is in advanced talks with TriArtisan Capital to be taken private at $65 per share, valuing it at about $2.7 billion.
• Tesla Inc gained nearly 4% following news that Siddhant Awasthi, head of the company’s Cybertruck unit and a key figure in the Model 3 program, is leaving after eight years.
• Metsera said it amended its merger deal with Pfizer Inc, which will acquire the biotech for up to $86.25 per share, valuing it around $10 billion.
• TreeHouse Foods Inc shares jumped 23% after agreeing to be taken private by Investindustrial for $22.50 per share in cash, valuing the deal at $2.9 billion.
• Monday.com Ltd reported stronger-than-expected third-quarter earnings with adjusted profit of $1.16 per share on 26% revenue growth, though its revenue guidance missed estimates.
• eToro Group Ltd beat earnings forecasts with adjusted third-quarter profit of $0.60 per share, driven by strong user growth and diversified revenue streams.
• NanoViricides received regulatory approval in the Democratic Republic of Congo to begin Phase II clinical trials of NV-387 for treating MPox.
• HIVE Digital Technologies said it mined 289 Bitcoin in October, up 8% month-over-month and 147% year-over-year, with an average hashrate of 21.9 EH/s.
• AtaiBeckley NV reported positive topline results from an extension study of its BPL-003 nasal spray for treatment-resistant depression, showing sustained antidepressant effects for up to eight weeks.

2:05pm: Monday's analyst calls

UBS and Bank of America issued several analyst updates on Monday covering tech, real estate, and industrials.

UBS expects Nvidia to guide fiscal Q3 revenue to $63–64 billion, with upside to $66 billion, and reiterated a Buy rating. It also upgraded Mid-America Apartment Communities to Neutral from Sell, citing improving Sunbelt multifamily supply trends.

Bank of America upgraded DoubleVerify Holdings to Buy, noting favorable valuation and its leadership in media quality measurement. The firm also highlighted building electrification as an undervalued driver of U.S. power demand growth, led by state and local incentives.

On semiconductors, BofA reaffirmed Buy ratings on Nvidia, Broadcom, AMD, Lam Research, KLA, and Applied Materials, calling AI spending skepticism a contrarian opportunity.

Ahead of AMD’s analyst day, it maintained a Buy rating and $300 price target, projecting $15–18 EPS power by 2030 as AMD targets 10% of the AI GPU market.

12:55pm: UBS sees global economy strengthening

UBS expects the global economy to gain momentum in 2026, supported by improved business and consumer confidence, a positive global credit impulse, and potential fiscal stimulus in major advanced economies.

However, the next four to five months may see a soft patch as tariffs continue to impact prices and trade. AI-driven investment offers long-term promise, but adoption is still in early stages.

Equities are expected to face initial headwinds, with US stocks leading the way. UBS forecasts the S&P 500 could reach 7,500 in 2026, driven by roughly 14% earnings growth, about half from the tech sector, while Europe and emerging markets may see ~8% returns.

In fixed income, US yields are unlikely to fall significantly despite Fed easing, with a short-term drop in the 10-year to 3.5% before rising again. UBS prefers equities over credit and sees better opportunities in UK and Australian bonds.

The dollar is expected to remain strong in 2026, with no major rotation to other currencies unless US tech underperforms. Gold is seen as overvalued in the short term but is expected to continue outperforming industrial and energy commodities.

12:10pm: Reopening boosts investor confidence

Samer Hasn, Senior Market Analyst at XS.com, says that progress toward reopening the US government is easing uncertainty around Fed policy and boosting equity sentiment.

“With that, markets have become a primary engine for consumption, increasing the economy’s sensitivity to volatility," Hasn wrote.

Hasn highlighted that while strong earnings have supported markets, valuations remain stretched, and investors are closely watching the final wave of major earnings. He also cautioned that changing rate expectations and elevated valuations could temper further enthusiasm despite renewed optimism.

11:15am: Strong year-end rally

Global stocks could be set for a strong year-end rally as progress on the US government shutdown injects fresh optimism into markets, according to deVere Group CEO Nigel Green.

“Markets are looking for any excuse to buy – and after weeks of shutdown headlines and anxiety about AI and tech valuations, this breakthrough in Washington can be the catalyst," Green wrote Monday. 

He noted that investors, encouraged by a credible step toward ending the shutdown, are quickly positioning themselves, noting the S&P 500 and Nasdaq are already near record gains for the year.

10:40am: Week ahead

Wall Street enters the new week with earnings season nearing its end.

Just 11 S&P 500 companies are scheduled to report results this week, including Disney (DIS) and Cisco (CSCO), while institutional investors will be poring over 13F filings due Friday, for clues on where the “smart money” positioned at the end of the third quarter.

“With official data limited by the shutdown, investors will be parsing those filings for hints about hedge fund and institutional strategies during the recent market highs,” said Kathleen Brooks, research director at XTB.

Risk appetite picked up to start the week after eight Democrats joined Republicans to advance a procedural vote to end the record-breaking 40-day government shutdown. “There are still more hoops to jump through before the 1.4 million federal workers get their jobs back,” Brooks said. “But this first step towards ending the lockdown has received a warm reception from financial markets.”

The Senate-passed deal would only extend government funding until the end of January, potentially setting up another standoff early next year. “It’s a win for the moderates today,” Brooks said, “but there could be another fight at the start of next year.”

Prediction market Kalshi now sees the most likely duration of the shutdown exceeding 50 days, adding to investor unease ahead of the Thanksgiving travel season.

9.55am: Nasdaq drives gains, Micron and Palantir top leaderboard

US stocks have opened the week higher, with tech driving the gains.

The Nasdaq rose 2% in early trading, while the S&P 500 added 1.2% and the Dow Jones climbed 0.4%.

Top risers on the S&P are Micron Technology, up 7%, Palantir Technologies and Western Digital, both up over 6%. 

Seagate Technology, AMD, and Super Micro Computer are all up 3-5%. Eli Lilly is another on the front foot, after Novo Nordisk withdrew its rival bid for Metsera.  

8.30am: Stock futures bounce, led by Nasdaq 

US futures were pointing to a positive start to the week, for tech stocks especially, as markets take the positives from a majority of support for a deal in the Senate to end the government shutdown.

Nasdaq 100 futures were up 1.5%, while those for the S&P 500 and Dow Jones were 0.9% and 0.4% respectively.

Last week saw the Dow lose 1%, the S&P drop 1.7% and the Nasdaq fall 3.65%, though trading ended on the front foot after reports that a Senate deal was in the making. 

On Sunday, eight rebel Democrat senators agreed to change their votes to provide the 60 needed to push the deal through its first stage.

Extra pressure to find a deal comes from airlines cancelling more than 1,000 US flights per day on Friday, Saturday, Sunday and today, with the chaos stemming from the shutdown's effects on the Federal Aviation Administration.

Even though House Democrats are said to have vowed to vote down the deal, the progress seems to have "swept aside" worries about technology valuations that were plaguing the markets, said analyst Kenny Polcari at Slatestone Wealth.

"Markets are expecting that while we might have more drama, this issue is about to be resolved and so now we can put this behind us (as far as the market is concerned," said Polcari. 

"In the end, the shutdown does nothing but create further risk for Americans and the markets – and the longer it continues the more risk there is."

In commodity markets, gold and silver were up 2.5% and 3.3% to $4,101 and $50 an ounce, respectively, while WTI crude oil was up 0.5% at just over $60 a barrel. 

Bitcoin was up 3.7% at $106,253, regaining week's highs overnight.