Stock market today: Dow jumps 600 points, S&P 500, Nasdaq soar as Wall Street rebounds from tariff-fueled rout

Stocks closed Monday’s trading session with a sharp rebound after equities tanked on Friday on the latest threat of tariffs from the Trump administration.

The tech-heavy Nasdaq Composite (^IXIC) led the day, up 2.21% at the closing bell. The S&P 500 closed up 1.56%, and the Dow Jones Industrial Average (^DJI) ended the trading session with a gain of 1.29%, or nearly 600 points.

Stocks recovered a portion of the losses suffered Friday, which came after Trump threatened to impose an additional 100% tariff on Chinese goods starting Nov. 1, as the president sought to put the market at ease with a Truth Social post.

“Don’t worry about China, it will all be fine! Highly respected President Xi just had a bad moment,” Trump wrote on Truth Social on Sunday. “He doesn’t want Depression for his country, and neither do I. The U.S.A. wants to help China, not hurt it.”

The market continued to gain on optimism from the Big Tech world as Broadcom (AVGO) and OpenAI (OPAI.PVT) announced a new partnership, pushing Broadcom shares up just under 10%. Shares in Taiwan Semiconductor Manufacturing Company (TSM) gained nearly 8% after analysts forecast that the chipmaker’s third quarter profit is set to climb by 28%.

Oil prices also regained some steam, with futures on Brent crude (BZ=F) and West Texas Intermediate crude (CL=F) both gaining a bit more than 1.2% to bring prices back over $63 and $59 per barrel, respectively. News of a peace deal did little to materially affect prices, said Claudio Galimberti, chief economist at Rystad Energy.

Silver futures (SI=F) gained more than 7% through Monday’s trading session to settle above $50 per troy ounce, beating out a 45-year record price of $48.70, which was set during a massive squeeze on the metal in early 1980.

The metal has spent 2025 on its strongest bull run seen in decades, up more than 73% on the year, beating out gold’s (GC=F) rally of more than 58% to cross $4,000.

The run has largely been driven by two factors.

The first is the so-called debasement trade. As tensions have risen and fiat currencies have looked weaker, investors have increasingly piled into precious metals as a store of value. Platinum (PL=F) and palladium (PA=F) futures, for example, are up 88% and 70% year to date.

The second factor has been a short squeeze of a strength not seen in years.

Earlier in the year, traders shipped large quantities of the metal out of London, the longstanding global hub of precious metals trading, and into New York in an attempt to get ahead of tariffs floated by the Trump administration. Now, prices are soaring in London, trading at a major premium over New York, as Europe faces an increasingly tight supply.

The US Geological Survey has proposed adding silver to its critical minerals list, which would allow the Trump administration to apply the same kind of tariffs it has levied on other metals like steel and copper.

The spot price of cobalt gained more than 3.5% Monday to rally to the highest level seen since 2023. The rally came after the Democratic Republic of the Congo published tighter-than-expected export quotas set to begin later this week, replacing an eight-month-long ban on exports of the metal.

The new quotas introduced by the DRC’s Authority for the Regulation and Control of Strategic Mineral Substances’ Markets (ARECOMS) go into effect on Thursday. According to research from Macquarie, they will allow miners to ship less than half of the DRC’s 2024 production in each of 2026 and 2027.

The restrictions, if applied as they’ve been initially laid out, “may tip the market into a deficit in 2025 and 2026,” according to a statement from BNP Paribas. Tight quotas from Congo, like those laid out on Saturday, effectively cap the global supply of the metal in the near term.

“If this quota is adhered to, there is no question that the market would run out of material before the middle of 2026, suggesting prices could potentially rise higher than in the previous bull market rally in 2022,” Macquarie analysts said.

Prices for the metal, which were sitting at around $41,865 per ton Monday afternoon, soared in February after the DRC instituted an initial eight-month ban on exports. The metal is up more than 70% on the year.

The February ban by the DRC, which controls about 75% of the world’s cobalt output, was instituted in an attempt by the central African nation’s government to correct an oversupply in the market driven by years of production in DRC and Indonesia that far outstripped demand.

Cobalt is one of a group of metals known as “battery metals” for their key role in the batteries that power electric vehicles. The group includes copper, aluminum, lithium, and nickel, among others.

Battery metals have also become a focus for the Trump administration, especially as Beijing announced it would implement a wide swath of export restrictions on a host of metals and rare earth minerals. The largest producer of cobalt in DRC is China’s CMOC Group.

Shares in the dating app Grindr (GRND) gained more than 11% in mid-afternoon trading on Tuesday following news that the company is considering a buyout that would value the company at $3 billion.

The company’s primary shareholders, board chair James Lu and major investor and board member Raymond Zage, are discussing a deal with investment management firm Fortress Investment Group that would see Fortress provide Lu and Zage with financing to buy out the company, Semafor reported.

The deal would set the buyout share price at $15 per share, according to Semafor — compared to the current stock price of around $13. As of mid-afternoon trading on Monday, Grindr was worth about $2.5 billion.

Monday’s stock price jump was its first major move upward in more than a year. Year to date, the stock had lost 33% as of Friday’s close, according to Bloomberg.

The deal talks emerged after Singaporean investment manager Temasek, which had made loans to at least one of Lu and Zage, seized underlying shares and sold them, according to Semafor.

The companies at the center of the artificial intelligence boom are investing billions of dollars in each other — and analysts say that the increasing entanglement is adding to risk of an AI bubble.

Nvidia (NVDA) in late September said it would invest up to $100 billion in OpenAI (OPAI.PVT) as part of a partnership for the ChatGPT maker to use Nvidia’s chips to train and run its next generation of models. This is just one of a flurry of deals among a tight web of Big Tech players that have been made public in the last few months.

The deals highlight a growing trend in which AI infrastructure providers invest in their customers, and vice versa — drawing parallels to the dot com era.

Analysts interviewed by Yahoo Finance say the increasingly circular dynamic in AI investments can reduce the resilience of the AI ecosystem and make it seem like there’s greater AI demand than there really is.

“The latest developments are very troubling,” said tech analyst and Bokeh Capital Partners chief investment officer Kim Forrest.

Read the full story from me and my colleague Jake Conley here.

US-based rare earth producers MP Materials (MP), USA Rare Earth (USAR), and Ramaco Resources (METC) saw their stocks extend gains on Monday amid a recent upswing as China has expanded restrictions on its exports of the metals.

MP Materials rose over 22% Monday midday following an 8% jump on Friday. USA Rare Earth shares were up 19%, while Ramaco climbed 11%. The latter two stocks are up 48% and 34%, respectively, over the past five trading sessions.

The US government became MP Materials’ largest shareholder with a $400 million investment in July, as the Trump administration has taken a highly unusual approach to government intervention in the corporate world.

China’s rare earths export curbs were part of a broader set of trade moves that led to Trump’s threat of 100% tariffs on the country last Friday, which he appeared to back off from on Monday.

Tesla (TSLA) shares added 3% in Monday’s trading session after dropping 5% Friday during a broader stock market rout.

Yahoo Finance’s Pras Subramanian reports:

Read the full story here.

Shares of a basket of nuclear stocks, including the Sam Altman-backed reactor maker Oklo (OKLO), were soaring by double-digits Monday morning after a handful of bullish headlines.

Urenco, the only active domestic supplier of low-enriched uranium, the form used in commercial power-generating reactors, said that its New Mexico enrichment facility will expand capacity by roughly 15% between 2025 and 2027, the Midland Reporter-Telegram reported.

Shares in Oklo were up more than 14% in mid-morning trading, while shares in NuScale Power (SMR) and NANO Nuclear Energy (NNE), two other reactor designers, were up more than 12% and more than 13%, respectively.

An increased supply of enriched uranium would be a boon for companies such as these, which are working to develop a series of small-form reactors that take less time to build than the traditional nuclear plant behemoths.

Energy Fuels (UUUU), the largest uranium provider in the country, was up more than 17% on the news, as increased enrichment capacity from Urenco would mean a healthier pipeline for Energy Fuels’ supply. Centrus Energy (LEU), the newest major entrant into domestic uranium enrichment and one of only two companies in the country licensed to enrich uranium up to “high-assay” low-enrichment levels, was rallying by 9%.

Also on Monday morning, a government-appointed panel in India published a report saying the Modi government should cut nuclear development timelines, secure long-term uranium supplies, and expand the country’s reprocessing capacity, according to Reuters — a bullish signal for global uranium demand.

The spot price of uranium (UX=F) was hovering just below $79 per pound around 12 p.m. ET, up more than 2% through morning trading and adding to a gain of 8% on the year, according to pricing data from Trading Economics.

Beyond Meat (BYND) stock plummeted more than 47% Monday as the company said most of its bond investors have accepted a debt swap that will result in the issuance of more than 300 million new shares in the company.

For the debt swap, $1.1 billion worth of convertible notes with 0% interest rates that were set to mature in 2027 are being exchanged for $200 million of new notes with interest rates of 7% that are set to mature in 2030, as well as 316 million new shares of common stock.

The move gives Beyond Meat more time to pay back its creditors but comes at the cost of significant dilution for shareholders.

Beyond Meat stock has fallen 84% over the past 12 months and is far below its high of over $196 shortly after the company went public in 2019. Shares traded around $1 on Monday.

Intel (INTC) stock was downgraded to Underperform from Neutral by Bank of America analyst Vivek Arya, who said its recent upswing had gone “too far, too fast.”

Shares of the struggling chipmaker have surged in recent months following the investments of Japan-based SoftBank Group (SFTBY), the US government, and Nvidia (NVDA). Nvidia’s investment goes hand in hand with a collaboration to design data center and computer chips with Intel.

Arya said that despite the investments improving Intel’s balance sheet, the stock’s run-up was overdone because company’s “competitive outlook remains challenged with no discernible AI portfolio/strategy,” while its chips for data center servers remain “uncompetitive” and its new investment from the US government challenges any divestment of its loss-making manufacturing business (Intel Foundry Services, or IFS).

Intel last week announced more details about computer and data center server chips made with its latest manufacturing process, 18A — a technology whose success is critical to proving that Intel’s manufacturing business is capable of taking on external customers.

Arya, however, was skeptical. He noted that 18A was initially intended as a process for both Intel’s own products and external customers, but it’s now being used only for internal manufacturing.

He said he “would not be surprised” if Intel’s manufacturing business made further changes and delays to its technology roadmap intended to bring in outside customers — its upcoming processes are known as 18A-P and 14A — which is critical to the success of the segment.

Nvidia (NVDA) led the “Magnificent Seven” Big Tech stocks higher on Monday as the broader market rebounded from a dismal trading day on Friday.

Nvidia shares jumped as much as 3.7%, while Alphabet (GOOGL) and Tesla (TSLA) rose nearly 2%.

Amazon (AMZN) and Meta (META) added over 1.5%. Microsoft (MSFT) and Apple (AAPL) stocks climbed almost 1%.

The stocks’ gains were fueled by President Trump’s changed tone on China after the US president threatened 100% tariffs on the country on Friday, prompting a rout that tech stocks led.

Also pushing tech stocks up: hopes for future AI demand were boosted on Monday, as Broadcom (AVGO) announced a deal to make custom chips for OpenAI.

Broadcom (AVGO) stock jumped 6% at the open on Monday after the company said it will build 10 gigawatts of custom AI chips for OpenAI (OPAI.PVT). Shares climbed as much as 12% in premarket trading.

To put that figure in perspective, Meta’s (META) massive $10 billion data center in Louisiana, spanning 4 million square feet, is set to deploy around two gigawatts of computing power — a feat that’s already on track to strain the state’s power infrastructure.

“By building our own chip, we can embed what we’ve learned from creating frontier models and products directly into the hardware, unlocking new levels of capability and intelligence,” OpenAI president Greg Brockman said.

OpenAI’s deal with Broadcom is the latest of its recent partnerships with chipmakers. The ChatGPT-maker is also working with Nvidia (NVDA) to deploy at least 10 gigawatts of computing power to train and run OpenAI’s models, a collaboration connected to Nvidia’s $100 billion investment in the AI company. OpenAI also recently announced a multibillion-dollar deal with Advanced Micro Devices (AMD) to receive more than 6 gigawatts of its AI chips.

The massive figures in terms of computing power highlight Big Tech’s AI ambitions, even as they are already straining the US power grid. Not to mention, OpenAI has yet to turn a profit, and its ability to meet its revenue targets remains in question.

Read more here.

The tech-heavy Nasdaq Composite (^IXIC) led a rebound in stocks Monday at the open.

The Nasdaq jumped nearly 1.8%, while the S&P 500 (^GSPC) and the Dow Jones Industrial Average (^DJI) added 0.9% and 1.25%, respectively.

Stocks jumped as Trump dialed back his tariff threat on China and as AI demand hopes were boosted by OpenAI’s deal with Broadcom (AVGO).

The moves come after stocks saw their worst day since April on Friday.

Xiaomi (1810.HK, XIACF) reported a fatal crash on Monday which has renewed fears surrounding the automakers electric car doors. Xiaomi’s Hong Kong shares fell more than 5% today.

Bloomberg News reports:

Read more here.

TSMC’s stock rose 4% before the bell after analysts forecast that the chipmakers profit for the third-quarter is set to soar by 28%.

Bloomberg News reports:

Read more here.

Here’s a look at some of the top stocks trending in premarket trading:

MP Materials (MP) stock rose 11% in premarket trading on Monday following fresh trade tensions between the US and China after Beijing’s export restrictions on rare earths fueled bets on alternative suppliers.

TSMC (TSM) stock rose 5% in premarket trading on Monday after analysts forecast that the chipmaker is set to report a new profit of $13.55 billion for the three months through Sept. 30, according to an LSEG SmartEstimate compiled from 20 analysts.

Warner Bros (WBD) stock rose 2% before the bell. David Ellison, the CEO of Paramount Skydance, may make a bid to buy all of Warner before the media giant splits, according to the WSJ.