Stock market today: Tesla powers tech rally as Nasdaq snaps 5-day skid

• US stocks ended Monday mostly higher, led by a surge in Tesla on the potential for easing autonomous vehicle rules.
• The Nasdaq 100 rebounded after a more than 3% drop last week, which was partly influenced by the Fed’s interest-rate outlook.
• Investors are eyeing Nvidia earnings and key economic data amid shifting rate cut expectations.

US stocks traded mostly higher on Monday, partly driven by a surge in Tesla.

Tesla stock jumped as much as 9% after a report said the incoming Trump administration was planning to ease regulations on autonomous vehicles.

The Nasdaq 100 led the market higher, ending a five-day losing streak, while the S&P 500 gained slightly and the Dow Jones edged lower.

The gains in the Nasdaq on Monday come after last week’s more-than-3% decline, which was exacerbated by comments from Fed Chairman Jerome Powell.

Powell said in a Thursday speech that the Fed can take its time in lowering interest rates.

Investors are now pricing in a 59% chance of a 25-basis-point rate cut at December’s Fed meeting, down from 80% before Powell’s comments, according to the CME FedWatch tool.

Investors’ top concerns this week include Nvidia’s third-quarter earnings report, which is due after the market closes on Wednesday.

For economic data, traders will be paying attention to housing starts and building permits, which are due out Tuesday morning. That will be followed by existing home sales and initial jobless claims, which are set to be released Thursday morning.

Here’s where US indexes stood at the 4 p.m. closing bell on Monday:

Here’s what else happened today:

In commodities, bonds, and crypto:

• West Texas Intermediate crude oil rose 3.32% to $69.14 a barrel. Brent crude, the international benchmark, was higher by 3.18% to $73.30 a barrel.
• Gold increased 1.66% to $2,612.70 an ounce.
• The 10-year Treasury yield dropped 2 basis points to 4.422%.
• Bitcoin gained 1.58% to $91,300.