Apple shares climbed to an all-time high Monday following a report suggesting strong demand for the company's new iPhone 17. Cheng Xin / Getty Images Gold prices climbed while oil futures dropped. The yield on the 10-year Treasury note was little changed. The U.S. dollar gained on the pound, but lost ground to the euro and yen. Most major cryptocurrencies traded in positive territory. Cleveland-Cliffs (CLF) shares took off after the steelmaker reported a narrower-than-expected loss, lowered its estimate fo ...

Core Insights - Apple shares increased following reports of strong demand for the iPhone 17 series in the U.S. and China, which are key markets for the company [1][2] Sales Performance - The iPhone 17 has outperformed the iPhone 16, with sales exceeding the previous model by 14% during the first 10 days of availability in the U.S. and China [2][8] - The base model of the iPhone 17 was particularly successful in China, with sales nearly double that of the iPhone 16 over a comparable period [4][8] Consumer Behavior - Strong early sales of the iPhone 17 indicate resilient brand loyalty and consumer spending power despite economic uncertainties [3] - In the U.S., the iPhone 17 Pro Max saw significant demand as consumers who purchased Apple phones during the COVID-19 pandemic sought upgrades, aided by higher subsidies from large carriers [5][8] Product Features - The iPhone 17 base model is noted for its "great value," featuring a better chip, improved display, higher base storage, and an upgraded selfie camera, all at the same price as the iPhone 16 [4]

Core Insights - An outage at Amazon Web Services (AWS) caused significant disruptions for various companies, highlighting the dependency of global businesses on Amazon's cloud services [1][3][5] - The issue was confirmed by Amazon at 3:51 a.m. ET and was reported to be fully mitigated by 6:35 a.m. ET, although some lingering disruptions remained [2][5] Impact on Companies - Affected companies included Coinbase Global, Snap's Snapchat, Delta Air Lines, and United Airlines, indicating the widespread impact across different sectors [1][3] - As of 8:40 a.m. ET, Downdetector reported nearly 2,000 outage reports possibly linked to AWS, showcasing the scale of the disruption [3] Market Reaction - Following the outage news, Amazon shares experienced a decline in premarket trading but rebounded to a nearly 1% increase shortly after the market opened [3] - Year-to-date, Amazon shares have lost about 2% of their value, contrasting with a 14% gain for the S&P 500 [3]

SAUL LOEB / Getty Images Long-term interest rates reversed their backslide a bit on Friday, as traders got a bit less gloomy about potential cracks in the banking system forcing the Federal Reserve to cut interest rates a bit more than planned. The yield on the benchmark 10-year U.S. Treasury rate, which helps drive borrowing costs on mortgages, climbed back above 4% on Friday. It had breached that mark on Thursday, when it closed at 3.97%, and had been sliding again earlier on Friday before closing above ...

Group 1: Tesla and Electric Vehicles - Tesla is set to report its quarterly earnings, with expectations for updates on advancements in robotics and artificial intelligence, following a strong rally in its stock price [3][4] - The company experienced stronger-than-expected deliveries as consumers rushed to take advantage of expiring EV tax credits, which likely benefited other automakers like Ford and General Motors [4][5] - CEO Elon Musk may provide insights into the expansion of Tesla's robotaxi services and self-driving technology during the earnings call [5] Group 2: Intel and Semiconductor Industry - Intel's earnings report is anticipated after a series of investments that have boosted its stock, including a partnership with AI leader Nvidia [5][6] - The semiconductor industry is under scrutiny as Intel's performance could indicate broader trends in the sector, especially following recent stock surges [6] Group 3: Economic Indicators and Federal Reserve - The Consumer Price Index (CPI) for September is expected to be the last major economic data point before the Federal Reserve's interest rate decision, with forecasts indicating a slower pace of price increases compared to August [2][7] - The Fed's focus is shifting towards the weakening labor market, which may influence their decision on interest rates, particularly if inflation remains higher than expected [8]

Key Points - Oracle shares fell nearly 7% despite a 75% increase year-to-date, with analysts expressing concerns over capital expenditure details and reliance on major customers like OpenAI [1][9] - American Express shares surged 7.3% to an all-time high after beating quarterly earnings estimates, with revenue rising 11% year-over-year to a record $18.43 billion, driven by high-end card launches and affluent customer spending [4][8] - Kenvue stock rebounded 8.4% after a lawsuit in the U.K. linked its baby powder to cancer, recovering some losses from the previous session [3] - Gilead Sciences shares increased by 4.2% following a price target boost from Goldman Sachs after positive Phase 3 study results for its cancer treatment Trodelvy [5] - Truist Financial reported better-than-expected third-quarter results, with shares rising 3.7% due to increased fee income from wealth management and mortgage banking [6] - Gold prices retreated from record levels, impacting shares of Newmont, the largest gold producer, which dropped 7.6% [6][8]

Core Insights - The sell-off in bank stocks was triggered by Zions Bancorp's announcement of writing off fraudulent loans, raising concerns about lending standards in the banking sector [1][2][3] - Regional bank stocks rebounded after a significant drop, with the KBW Regional Banking Index gaining 1.7% following a 6% decline [2] - Analysts from Jefferies believe the market reaction to the fraud claims is exaggerated, citing low exposure levels relative to tangible common equity [5][7] Lending Practices Concerns - Concerns about lending practices emerged after the bankruptcy of subprime lender Tricolor and car parts maker First Brands, which were accused of financial misrepresentation [3] - Major banks like JPMorgan Chase and Fifth Third Bancorp incurred charges of $170 million related to Tricolor's bankruptcy [3] Market Reactions - Zions Bancorp's shares rose nearly 6% after a 13% drop, while Western Alliance shares increased by 3% [2] - Bank executives expressed confidence in their non-bank lending portfolios during earnings calls, indicating a belief in the integrity of their lending practices [9] Non-Bank Financial Institutions (NDFIs) - Lending to NDFIs has increased significantly, with a 56% rise from 2019 to 2024, compared to total loan growth [10][11] - The Federal Reserve's stress test indicated that large banks could face $490 billion in loan losses over two years if credit quality deteriorates in their NDFI portfolios, but concluded that they are generally well-positioned to handle such stresses [12]

Core Insights - Gold prices have surged over 60% since the beginning of the year, significantly outperforming major stock indexes and cryptocurrencies [1][2] - Goldman Sachs has revised its end-of-year gold price forecast from $4,300 to $4,900 per ounce, reflecting the rapid increase in gold prices [2][3] - The current rally in gold prices is attributed to economic and geopolitical uncertainties, prompting investors to increase their gold allocations [2][7] Price Forecasts - Goldman Sachs initially predicted gold would reach $3,300 per ounce by year-end, a target that was met within a month [1] - HSBC forecasts gold could hit $5,000 per ounce by 2026, while Bank of America is even more optimistic, projecting a peak of $6,000 per ounce by spring [3][5] Market Dynamics - A record $34 billion has flowed into gold investments in the past 10 weeks, indicating strong demand [3] - The demand for gold is being driven by concerns over U.S. government shutdowns, global trade tensions, and stock market volatility [2][6] - UBS highlights that gold serves as a hedge against risk and has a low correlation with equities and bonds, making it a valuable diversifier during market stress [7] Demand Factors - Global gold demand is projected to reach 4,850 metric tons this year, the highest level since 2011, with significant purchases from central banks and retail investors [9] - Central bank purchases of gold have increased since geopolitical tensions escalated, particularly after Russia's invasion of Ukraine [8] - Retail interest in physical gold, especially in regions like India and Asia, has surged as prices rise [8] Investment Trends - The "debasement trade" is influencing gold's rise, as investors seek hard assets amid concerns over high government debt levels [6] - Expectations of continued interest rate cuts by the Federal Reserve are expected to further weaken the U.S. dollar, boosting gold investment flows [7]

Core Insights - Oracle shares have experienced a significant increase of approximately 75% in 2025, despite recent losses [1][2] - The recent decline in Oracle's stock price, down about 7%, is attributed to investor reactions to a management presentation that outlined ambitious revenue and earnings targets for fiscal 2030 [2][3] Financial Performance - Oracle's revenue target for fiscal 2030 is set at $225 billion, with earnings per share projected at $21, indicating substantial growth potential [3] - Following a strong quarterly report and an optimistic outlook in September, Oracle's stock reached highs that briefly made its CEO, Larry Ellison, the world's richest person [2] Investor Sentiment - The recent stock pullback may reflect a broader market volatility and renewed trade concerns, leading investors to adopt a cautious approach [4] - Analysts from Deutsche Bank and Jefferies noted that some investors were expecting more detailed information regarding capital expenditure plans and expressed concerns about reliance on revenue from OpenAI [5] Market Position - Despite the recent decline, Oracle remains approximately 30% above its lowest finish in September, suggesting that investors are reassessing the stock's valuation [5] - Analysts predict that Oracle's shares may remain range-bound in the near term as the company focuses on expanding its capacity to meet growth targets [8]

Core Insights - American Express reported record quarterly revenue driven by strong spending from affluent consumers, with shares rising approximately 15% in 2025, slightly outperforming the S&P 500 [1][5]. Financial Performance - The company announced third-quarter earnings per share of $4.14, with revenue increasing 11% year-over-year to a record $18.43 billion, surpassing analysts' expectations [2]. - American Express raised the lower end of its full-year earnings per share outlook to $15.20 to $15.50, up from a previous range of $15 to $15.50, and projected revenue growth of 9% to 10% compared to the earlier estimate of 8% to 10% [2][7]. Market Reaction - Following the earnings announcement, American Express shares surged over 6% to around $343, positioning them to close at a record high [3]. Economic Context - The results highlight a trend where the economy is increasingly influenced by the spending habits of wealthy Americans, who are benefiting from stock market gains [4]. - The CEO noted that the launch of updated high-end credit cards contributed significantly to the strong performance, with demand and engagement exceeding expectations [4].