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postTech stocks led the market higher at the opening bell on Monday after the Senate took a big step toward ending the record-breaking government shutdown that has clouded the picture of the economy.
The tech-heavy Nasdaq Composite (^IXIC) surged over 1.5%, while the S&P 500 (^GSPC) and Dow Jones Industrial Average climbed by around 1% and 0.5%, respectively.
Markets have turned upbeat amid optimism that the 39-day US shutdown could soon come to an end, after a weekend of dealmaking in Washington. A new bill was released late Sunday and quickly advanced in a key Senate procedural vote, after enough Democrats joined with Republicans to avoid a filibuster.
The prolonged shutdown has taken a toll on consumer confidence and the overall economy, with consumer sentiment dropping to just above record lows. Meanwhile, it has disrupted federal services and delayed the release of key economic data, complicating the Federal Reserve’s policymaking and Wall Street’s calculations. The Consumer Price Index (CPI) and Producer Price Index (PPI) inflation updates due this week are the latest to be hit.
Next up for the bill is a vote for final passage in the chamber, though its fate in the House remains uncertain. While it would reopen the government through Jan. 30, among other funding provisions, the deal lacks any immediate vote on the extension of healthcare subsidies earlier demanded by Democrats.
The moves higher come after a bumpy week on Wall Street, which saw the worst tech sell-off since April with the likes of Nvidia (NVDA) struggled to make headway amid persistent worries about an AI bubble and overbaked valuations.
This week, investors will turn their attention to corporate earnings, with tech releases from CoreWeave (CRWV), Oklo (OKLO), and Rocket Lab (RKLB). The entertainment sector will get a health check with results from The Walt Disney Company (DIS) and Paramount Skydance (PSKY).
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Tech leads stocks higher after breakthrough on deal to re-open US government
Gains for tech stocks underpinned a broader rally at the start of trading on Monday, after the Senate advanced a new bill to end the longest government shutdown in US history.
The tech-heavy Nasdaq Composite (^IXIC) led the advance, climbing by more than 1.8%. Meanwhile, the broad benchmark S&P 500 (^GSPC) and the Dow Jones Industrial Average (^DJI) moved up 1.1% and 0.6%, respectively.
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Trending tickers to watch: Monday.com, Plug Power, Beyond Meat, Maplebear
As investors look to a path to end the government shutdown and a drumbeat of earnings reports, here’s what stock tickers were moving on Monday morning:
Monday.com (MNDY) stock shed 20% in premarket trading after the cloud-based project management software maker issued a soft revenue outlook of $329 million ($4 million short of estimates) that overshadowed its earnings beat. The stock is on track for greater year-to-date losses, as the stock had already given up 19% since the beginning of the year.
Plug Power (PLUG) rose 5% ahead of the market open after the hydrogen fuel company said it’s aiming to generate $275 million in liquidity improvements through asset monetization, release of restricted cash, and reduced maintenance expenses. The company is pivoting toward higher-return projects in the data center sector.
Beyond Meat (BYND) stock rose 3.5% in anticipation of its delayed earnings report after the closing bell today. The stock has drawn more speculation in recent weeks as a meme trade, as shares are down 63% year to date.
Maplebear (CART) stock jumped over 7% as online grocery orders surged in the third quarter. The company reported an earnings and revenue beat in Q3, with orders up 14% year over year and transaction revenue up 10%.
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Oil, Treasury yields rise on government shutdown optimism
Bloomberg reports on early Treasury moves after a breakthrough on Capitol Hill that could lead to an end to the shutdown.
While Reuters took note of another market that moved quickly on shutdown optimism: Oil.
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Record US shutdown, valuation worries at play for markets: What to watch this week
Yahoo Finance’s Jake Conley takes a look at this week’s potentially market-moving events:
Read more here.
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Metsera slides after Novo pulls out of bidding war with Pfizer
Metsera (MTSR) shares sank 15% in premarket after Novo Nordisk (NVO, NOVO-B.CO) said it wouldn’t bump up its offer to buy the US developer of an experimental weight-loss drug.
By bowing out, the Danish pharma has called an end to a surprise bidding war with rival Pfizer (PFE) to buy the startup. Metsera stock on Friday closed at over four times its IPO value in January as the takeover bids came in.
Shares of Novo ticked 1.4% higher before the bell, while Pfizer shares were little changed.
Blooomberg reports:
Read more here.
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Elon Musk’s pay package is a clear signal that Tesla is done being just a car company
Yahoo Finance’s Hamza Shaban lays out the takeaway from the Tesla (TSLA) shareholder vote:
Read more here.
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TSMC stock rises as Wall Street eyes Nvidia supplier’s sales update
Shares of TSMC (TSM, 2330.TW) rose in premarket as investors digested monthly sales figures from the world’s biggest contract chipmaker.
The supplier to Nvidia (NVDA) — formally named Taiwanese Semiconductor Manufacturing Co. — posted a 16.9% year-on-year rise in revenue for October amid resilient AI demand. Sales for this year to the end of October rose 33.8%, compared with the same period in 2024.
But October’s monthly growth was the slowest pace since February 2024, per Bloomberg. That could underscore recent worries about the staying power of the AI boom.
Bloomberg reports:
Read more here.
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Gold gains for second consecutive day following strong pullback from record high
Bloomberg reports:
Read more here.
