Wall Street Rallies as Apple Leads Tech Surge, Markets Eye Inflation Data and Earnings Week

U.S. stocks closed sharply higher on Monday, kicking off a busy week filled with major earnings reports and the long-awaited release of key inflation data.

The Dow Jones Industrial Average (^DJI) climbed more than 500 points, or 1.12%, to finish at 46,706.58. The S&P 500 (^GSPC) gained 1.1%, while the Nasdaq Composite (^IXIC) rose 1.37%, boosted by a record-setting rally in Apple (AAPL), which jumped nearly 4% on strong demand for the new iPhone 17.

Investors are brushing aside lingering economic and geopolitical concerns to focus on the heart of earnings season, with results from Tesla (TSLA), Intel (INTC), Netflix (NFLX), and Coca-Cola (KO) expected later this week.

Meanwhile, Zions Bancorp (ZION) is set to report its third-quarter results after the bell Monday, drawing attention after revelations of bad loans linked to fraud rattled confidence in regional bank credit quality.

On the trade front, tensions appear to be easing. Treasury Secretary Scott Bessent said relations with China have “deescalated,” with U.S.–China trade talks scheduled to resume this week in Malaysia. President Donald Trumpreiterated the administration’s focus on critical trade issues — rare earths, fentanyl, and soybeans — sparking optimism that the proposed 100% tariff increase on Chinese imports, set for November 1, may be reconsidered.

The ongoing U.S. government shutdown, now entering its third week, continues to weigh on economic operations as Democrats and Republicans remain divided over healthcare subsidies. Economists caution that a prolonged impasse could temporarily slow GDP growth, though most expect only short-term effects.

Due to the shutdown, key inflation and employment reports have been delayed, but the Bureau of Labor Statisticsconfirmed that the September Consumer Price Index (CPI) will be released Friday. The data could prove critical for the Federal Reserve, as officials prepare for their upcoming two-day meeting next week.

Elsewhere, Amazon Web Services (AWS) experienced a major outage Monday morning, disrupting platforms including Robinhood (HOOD), United Airlines (UAL), and Reddit (RDDT). Amazon (AMZN) said services are gradually returning to normal.

Gold futures also climbed to a new all-time high, rebounding swiftly after a brief pullback last week amid the year’s strong rally.