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- 📱 iPhone 17 Demand Drives Apple
📱 iPhone 17 Demand Drives Apple
Big Moves Decoded: KLAC, GOOGL, and MRNA
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Market Performance
S&P 500: 6,735.13 ⬆️ 1.07%
Nasdaq: 22,990.54 ⬆️ 1.37%
Dow Jones: 46,706.58 ⬆️ 1.12%
iPhone 17 Demand is Robust
Apple (AAPL) shares rose nearly 4% on Monday to a record close of $262.24 as a new report showed iPhone 17 sales off to a strong start in the U.S. and China.
The iPhone 17 series, which dropped in September, has outsold the iPhone 16 series by 14% in the U.S. and China within its first 10 days of availability, according to data from Counterpoint research.
"The base model iPhone 17 is very compelling to consumers, offering great value for money," Counterpoint senior analyst Mengmeng Zhang said in the report.
"A better chip, improved display, higher base storage, selfie camera upgrade – all for the same price as last year's iPhone 16."
Loop Capital upgraded Apple from “hold” to “buy”, raising its price target to $315 per share from $226.
"While [Wall] Street is baking in some degree of outperformance from AAPL's iPhone 17 family of products, we believe there remains material upside to Street expectations through CY2027," analyst Ananda Baruah noted.
Adding fuel to the fire, Apple's new iPhone Air reportedly sold out in minutes after going on sale in China, according to the South China Morning Post.
AAPL stock has a Ziggma score of 76, as it trails peers across metrics such as growth and valuation.
Our Takeaway
With the iPhone 17 exceeding expectations and the iPhone Air creating a frenzy in China, Apple is proving it can still make products that consumers crave.
For investors who've been frustrated by Apple's modest 5% gain in 2025 while watching other Magnificent seven stocks soar, this could be the inflection point.
The 24% rally over the last three months suggests the market is waking up to Apple's long-term potential.
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Market Overview 📈
Stocks surged on Monday as investors shook off concerns about the ongoing government shutdown and focused on positive catalysts including an upgraded Apple, easing U.S.-China trade tensions, and optimism heading into a packed earnings week.
Adding to the positive sentiment, National Economic Council director Kevin Hassett told CNBC's "Squawk Box" that the 20-day government shutdown "is likely to end sometime this week," with expectations that moderate Democrats would come together to strike a deal.
On the trade front, President Trump expressed optimism about reaching a "fair" deal with China, echoing positive comments from Treasury Secretary Scott Bessent who said Friday that "things have de-escalated" with China.
These developments eased fears about Trump's threat of an additional 100% tariff on Chinese imports beginning November 1.
The rally comes as earnings season gains momentum, with 76% of the 58 S&P 500 companies reporting so far exceeding earnings expectations—well above the first-week average of 68%.
Investors are looking ahead to major reports from Netflix, Coca-Cola, Tesla, and Intel this week, hoping strong results will overshadow macroeconomic headwinds.
Bank of America noted that markets are "broadening out" as investors shift focus from tariff drama and shutdown standoffs toward more positive catalysts like monetary policy and earnings.
Stock Moves Deciphered 📈
💉 Moderna (MRNA)
Moderna's stock jumped after releasing positive data for its seasonal flu and H5N1 pandemic flu vaccine candidates.
The promising trial results boosted investor confidence in the company's pipeline beyond its COVID-19 franchise.
The biotech company is working to diversify its revenue streams and establish itself as a broader vaccine platform, and these positive clinical readouts represent important validation of that strategy.
🏗️ Jacobs Solutions (J)
Jacobs Solutions hit a new 52-week high following analyst upgrades and a significant contract win.
The engineering and construction firm will provide AI-powered digital transformation services for Dallas Fort Worth International Airport, showcasing its capabilities in next-generation infrastructure technology.
☁️ Salesforce (CRM)
Salesforce stock soared after unveiling its "Agentforce 360" AI platform.
This groundbreaking agentic AI system, unified across all Salesforce applications, promises to revolutionize business automation and productivity by enabling autonomous agents to handle complex workflows.
The launch represents Salesforce's most ambitious AI initiative yet and positions the CRM giant to capture significant value from the enterprise AI transformation wave sweeping through corporate America.
⛽️ EQT Corporation (EQT)
EQT shares gained as natural gas prices rose ahead of an anticipated cold snap driving heating demand.
An increased dividend announcement and positive earnings expectations also contributed to the upward momentum for the natural gas producer.
The company benefits from its position as the largest natural gas producer in the United States, with strong operational efficiency and a commitment to returning cash to shareholders through dividends and buybacks.
Headlines You Can't Miss 👀
📊 Cleveland-Cliffs surged 24% after exploring expansion into rare earths mining while beating Q3 expectations with adjusted EBITDA of $143M vs $127.9M estimate.
🤖 Alibaba jumped 4% after reporting an 82% reduction in Nvidia GPU requirements through its new Aegaeon cloud pooling system for AI models.
🏦 TD Cowen upgraded Ally Financial to buy from hold with a $50 price target, citing compelling valuation after strong Q3 results.
⚡ Liberty Energy jumped 5.6% as investors reacted positively to upbeat sales commentary despite missing Q3 revenue expectations.
🌍 Rare earth stocks traded higher after Australia's PM plans to offer resource holdings to President Trump following China's export limits to the U.S.
🔧 Citi downgraded Gildan to neutral from buy after the stock surged 30% this year, citing the market is now pricing in successful Hainesbrands deal integration.
Trending Stocks 📊
🤖 KLA Corporation (KLAC)
The semiconductor equipment maker added 4% after Barclays upgraded it to overweight from equal weight.
The firm cited positive long-term outlook for increased process control intensity and exposure to Leading Edge technology where strong growth is expected, combined with a relatively low bar for revenue growth excluding China.
💰 Hologic (HOLX)
Shares jumped 3% after Bloomberg reported that private equity giants Blackstone and TPG are nearing a deal to acquire the medical technology company for more than $17 billion, including debt. The parties are discussing a price above $75 per share, with an announcement potentially coming within days.
🔍 Alphabet (GOOGL)
Alphabet shares traded at new all-time highs on Monday.
Bank of America raised its price target to $280 from $252, noting that despite ChatGPT's rapid growth, Google Search traffic and monetization remain healthy, suggesting Gen-AI usage is largely incremental to the market rather than disruptive to Google's core business.
What’s Next?
Key market and macro news 👇
🎤 Netflix and GE Aerospace report Tuesday after market close.
💰 Third-quarter S&P 500 earnings expected to grow 8.4% year-over-year.
📊 76% of companies reporting so far have beaten expectations this season.
🏦 Government shutdown likely to end this week per NEC director Hassett.
🤝 Trump-Xi trade deal optimism continues with potential meetings ahead.
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