The seemingly relentless rally on Wall Street drove US stocks to more records on Monday. The S&P 500, the Dow Jones Industrial Average, and the Nasdaq composite hit new all-time highs for the third straight day.
- The S&P 500 rose 29.39 points, or 0.4% to 6,693.75 after erasing a modest loss from the morning.
- The Dow rose 66.2 points, or 0.1%, to 46,381.54.
- The Nasdaq rose 157.50 points, or 0.7%, to 22,788,98.
Nvidia, one of the strongest forces lifting the market, rose 3.9% after announcing a
partnership with OpenAI. As part of the deal, Nvidia will invest up to $100 billion in OpenAI.
Oracle climbed 6.3% after a senior official in President Trump's administration said the tech giant will receive a copy of TikTok's algorithm to operate for US users as part of the deal to keep the popular platform running in the country, the AP reports. Oracle also named Clay Magouyrk and Mike Sicilia as its CEOs, with current CEO Safra Catz becoming executive vice chair of the technology company's board.
Some of the market's sharpest action was among companies agreeing to buy one another. Pfizer said it would buy Metsera and its pipeline of medicines to potentially treat obesity in a deal initially valuing it at $4.9 billion. The price tag could go up sharply, by nearly 50%, if Metsera's candidates win approval from federal regulators and achieve other milestones. Metsera's stock jumped 60.8%, while Pfizer's added less than 0.1%. ODP, which runs Office Depot and Office Max, leaped 33% after Atlas Holdings agreed to buy it in a deal valued at roughly $1 billion.
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Anywhere Real Estate soared 45.5% after Compass said it would buy the company behind the Coldwell Banker and Corcoran brands in an all-stock deal. They said the combined company is expected to have a total enterprise value of roughly $10 billion, including debt. Compass shares sank 15.7%. Also on the losing end of Wall Street was Coinbase Global, which fell 3.1% as stocks sank across the crypto industry following a pullback for cryptocurrency prices, though it remains up more than 35% for the year so far thanks to interest in crypto.
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