Qualcomm and Tesla shares rise; Newmont Stock Falls

Shares of a chipmaker rose on Monday after it launched new products targeting the competitive artificial intelligence data center market, while falling gold prices pressured shares of a major mining company.

Major US stock indexes jumped to all-time highs, supported by improving expectations for trade relations between the United States and China. The S&P 500 rose 1.2%, while the Dow Jones rose 0.7%. Strength in the communications services and technology sectors helped boost the Nasdaq, which rose 1.9%. Click here for today’s full daily market summary Investopedia.

Qualcomm (QCOM) shares rose 11%, marking the day’s top performance in the S&P 500, after the chipmaker unveiled two AI accelerator chips for data centers. Entering the data center market represents a big step for Qualcomm, which has primarily focused on semiconductors for mobile phones, laptops and other consumer devices.

Keurig Dr Pepper (KDP) beat revenue expectations and matched revised third-quarter earnings estimates, and shares of the coffee and soft drink giant rose 7.7%. Growth in U.S. beverage sales and benefits from the acquisition of Ghost energy drink helped drive results. The company also increased its full-year sales growth forecast.

Tesla (TSLA) shares rose 4.3% on Monday. Analysts at Morgan Stanley suggested that based on CEO Elon Musk’s comments about the company’s robotics program, Tesla has effectively succeeded in its efforts to develop full self-driving technology. Cantor Fitzgerald analysts also raised their price target on Tesla stock, highlighting catalysts including the company’s truck, Optimus robot, and energy business.

Shares of Albemarle (ALB), the world’s largest lithium producer, fell 8.9%, losing the most of any stock in the S&P 500. Albemarle announced an agreement to sell a controlling stake in its Ketjen refining catalyst solutions business to KPS Capital Partners. Albemarle will retain a 49% stake in Ketjen, which supplies products to the petrochemical and specialty chemicals industries.

Gold prices fell on Monday, influenced by signs of easing tensions between the United States and China as well as a stronger US dollar. Shares of Newmont (NEM), the world’s largest gold mining company, fell 5.7%.

Ford (F) stock fell 4.2%. Although the automaker topped quarterly sales and adjusted earnings forecasts in results released last Thursday, Ford lowered its full-year guidance for adjusted earnings before interest and taxes in 2025, citing the $1.5 billion impact from a fire at the Novelis aluminum plant in Oswego, New York, which affected production of its F-150 trucks. Shares of GM ( GM ) and Stellantis ( STLA ) made relatively modest moves today.