Alphabet, Tesla, Carvana, Novo Nordisk, and More

Major U.S. equities indexes climbed Monday afternoon as tech stocks rallied, and as optimism about a rate cut by the Federal Reserve next month grew. The Dow rose 0.4% and the S&P 500 added 1.3%, while the tech-heavy Nasdaq surged over 2%.

Tesla’s (TSLA) stock popped 7%, making it one of the top performers in the S&P 500 Monday after CEO Elon Musk posted on social media over the weekend that the company plans to build more AI chips than all others combined. 

Shares of Google parent Alphabet (GOOGL) jumped over 5% to an all-time high, extending their recent gains amid excitement about the tech giant’s Gemini 3 AI model launched last week.

Centene (CNC), Elevance Health (ELV), and Molina Healthcare (MOH) shares all rose following reports President Trump would back a health care proposal extending Affordable Care Act subsidies.

Carvana (CVNA) shares surged nearly 7% following an upgrade to “outperform” from “neutral” by analysts at Wedbush, who called the vehicle retailer the “new used car king.”

Novo Nordisk (NVO) sank after the drugmaker said its latest drug trial was not effective in slowing the progression of Alzheimer’s.

Performance Food Group (PFGC) shares dropped as the food distributor and rival US Foods (USFD) agreed to call off merger talks. Shares of US Foods were higher. 

Gold prices ticked higher, and crude oil futures slid. The yield on the 10-year Treasury note edged lower to 4.05%. The U.S. dollar was up on the pound and yen, but lost ground to the euro. Most major cryptocurrencies traded lower.