Shares of Qualcomm, Tesla Rise; Newmont Stock Falls

A chipmaker’s stock soared Monday after it launched new products targeting the competitive artificial intelligence data center market, while falling gold prices pressured shares of a top mining company.

Major U.S. equities indexes jumped to all-time highs, bolstered by an improving outlook for U.S.-China trade relations. The S&P 500 added 1.2%, while the Dow gained 0.7%. Strength in the communication services and tech sectors helped boost the Nasdaq, which surged 1.9%X. Click here for today’s full daily market wrap-up from Investopedia.

Qualcomm (QCOM) shares surged 11%, logging 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 marks a major step for Qualcomm, which has primarily concentrated on semiconductors for mobile phones, laptops, and other consumer devices.

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

Tesla (TSLA) shares powered 4.3% higher Monday. Analysts at Morgan Stanley suggested that, based on comments from CEO Elon Musk about the company’s robotaxi 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 Semi truck, Optimus robot, and energy business.

Shares of Albemarle (ALB), the world’s largest lithium producer, dropped 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 provides products to the petrochemical and specialty chemical industries.

Gold prices tumbled Monday, pressured by the signals of easing tensions between the U.S. and China as well as strengthening in the U.S. dollar. Shares of Newmont (NEM), the world’s largest gold miner, sank 5.7%.

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