S&P 500 rebounds after soft open, posts another record close with help from Nvidia

All the three major averages finished at record levels on Monday.

The S&P 500 traded up 0.44% to finish at 6,693.75, and the Nasdaq Composite moved higher by 0.70% to end the session at 22,788.98. The Dow Jones Industrial Average also climbed 66.27 points, or 0.14%, to close at 46,381.54.

— Sean Conlon

While the market may be poised for even more upside through the end of 2025, there might be some near-term pressure in store, said Jonathan Krinsky, chief market technician at BTIG.

"SPX essentially up 10x since the March '09 [Global Financial Crisis] bottom at 666. It's likely too cute for it to top at exactly 6,666, and we suspect the year finishes higher than that," he wrote in a note dated Sunday. "Tactically, however, a consolidation makes sense into what is still an extremely weak seasonal stretch."

Krinsky pointed to an adage on Wall Street known as "sell Rosh Hashanah, buy Yom Kippur," a strategy that says investors should sell into the Jewish new year and buy after the day of atonement. This year's period runs from Sept. 22 through Oct. 2.

"Overall, despite a market that seemingly can only go one way, we see elevated risk into early October, even if the overall trend continues higher into year-end," Krinsky added.

— Sean Conlon

The stock market has historically brushed off government shutdowns, but an especially acerbic congressional dispute over the latest funding bill could test that track record.

Read the full story here.

— Sarah Min

The bull case for stocks is intact even if there is a pullback in the near term, according to LPL Financial.

"From a technical perspective, it is hard to argue with a bull market that is making new highs and powered by cyclical leadership," wrote Adam Turnquist, chief technical strategist at LPL Financial.

"However, building overbought conditions paired with diverging breadth suggest maybe this melt-up could be due for some cooling off — something we would consider a tactical opportunity to buy the dip," he added.

— Sarah Min

Argentina's stock market soared Monday after Treasury Secretary Scott Bessent said the U.S. would be able to help stabilize the peso, after allegations of corruption within President Javier Milei's circle and a big loss in a local election raised concern over one of Latin America's largest economies.

Bessent said "all options are on the table" to help out Argentina, adding that the country is a "systemically important" ally in the region. The Global X MSCI Argentina ETF (ARGT) jumped 6.5%, on pace for its best day since April 9, when it popped 9%.

The Merval, Argentina's domestic stock index, also climbed 6%.

— Fred Imbert

A move higher in Treasury yields over the course of the coming months could pose the largest threat to stocks' recent gains, according to Tavis McCourt of Raymond James.

"In the first three days after last year's 50 bp cut in September, the 10-year Treasury yield was up 10 bp, and went up nearly 100 bps from the rate cut until year end. The first three days after this year's September rate cut, the 10-year Treasury yield increased 10 bp," the institutional equity strategist wrote, adding that "history is certainly rhyming so far."

"A continued ramp up in yields is likely the biggest risk to this meaningful rally in risk assets since April," he continued.

— Sean Conlon

Check out the companies making the biggest moves midday:

• Oracle — The software company's stock rose more 4% after it named Clay Magouyrk, president of Oracle's cloud infrastructure business, and Mike Sicilia, preside of Oracle Industries, as chief executive officers. The pair replace Safra Catz, who will shift to a new role as executive vice chair.
• Molson Coors — The brewer fell 2% after it named Rahul Goyal as its CEO. Goyal replaces Gavin Hattersley, who retires this year.
• Apple — The tech giant's stock jumped around 4% on reports of strong demand for the iPhone 17 in its first weekend of sales. According to reports, the company is benefiting from consumers wanting to replace aging devices.
• Teradyne — The stock jumped 10% after Susquehanna raised its price target to $200 from $133. Analyst Mehdi Hosseini said Teradyne is gaining traction with its Taiwan Semiconductor collaboration for GPU wafer sort testing, and it's not reflected in the stock's price.

For the full list, read here.

— Christina Cheddar Berk

Nvidia shares gained about 4% during midday trading Monday on the back of an announcement that the chipmaker will invest $100 billion in OpenAI to support the buildout of data centers based around Nvidia's AI chips.

OpenAI is seeking to operate Nvidia systems that require 10 gigawatts of power, the companies said on Monday. A gigawatt is a measure of power that is increasingly being used to describe the biggest clusters of AI chips.

"This is monumental in size," CEO Jensen Huang told CNBC's Jon Fortt in an interview on Monday. Huang said that 10 gigawatts is about equivalent to between 4 million and 5 million Nvidia GPUs.

More on the announcement here.

— Pia Singh

Less than a week after taking his seat, Federal Reserve Governor Stephen Miran on Monday outlined the reasons why he thinks the central bank's benchmark interest rate is far too high and should be lowered aggressively.

Changes in tax and immigration policy along with easing rental costs, deregulation and incoming revenue for tariffs are creating a different economic landscape that allow the Fed to cut its benchmark rate by nearly 2 percentage points from its current level, the central banker said in remarks before the Economic Club of New York.

"The Federal Reserve has been entrusted with the important goal of promoting price stability for the good of all American households and businesses, and I am committed to bringing inflation sustainably back to 2 percent," he said. "However, leaving policy restrictive by such a large degree brings significant risks for the Fed's employment mandate."

Read more.

— Jeff Cox

Shares of Apple moved more than 3% higher after the iPhone 17 lineup saw strong demand over the weekend.

Globally, wait times for the newest model are generally higher than they were a year ago. The iPhone 17 base model had a 26 day lead time, according to JPMorgan. In comparison, the timing for delivery at home for the iPhone 16 model during the same time a year ago was 17 days, the firm said in a note Sunday.

In the U.S., the lead time for the iPhone 17 was 21 days, while the Pro also stoked at 21 days and the Pro Max had a 27 day lead time, JPMorgan said. T-Mobile CEO Mike Mike Sievert told CNBC Monday that this was the company's biggest iPhone weekend ever, with 75% of sales on his carrier being Pro or Pro Max.

In China, lead times for the iPhone 17 was 37 days.

Apple's stock is now in the green for the first time year to date. Shares are up more than 1% so far this year.

— Michelle Fox, Steve Kovach

Helmerich and Payne has had a challenging year, but the drilling and technology company is now on the path to recovery, according to Barclays. The firm upgraded the stock to overweight from equal weight and raised its price target to $25 per share from $17 a share, implying nearly 22% upside from Friday's close.

Shares have been dragged down, in part, by a decline in industry-wide rig counts in the lower 48 states, known as L48, explained analyst Eddie Kim. The stock is down more than 34% year to date.

"We believe the trough in the L48 rig count is near, with stabilization through year-end and a modest recovery through 2026," he said in a note Monday.

Plus, the stock has been hit by Helmerich and Payne 's acquisition of global drilling company KCA Deutag, which has significant operations in the Middle East, Kim wrote. Some 75% of KCA Deutag's Saudi rigs were suspended after the acquisition deal closed in January, he said.

"We believe the decline in the Saudi land rig count has all but played out with an opportunity to increase next year...opening the door for KCA Deutag rig suspensions to be lifted," Kim said.

— Michelle Fox

St. Louis Federal Reserve President Alberto Musalem on Monday reiterated his support for last week's interest rate cut, but said he is wary about going much further.

Speaking less than a week after the Federal Open Market Committee lowered its key overnight borrowing rate by a quarter percentage point, the central bank official advocated caution as he continues to worry about inflation.

Musalem characterized the cut as "a precautionary move intended to support the labor market at full employment and against further weakening."

"The stance of monetary policy now lies between modestly restrictive and neutral, which I view as appropriate," he added in prepared remarks for a speech to the Brookings Institution in Washington, D.C. "However, I believe there is limited room for easing further without policy becoming overly accommodative, and we should tread cautiously" on further reductions.

Read more.

— Jeff Cox

Gold futures hit a high of $3,763.10 per ounce Monday, a new record after the Federal Reserve lowered interest rates last week and sees two more cuts ahead this year.

Gold is up more than 42% this year as central bank demand is strong and investors seek a safe haven amid uncertainty over President Donald Trump's tariffs and threats to the Fed's independence.

— Spencer Kimball

Stocks may see meaningful underperformance this week, if history is any guide, according to Scott Rubner of Citadel Securities.

Monday marks the start of the 39th trading week of the year, and that has historically been the weakest week for the S&P 500, the firm's head of equity and equity derivatives strategy wrote in a recent note.

The broad market index has garnered a roughly 3% gain in September so far. It has averaged a 4.2% drop on the month over the last five years.

— Sean Conlon

Stocks began Monday's session lower following last week's gains.

The S&P 500 fell 0.2% just after 9:30 a.m. ET, while the Nasdaq Composite declined 0.1%. The Dow Jones Industrial Average also pulled back 190 points, or 0.4%. 

— Sean Conlon

• Metsera, Pfizer — The weight-loss drugmaker soared 60% after an announcement it would be bought by Pfizer for $4.9 billion in cash. The deal is expected to close in the fourth quarter. Pfizer shares ticked nearly 3% higher.
• Anywhere, Compass — Brokerage giant Compass plans to take over rival Anywhere, the parent of Century 21 and Coldwell Banker, for $1.6 billion in an all-stock transaction. The combined company is expected to have an enterprise value of approximately $10 billion, including the assumption of debt. Anywhere shares shot up more than 50%, while Compass shares dipped about 9%.
• Sarepta Therapeutics — The biotech company climbed 6% after an upgrade to outperform by BMO, which also called for the stock to more than double. "SRPT's current valuation renders its risk/reward skewed to the upside," the investment bank said.

Read here for the full list of stocks making premarket moves.

— Yun Li

Oracle's presidents of cloud infrastructure, Clay Magouyrk, and industries, Mike Sicilia, are being promoted to co-CEOs, the company announced on Monday.

Meanwhile, the company's current CEO, Safra Catz, will serve as executive vice chair on the company board.

The stock was down more than 1% in the premarket Monday following the announcement.

— Russell Leung

Shares of consumer health company Kenvue fell more than 5% in the premarket on Monday following The Washington Post's report that the Trump administration is planning to announce that the use of Tylenol among pregnant women is possibly linked to autism.

— Sean Conlon

Major technology companies and foreign governments are rushing to respond after President Donald Trump late Friday announced plans to impose a $100,000 fee on H-1B visas, threatening to upend the program that underpins America's technology workforce.

The fee would apply to new H-1B applicants, not renewals or current visa holders, according to a White House official. It will first apply in the upcoming lottery cycle, and it does not apply to 2025 lottery winners, the person said. The White House also clarified that the new $100,000 fee is not an annual charge, as previously reported by several media outlets.

The move could deal a massive blow to companies — primarily in the technology and finance sectors — that rely heavily on highly skilled immigrants, particularly from India and China.

Read more here.

— Yun Li

Metsera shares soared 57% in the premarket after the weight-loss drugmaker announced it would be bought by Pfizer for $4.9 billion in cash.

"The proposed acquisition of Metsera aligns with our focus on directing our investments to the most impactful opportunities and propels Pfizer into this key therapeutic area," Pfizer CEO Albert Bourla said in a statement.

The deal is expected to close in the fourth quarter. Pfizer shares ticked nearly 3% higher.

— Fred Imbert

Deutsche Bank strategist Henry Allen doesn't think markets are "price to perfection.

"On several metrics that clearly isn't the case," he said in a note to clients. "Yes, there's been a remarkable strength and resilience to risk assets over recent years, but markets are well alive to downside risks too, hence we have gold prices at a record high and rapid Fed rate cuts priced in."

"Moreover, even as many compare today with the dot com bubble, it's clear that several of the indicators of exuberance from the late-1990s simply aren't evident today," he added.

— Fred Imbert

The Trump administration plans to announce Monday that pregnant women's use of Tylenol is potentially linked to autism, according to The Washington Post.

Federal health officials are expected to warn women against using acetaminophen, the generic name for Tylenol, early on in pregnancy unless they have a fever, the Post reported on Sunday, citing four people familiar with the matter. Officials will also highlight a form of folate, known as leucovorin, as a potential autism treatment, according to the report.

"We believe independent, sound science clearly shows that taking acetaminophen does not cause autism," a spokesperson for Tylenol maker Kenvue told CNBC in a statement. "We strongly disagree with any suggestion otherwise and are deeply concerned with the health risk this poses for expecting mothers."

— Annie Palmer

President Donald Trump said in an interview that aired Sunday that conservative media baron Rupert Murdoch and his son Lachlan are likely to be involved in the deal to save TikTok in the United States.

"A man named Lachlan is involved," Trump said on Fox News' "The Sunday Briefing."

— Erin Doherty

U.S. stock futures opened little changed Sunday night.

Dow Jones Industrial Average futures fell by 34 points, or 0.07%. S&P 500 futures and Nasdaq 100 futures dipped 0.04% and 0.04%, respectively.

— Sarah Min