The S&P 500 and Nasdaq Composite scored fresh closing records for another day on Monday.

The broad-based index edged up 0.12% to end at 7,173.91, while the Nasdaq Composite added 0.2% to 24,887.10.

In contrast, the Dow Jones Industrial Average lost 62.92 points, or 0.13%, to 49,167.79.

— Sean Conlon

Analysts for Deutsche Bank are sounding positive about neocloud CoreWeave ahead of the company's first-quarter earnings announcement, scheduled for May 7.

They're giving a Buy rating to the stock with a price target of $125 off its current level around $111.

The company is levered at nearly nine-times debt-to-EBITDA as it builds out to provide AI-dedicated cloud capacity, and analysts say they're seeing meaningful derisking when it comes to delivering sales.

"CoreWeave has meaningfully derisked its [annualized recurring revenue] guidance and incremental capital requirements to fund calendar year 2026 cap-ex," Deutsche Bank analyst Brad Zelnick and colleagues wrote in a Monday note. Their analysis "suggests opportunity for healthy outperformance in excess of what was observed last quarter and closer to what we saw in 3Q25."

CoreWeave produced $1.4 billion in revenue in the third quarter of 2025, up from $584 million the year prior. Operating expenses nearly matched revenues in the third quarter, and interest expenses of $311 million produced a net loss margin of 8%.

In the fourth quarter, operating expenses ate $1.6 billion in revenues for a net loss margin of 29% and a diluted net loss per share of 89 cents.

Neoclouds are too new to be focused on bottom-line returns. Rather, they're rushing to fill an AI-specific computing niche, hoping eventually to take a significant bite out of the market share of the giant, multipurpose hyperscalers like Amazon Web Services and Google Cloud Platform.

Consulting firm McKinsey sees their future "in securing positions in enduring niche markets, such as sovereign compute and specialized workloads, while also compounding the early footholds they've built with AI start-ups," per a 2025 analysis.

– Tobias Burns

Investors can't afford not to be in technology stocks, according to Nancy Tengler, CEO and chief investment officer at Laffer Tengler Investments. In fact, after the rough start to the year for tech, Tengler bought some software and hardware companies earlier this month.

"You want to be long technology for the duration," she said.

The turnaround in tech this month is in part because of "some lift in the fog of war," Tengler said. Plus, earnings estimates continue to be revised upward, she added. Amazon was her top pick coming into the year. Tengler is also holding Tesla for its battery storage business.

In addition to artificial intelligence plays, she likes robotics and space. She also scooped up some infrastructure names like GE Vernova and Quanta Services.

— Michelle Fox

The iShares Semiconductor ETF was down roughly 2% in Monday afternoon trading, on pace for its first negative day after an 18-session win streak.

After the market's bottom amid the U.S.-Iran war on March 30, the ETF surged nearly 50% by Friday's close. As of Monday, it was still up nearly 46% from that bottom.

Big chipmakers were mixed in their performance on Monday. While both Advanced Micro Devices and Broadcom fell, Nvidia and Qualcomm were higher.

— Davis Giangiulio

Joe Terranova called Eli Lilly "the world's most valuable pharmaceutical company" on Monday, as it announced that it would buy privately held cancer drug developer Ajax Therapeutics for up to $2.3 billion in cash.

"They're rightly diversifying the model. The focus has been on obesity and diabetes—that's where the revenue growth has been. That's why they're the most valuable pharmaceutical company in the world," the chief market strategist for Virtus Investment Partners said on CNBC's "Halftime Report" on Monday afternoon. "Now they're pursuing a lot of deals. They're getting into cancer; they're getting into brain disorders. They're getting into immunology and that's exactly what you want them to do—utilize the strength in the stock price to diversify the business model for long run."

Terranova noted that while shares of Eli Lilly are down 18% year to date, they have traded around flat over the past 12 months.

— Lisa Kailai Han

The S&P 500 and Nasdaq Composite reached new heights during Monday afternoon trading.

The broad-based index gained about 0.2% to 7,175.84. The tech-heavy Nasdaq also rose around 0.2% to 24,882.41.

— Sean Conlon

Check out the companies making the biggest moves in midday trading:

• Sandisk, Micron — Memory stocks were trading higher after Melius Research highlighted the group and said the artificial intelligence cycle should keep demand high for memory through the end of the decade. The analysts said that investors will likely be willing to pay more for the sector as they come to realize the stocks aren't as cyclical as they were in the past. Micron shares jumped 5%, while Sandisk added more than 7%.
• Lionsgate Studios — The movie studio's stock jumped around 4% after a strong box office showing for "Michael," a biopic about pop star Michael Jackson. The film garnered $97 million in U.S. ticket sales in its opening weekend and $217 million globally, according to estimates released Sunday. The results were $30 million higher than expected, and would be the best sales for a biographical film ever.
• Verizon — The telecommunications giant added about 3% after its latest financial results. First-quarter adjusted earnings came in at $1.28 per share, beating the $1.20 a share expected from analysts polled by LSEG. Verizon also raised its full-year guidance for adjusted earnings to between $4.95 and $4.99 per share, up from $4.90 to $4.95 a share.

Read the full list of names here.

— Christina Cheddar Berk and Davis Giangiulio

On Monday, 13 stocks in the S&P 500 traded at new 52-week highs.

Of these tickers, 10 hit new all-time highs. Names that reached this milestone included:

• Alphabet A shares trading all-time highs back to its IPO on Aug. 19, 2004
• Casey's General Stores trading at all-time highs back to its IPO in October 1983
• Cummins Inc trading at all-time highs back to its IPO in 1947
• Trane Technologies trading at all-time high levels back through Ingersoll Rand's history, before its recent merger with Gardner Denver
• Dell Technologies trading at all-time highs back to its relisting in December 2018
• Intel Corporation trading at all-time highs back to its IPO October 1971
• Micron trading at all-time highs back to IPO in June 1984
• SanDisk trading at all-time highs back to its completed separation from Western Digital in February 2024
• Linde trading at its all-time highs back to Praxair's spin-off from Union Carbide in June 1992
• Nucor trading at all-time highs back through our history to 1972

The five stocks trading at new 52-week lows included Charter Communications, Domino's Pizza, Tractor Supply, Erie Indemnity and International Paper.

— Lisa Kailai Han and Christopher Hayes

Investors should stick to the winners in the current market, namely tech, according to JPMorgan.

After a lackluster start to the year, information technology, communication services and consumer discretionary became the top performing S&P 500 sectors in April, while energy turned negative because of the ongoing U.S.-Iran war.

"Financial markets remain jittery but broadly resilient," Fabio Bassi wrote in a Friday note. "We maintain the momentum view of 'follow the winners' in the de-escalation scenario rather than 'buy the laggards' as some assets are structurally impaired by the energy shock."

AI remains a key underpinning of the firm's bullish outlook. JPMorgan said it's upped its year-end target for the S&P 500 to 7,600 from 7,200. That implies a 6% rise from where the broader index closed Friday at 7,165.08.

— Sarah Min

Shares of Campbell's Company were marginally lower on Monday after Bernstein downgraded the stock, saying the case for its upgrade nearly two years ago hasn't come to fruition.

The investment firm moved its rating on Campbell's from outperform to market-perform in a Monday note, and cut its price target to $21. That indicates just under a 2% gain from Friday's close. 

Analyst Alexia Howard said the company's iconic soup offering is part of a slowing product sector. Elsewhere, its snack business is underperforming: the chip business is lagging PepsiCo and Utz, and Campbell's is posting negative sales trends in its pretzels. 

"We are waving the white flag, as our upgrade thesis from May 2024 clearly hasn't played out," Howard wrote in the note. "In the time since, Campbell's forward EV/EBITDA multiple has fallen still further from 10.4x to 8.0x, while its discount to US Food peers has increased from ~13% to ~21% and its discount to the S&P has increased from ~26% to ~45%."

— Davis Giangiulio

Goldman Sachs has raised its oil price forecast through the end of the year on the assumption that Gulf exports will not normalize until the end of June and production will recover slowly.

Goldman now expects Brent prices to average $90 per barrel in the fourth quarter, compared to $80 under the bank's previous forecast. It expects West Texas Intermediate to average $83 per barrel, compared to $75 prior.

"The economic risks are larger than our crude base case alone suggests because of the net upside risks to oil prices, unusually high refined product prices, products shortages risks, and the unprecedented scale of the shock," Goldman analyst Daan Struyven told clients in a Sunday note.

— Spencer Kimball

The three leading U.S. indexes kicked off the first regular trading session of the week in negative territory.

The S&P 500 fell 0.2%, along with the Nasdaq Composite. The Dow Jones Industrial Average dropped 87 points, or 0.2%.

— Sean Conlon

China's state planner on Monday called for Meta to unwind its $2 billion acquisition of Manus, a Singaporean AI startup with Chinese roots.

The decision to prohibit foreign investment in Manus was made in accordance with laws and regulations, the National Development and Reform Commission said in a brief statement. It added that it has asked the parties involved to withdraw the acquisition transaction. Read more.

— April Roach, Evelyn Cheng and Kai Nicol-Schwarz

DoorDash is poised to stage a comeback over the next few years, as its efforts to expand its market share in the U.S. and abroad begin to bear fruit, according to TD Cowen.

The investment bank initiated coverage of DoorDash with a buy rating. It also put a $225 price target on shares, suggesting 27.3% upside from Friday's close.

"DASH's US leadership, expanding Int'l presence, growing Grocery and Retail mix, and emerging ads and commerce offerings will support sustained growth and rising profitability," analyst John Blackledge said in a note to clients.

CNBC Pro subscribers can read more here.

— Liz Napolitano

United Airlines CEO Scott Kirby confirmed he reached out to American Airlines about a potential merger, which was rejected by American as anticompetitive.

Kirby shared his "big bold vision" with American because he was confident it could win regulatory approval.

"I was hoping to pitch that story to American, but they declined to engage and instead responded by publicly closing the door," he said in a statement Monday. "And without a willing partner, something this big simply can't get done."

— Leslie Josephs and Michelle Fox

Global markets are entering the week balancing resilient risk appetite against renewed geopolitical strain as prospects of U.S.-Iran negotiations took a hit over the weekend.

U.S. President Donald Trump scrapped plans to send envoy Steve Witkoff and Jared Kushner to Islamabad for talks with Iran on Saturday, citing "tremendous infighting and confusion" within Tehran's leadership. 

Though uncertainty looms large, Iran has offered a new proposal to the U.S. for reopening the Strait of Hormuz and ending the war while suggesting that nuclear talks be deferred, Axios reported Monday, citing a U.S. official and two sources with knowledge of the matter.

Signaling that attempts to secure a deal were still ongoing, Iran's Foreign Minister Abbas Araghchi made a brief return to Islamabad on Sunday as Pakistan's leaders push to revive talks between Tehran and Washington — though Trump said discussions could instead take place over the phone. Araghchi has reportedly departed Islamabad for Moscow.

To read more, including what's next for markets, click here.

— Lee Ying Shan

Check out the companies making the biggest moves premarket:

• Qualcomm, Apple — The chipmaker surged more than 12% after TF International Securities analyst Ming-Chi Kuo said in a post on X that OpenAI is working with Qualcomm to develop smartphone processors. Apple, the iPhone maker, slipped 1.5% on the report of a potential new competitor.
• Domino's Pizza — The pizza chain fell 4% after its U.S. sales outlook came short of expectations. Domino's said it expects U.S. same-store sales to expand by 0.9%. Analysts on average had penciled in growth of 2.3%, according to StreetAccount.
• Adobe — Shares fell more than 1% after a Mizuho downgrade to neutral from outperform. Analysts wrote that increasing alternatives to the company's products and potential strategic acquisitions or investments could hit Adobe's margins in the future.

Read here for the full list.

— Davis Giangiulio

The pizza chain fell 4% after its U.S. sales outlook came short of expectations. Domino's said it expects U.S. same-store sales to expand by 0.9%. Analysts on average had penciled in growth of 2.3%, according to StreetAccount.

— Fred Imbert

European stock markets moved into positive territory on Monday, after oscillating above and below the flatline in earlier in the session, as negotiations between the U.S. and Iran remained in focus.

The pan-European Stoxx 600 was up about 0.1% just before 10:00 a.m. in London (5:00 a.m. E.T.), with stock markets in London, Paris, Frankfurt and Milan all trading in the green.

Regional sectors were mixed, with oil and gas stocks notching the biggest gain, up 0.9%, as energy prices rose on Monday. Retail rose 0.6%, with banks also up, at 0.5%.

German wind turbine manufacturer Nordex led the Stoxx 600, soaring 11.8% after posting strong first-quarter results. That helped lift other European renewables names, with Danish mainstays Oersted and Vestas Wind Systems also rising 3.9% and 3%, respectively.

— Hugh Leask

Asia-Pacific markets mostly rose Monday as Iran reportedly offered a new proposal to the U.S. for reopening the Strait of Hormuz and ending the war while suggesting that nuclear talks be deferred.

Japan's Nikkei 225 added 1.38% to close at a record high of 60,537.36, while South Korea's Kospi jumped 2.15% to end the trading day at 6,615.03, also scaling a new peak.

In Australia, the S&P/ASX 200 slid 0.23% to 8,766.4.

Hong Kong Hang Seng index lost 0.24% as of its last hour of trade, while mainland China's CSI 300 closed little changed at 4,770.95 after China's industrial profits jumped 15.8% from a year earlier in March, accelerating from the 15.2% surge in the first two months of this year.

— Lee Ying Shan

Asia-Pacific markets were mostly higher Monday as investors looked past renewed diplomatic setbacks between the U.S. and Iran, even as escalating tensions in the Middle East kept oil prices elevated.

Japan's Nikkei 225 added 1.4% to hit a record high, while South Korea's Kospi jumped 1.83%, also sclaing a new peak.

In Australia, the S&P/ASX 200 slid 0.54%.

Hong Kong Hang Seng index slid 0.17%, while mainland China's CSI 300 added 0.25% after China's industrial profits jumped 15.8% from a year earlier in March, accelerating from the 15.2% surge in the first two months of this year.

— Lee Ying Shan

Kevin Warsh would step in at a delicate moment for the Fed, as a potential surge in gasoline prices could limit the central bank's ability to cut interest rates — something Trump has repeatedly pushed for.

Traders are currently pricing in a 100% chance that the Fed will leave rates unchanged at this week's meeting, with fed funds futures indicating policy is most likely to stay on hold for the rest of the year, according to the CME Fed Watch tool. The odds of a rate hike by the end of 2026 stood at 8%.

— Yun Li

The "Magnificent Seven" companies reporting next week face elevated expectations, needing to deliver solid revenue growth to validate heavy spending on artificial intelligence.

Shares have already surged ahead of results. Alphabet, Amazon, Meta Platforms and Microsoft — all set to report Wednesday — are each up more than 10% this month, while Apple has gained over 6% ahead of its Thursday release.

"Next week is a monster week for Big Tech earnings and we expect more good news on the horizon from results/guide as the AI Revolution steamrolls ahead," Dan Ives, Wedbush's senior equity research analyst, said in a note.

— Yun Li