Nasdaq 100: Mega-Cap Tech Stocks Fuel Stock Market Rally, Super Micro, Intel Jump

Wall Street Hits Fresh Highs as Trade Deal Buzz and Tech Optimism Spark Buying

U.S. stocks kicked off the week in rally mode, with the major indexes trading at record highs by 15:30 GMT as traders leaned into hopes for a U.S.-China trade truce and braced for a heavy slate of Big Tech earnings.

The S&P 500 was up 0.95% at 6,855, the Nasdaq surged 1.59% to 23,573, and the Dow added 0.5% to 47,441 — all on pace for new closing highs. The rate-sensitive Russell 2000 popped 1.2%.

Is Trade Optimism Justified — or Getting Ahead of Itself?

Investors cheered signs of progress on the U.S.-China front, with Presidents Trump and Xi set to meet Thursday to hash out terms that could pause fresh tariffs and dial back export controls on rare earths. That was enough to knock the VIX to a one-month low — a stark reversal from earlier this month, when fresh tariff threats had volatility back near April highs. But while hopes are high, the deal isn’t signed yet. Buyers are stepping in, but there’s some blind faith priced in here.

Which Stocks Are Catching the Bid?

Tech led the charge, with the S&P 500 tech sector up 1.4%. Semis ripped higher, sending the Philly SOX index to new records.

Intel and Super Micro Computer each gained more than 4%. The “Magnificent Seven” megacaps — Apple, Amazon, Alphabet, Meta, Microsoft, Nvidia, and Tesla — were all green, up between 1.4% and 2.4%. These names now make up nearly 35% of the S&P, and with over 170 companies reporting this week, traders are treating their results as a proxy for the whole market.

Consumer discretionary also outperformed, climbing 1.2%, helped by a 2.8% pop in Lululemon after it announced a co-branded line with the NFL. Keurig Dr Pepper surged 6.2% after bumping up sales guidance and raising $7 billion to fund its JDE Peet’s acquisition.

On the flip side, rare earth miners like MP Materials and USA Rare Earth got hammered, down 5–11%, as trade optimism hurt their pricing power narrative.

Are International Plays Back in Focus?

U.S.-listed Argentine stocks exploded higher after President Javier Milei’s win over the weekend, with YPF up 35% and multiple banks tacking on 40%+. Traders are pricing in reforms and a business-friendly tilt — at least for now.

What’s the Fed Trade Here?

Fed Chair Powell speaks Wednesday, and with the government shutdown freezing economic data, traders are flying without a map. That’s fueling bets on a potential December cut — or at least a less hawkish Fed — with some arguing the data void itself could support risk assets. The logic: no fresh inflation reads might keep policymakers on hold longer.

Bottom Line

The market’s got momentum into the close, but it’s a heavy week. Between trade headlines and megacap earnings, the rally’s durability is about to be tested. If results disappoint or trade talks stall, sellers could come back in a hurry. But for now, the bulls are in control — and they’re pressing.

More Information in our Economic Calendar.