Chicago Bulls Dennis Rodman (91), Scottie Pippen (33) and Michael Jordan (23) during game vs Miami Heat. Miami, FL 2/23/1996

A bullish day for all three indexes (Bill Frakes/Getty Images)

The S&P 500, Nasdaq 100, and Russell 2000 all post fresh closing highs

Gold and bitcoin also moved higher.

The S&P 500, Nasdaq 100, and Russell 2000 all climbed to fresh record closing highs, a feat last performed on September 18. This is the fourth consecutive record close for the S&P 500 and the second consecutive record close for the Russell 2000. The Nasdaq 100 crossed the 25,000 resistance level for the first time.

Gains were led by Advanced Micro Devices on news that the chip designer struck a megadeal with OpenAI that “is expected to deliver tens of billions of dollars in revenue,” which sent Nvidia down but lifted up companies in the AI ecosystem like Oklo, Cipher Mining, Super Micro Computer, and IREN.

Oil prices rose as OPEC+ announced that it would be increasing oil production by 137,000 barrels per day in November — a little less than some had anticipated.

Stocks that moved higher:

Critical Metals skyrocketed after Reuters reported that the Trump administration is in talks to take a stake in the company.
Tesla rose after posting videos online that teased what seems to be an imminent product or event that will be announced tomorrow. Archer Aviation rose as well on speculation that it is somehow involved in Tesla’s announcement.
Plug Power continued its ascent, as the AI boom may finally be able to drive positive unit economics for the hydrogen fuel cell company.
Klarna jumped after a wave of analysts initiated coverage on the “buy now, pay later” giant, as the so-called post-IPO “quiet period” came to an end.
Shares of Sony climbed as “Abenomics” supporter Sanae Takaichi is likely to become the Japanese prime minister.

Stocks that moved lower:

Quantum Computing fell after the company announced it had reached an agreement to sell 37.2 million shares of common stock in a private placement, raising some $750 million before fees and offering expenses.
Moderna slipped after the US Centers for Disease Control and Prevention announced on Monday that it is adopting a narrower recommendation for when COVID-19 booster shots are appropriate.

Crypto moves:

Ethereum crossed $4,650 for the first time in over three weeks on Monday.
Bitcoin reached another new all-time high, crossing $126,000 for the first time not even two months after hitting its previous record. The asset is up over 100% in the past year.

J. Edward Moreno1h

Oscar Health jumps after Trump signals openness to extending ACA subsidies as part of deal to end government shutdown

Oscar Health jumped in after-hours trading after President Trump suggested he is open to extending Affordable Care Act subsidies as part of a funding bill to reopen the government.

The stock was recently up 9.1%.

ACA plans, which are a major source of revenue for some insurers, including Oscar, are at the center of budget negotiations as the government shutdown stretches on.

According to NBC News, when asked if he would be willing to make a deal on the subsidies, Trump told reporters: “If we made the right deal, I’d make a deal.” Senate Minority Leader Chuck Schumer denied that Trump was talking with Democrats about reaching an agreement but said, “We’ll be at the table,” The New York Times reported.

J. Edward Moreno2h

Constellation Brands earnings report beats Wall Street estimates

Constellation Brands ticked up in after-hours trading Monday after it reported earnings results that beat Wall Street expectations.

Constellation, which owns a variety of booze brands including Modelo Especial in the US, reported quarterly adjusted earnings per share of $3.63, higher than the $3.38 analysts polled by FactSet were expecting.

It also reported $2.48 billion in revenue, slightly above the $2.45 billion the Street predicted.

The company slashed its full-year guidance last month, reducing its fiscal 2026 adjusted EPS outlook to $11.30 to $11.60, down from its previous range of $12.60 to $12.90. Analysts are penciling in $11.49 adjusted earnings per share for the fiscal year.

The company left that guidance unchanged.

Despite owning one of the US’s most sold beers, Constellation is facing various headwinds ranging from declining beer consumption and pressure on Hispanic consumers.

Luke Kawa3h

AppLovin craters after Bloomberg report that the SEC is investigating its data collection practices

What AppLovin CEO Adam Foroughi said would be “a fun quarter” is turning unfun in a hurry.

Shares of the ad tech company tumbled after Bloomberg reported that its data collection practices are the subject of an SEC probe, in particular whether it violated service agreements in a bid to push higher volumes of targeted advertisements.

Citing people familiar with the matter, Bloomberg says the investigation is in response to a whistleblower complaint as well as reports from short sellers, some of which were published in February.

It’s getting pretty tough keeping all these AI deals straight

Where is all this money supposed to come from? And who gets to keep it?

Matt Phillips3h

Max Knoblauch4h

Archer surges on speculation that Tesla’s announcement has something to do with it

Shares of air taxi maker Archer Aviation rose more than 16% on Monday afternoon amid speculation that the company is somehow involved in an October 7 announcement Tesla has been teasing.

The latest theories appear to revolve around the inclusion of a Tesla Optimus robot and vehicle alongside Archer’s Midnight air taxi in a video Archer posted on X last week. On Sunday, the Tesla X account uploaded a video featuring its logo on a spinning wheel or propeller, leading some to further connect tomorrow’s announcement to the eVTOL (electric vertical takeoff and landing) industry.

Archer is prone to big swings — the stock has closed up or down 10% 29 times in the past 12 months. Monday’s move propelled the stock to its highest level since July. Archer rival Joby Aviation was also up more than 6% on the day.