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Major Averages Surge Sharply Due to AI Stocks Rise

The major averages started the week sharply higher, aided by a rise in AI-related stocks. Intel surged, while AMD hit $1T in market cap as Meta's AI agent Muse reached the top of Apple's free app download charts. Meanwhile, President Donald Trump said in a social media post that he will "encourage" AI growth in an effort to compete globally.The top indexes were also buoyed by a sharp drop in oil prices, which have fallen to below $100 per barrel though still remain elevated. The move in oil prices comes despite the latest escalation in hostilities in the Middle East, as Iran-backed Houthis said they attacked Saudi Arabia with missiles and drones over the weekend.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:12 state attorneys general secured a settlement agreement with Paramount Skydanceover its proposed takeover of Warner Bros. DiscoveryAnthropic now expects its IPO to take place in November, WSJ reportsHP Inc.said its planning assumption is that industry-wide personal computer unit volumes decline roughly mid-single-digits in percentage terms in calendar year 2027Accentureand Anthropic are partnering to establish a team of embedded evaluatorsPriority Technologyreported better-than-expected Q2 results and reaffirmed its FY26 revenue guidance2. WALL STREET CALLS:Cienaupgraded to Outperform at Evercore ISI on sustained growthBNP downgraded Vail Resortson further declines in lift pricingBNP upgraded AT&Twith wireless competition "more rational"Flutterdowngraded to Neutral at Rothschild & Co RedburnArhausupgraded to Buy at Jefferies3. AROUND THE WEB:Eli LillyCEO told CNBC that a third of new GLP-1 pill patients are taking FoundayoSB Energy, a subsidiary of the Japanese conglomerate SoftBank, has delayed its IPO, NY Times reportsVolkswagen'sturnaround plan sees 4,000 additional job cuts at Porsche, Reuters reportsNissanis considering increasing its U.S. production with the launch of its 2027 Rogue crossover, Christian Meunier, chairman of Nissan Americas, told CNBCStarbuckshas signed a deal to set up a global capability center in the southern Indian city of Chennai and hire roughly 800 technology professionals, Reuters says4. MOVERS:New Era Energygained after its subsidiary entered into a 20-year power purchase agreement with Luminant, an affiliate of VistraVista Goldincreased after entering into an agreement with Artemis Gold to be acquired for $2.83 per shareModernaadvanced after announcing late-breaking data will be presented at ESMO Congress 2026Einridefell after announcing a collaboration with Nvidiato advance autonomous truckingUPSclosed lower after BofA lowered its price target on the stock5. EARNINGS/GUIDANCE:Novo Nordiskprovided guidance for pipeline sales for 2035Ennisreported Q2 results, with EPS lower year-over-yearZJK Industrialreported results for H1, with CEO Ning Ding commenting it was a period of "strong revenue growth"Turning Point Brandsreaffirmed its outlook for FY26Nuvinireported H1 results, with operating revenue lower year-over-yearINDEXES:The Dow rose 366.19, or 0.71%, to 52,048.83, the Nasdaq gained 599.55, or 2.26%, to 27,122.09, and the S&P 500 advanced 114.20, or 1.49%, to 7,764.70.

Major Averages Rebound as AI Stocks Rise

The major averages were broadly higher to start the week following last week's declines, aided by a rise in AI-related stocks. Intel surged, while AMD hit $1T in market cap. Markets are looking to rebound from the Dow's sharp losses in the previous week, during which it marked its worst performance since March.The top indexes were also buoyed by a sharp drop in oil prices, which have fallen to below $100 per barrel though still remain elevated. The move in oil prices comes despite the latest escalation in hostilities in the Middle East, as Iran-backed Houthis said they attacked Saudi Arabia with missiles and drones over the weekend. Meanwhile, the U.S. State Department warned Americans to reconsider traveling to the region as the U.S. and Iran continue to trade threats to resume combat.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Anthropic now expects its IPO to take place in November, WSJ reportsParamount Skydancehas reached a settlement with California and other states over its proposed acquisition of Warner Bros. Discovery, Bloomberg reportsHP Inc.said its planning assumption is that industry-wide personal computer unit volumes decline roughly mid-single-digits in percentage terms in calendar year 2027Accentureand Anthropic are partnering to establish a team of embedded evaluatorsPriority Technologyreported better-than-expected Q2 results and reaffirmed its FY26 revenue guidance2. WALL STREET CALLS:Cienaupgraded to Outperform at Evercore ISI on sustained growthBNP downgraded Vail Resortson further declines in lift pricingBNP upgraded AT&Twith wireless competition "more rational"Flutterdowngraded to Neutral at Rothschild & Co RedburnArhausupgraded to Buy at Jefferies3. AROUND THE WEB:Volkswagen'sturnaround plan sees 4,000 additional job cuts at Porsche, Reuters reportsNissanis considering increasing its U.S. production with the launch of its 2027 Rogue crossover, Christian Meunier, chairman of Nissan Americas, told CNBCMetahas agreed to give Prospect union direct access to its 5,000 UK employees for the first time, FT reportsStarbuckshas signed a deal to set up a global capability center in the southern Indian city of Chennai and hire roughly 800 technology professionals, Reuters saysThe USPTO and U.S. Copyright Office were surprised by the DOJ's brief supporting OpenAI and Microsoftin their dispute with the New York Times, Axios reports4. MOVERS:New Era Energygains after its subsidiary entered into a 20-year power purchase agreement with Luminant, an affiliate of VistraVista Goldincreases after entering into an agreement with Artemis Gold to be acquired for $2.83 per shareModernahigher after announcing late-breaking data will be presented at ESMO Congress 2026Einridefalls in New York after announcing a collaboration with Nvidiato advance autonomous truckingUPSlower after BofA lowered its price target on the stock5. EARNINGS/GUIDANCE:Novo Nordiskprovided guidance for pipeline sales for 2035Ennisreported Q2 results, with EPS lower year-over-yearZJK Industrialreported results for H1, with CEO Ning Ding commenting it was a period of "strong revenue growth"Turning Point Brandsreaffirmed its outlook for FY26Nuvinireported H1 results, with operating revenue lower year-over-yearINDEXES:Near midday, the Dow was up 238.25, or 0.46%, to 51,920.89, the Nasdaq was up 458.31, or 1.73%, to 26,980.86, and the S&P 500 was up 85.74, or 1.12%, to 7,736.24.

Dividend Payable on November 6

The dividend is payable on November 6 to shareholders of record on October 9.