The S&P 500 rose 0.9% on Monday as investors reacted to potential easing of tensions between Iran and Israel. They also looked ahead to this week’s Federal Reserve meeting. AMD shares jumped 8.8% after analysts at Piper Sandler raised their price target.
The analysts were enthusiastic about AMD’s new Helios server rack architecture unveiled at the company’s “Advancing AI” event. The Helios system will combine AMD’s next-gen MI400 chips and is expected to launch in 2026. Shares of Estée Lauder climbed 10.8%, the biggest gain in the S&P 500.
The company announced that former CEO Leonard Lauder, son of the founder, had passed away at age 92. Lauder played a key role in the cosmetics giant’s global growth.
Palantir shares rise with market
MGM Resorts shares gained 8.1% after the casino operator and its partner Entain announced their joint sports betting and iGaming platform. Shares of rivals Las Vegas Sands and Wynn Resorts also moved higher. However, aerospace and defense stocks fell on Monday as the chance of a ceasefire between Iran and Israel emerged.
Lockheed Martin shares dropped 4%, the most in the S&P 500. Northrop Grumman and L3Harris shares were down 3.7% and 3.6% respectively. Charter Communications shares sank 3.5% following weekend reports of Spectrum internet and cable outages in Southern California.
The company said the outages were due to vandalism. Overall, markets are monitoring geopolitical developments and the upcoming Fed meeting for direction on economic policies and the future market path. The Nasdaq gained 1.5%, helped by strength in tech and communication stocks.
