Metals
Apple shares jumped nearly 4% on Monday to a record close of $262.24, driven by strong early sales of the iPhone 17 in the U.S. and China. According to Counterpoint Research, iPhone 17 sales outpaced the iPhone 16 by 14% in the first 10 days after launch, thanks to upgrades like a better chip, improved display, higher storage, and enhanced camera features. Apple’s momentum was further boosted by CEO Tim Cook’s visit to China. Apple is now the second most valuable company in the world after Nvidia, and it’s nearing a valuation of $4 trillion.
U.S. stock futures edged slightly higher in early trading today following a broad rally on Monday, as investors are preparing for a busy earnings week that could determine the next move for markets. Dow futures rose about 34 points, while S&P 500 and Nasdaq 100 futures were marginally above the flatline.
In yesterday’s session, all three major indices climb, supported by gains in Apple and optimism that the ongoing U.S. government shutdown could end soon according to White House economic adviser Kevin Hassett.
Earnings remain in focus this week, with Netflix and Coca-Cola set to report Tuesday, and Tesla on Wednesday. Investor sentiment is also supported by hopes of a Federal Reserve rate cut in late October and upcoming CPI inflation data that could guide policy decisions.
In Asia, Japan’s Nikkei 225 erased earlier gains and fell from record highs after Sanae Takaichi won the lower house vote to become Japan’s first female prime ministe. South Korea’s Kospi surged over 2% to mark its sixth straight record high, boosted by optimism over a nearing U.S.–South Korea trade deal.
In the commodities market, gold prices retreated today after slightly surpassing the previous record high in yesterday’s session. Prices reached $4,381.50 yesterday before falling to $4,324 this morning. Silver faced a stronger correction, now down 6% from its record high on Friday. Prices currently hover around $51.50 an ounce.
