Stock Market Today: AMZN Tops SPX, INTC Upgrade, SOX Snaps Losing Streak

Marley Kayden (0:00)

Welcome to The Wrap. I'm Marley Kayden, here to take you through today's market action. Stocks started the week in the green with the NASDAQ 100 up 1%, coming off its worst week in 18 months. The S&P 500 rose by 0.4% while the Dow declined marginally. Consumer discretionary and tech led the gains, while utilities and real estate fell more than 1% each as treasury yields rose. Amazon was one of the best performers in the S&P 500, rallying 5% after Morgan Stanley hiked its price target and plied 40% upside and gave it top pick status. The firm cites five catalysts for the increasingly bullish outlook, continued AWS growth, AWS margin beats, greater visibility into bedrock, Amazon's role in agentic shopping and robotics. And Intel shares rose 2.5% after JPMorgan upgraded the stock to neutral from underweight ahead of its earnings next week. The analyst says the company's execution on next gen manufacturing has significantly improved and also sees a more balanced risk reward with shares nearing the firm's price target. Chip and AI names were the big winners on Monday. It's been a brutal month for companies involved in the AI trade, and the SOX index snapped an eight-session losing streak today. Western Digital and Sandisk each rose 6%, while Palantir was up 4%.

On Tuesday, September, housing starts and permits are released, and it's a big day for earnings pre-market. GE Aerospace, RTX and General Motors will report. Postmarket will hear from Netflix, SpaceX and United Airlines. That's going to do it for the wrap. I'm Marley Kayden. Remember you can tune in 24-7 to schwabnetwork.com and subscribe to our YouTube channel.