Stock Market Today: META Muse Rally, AMD at $1T, PSKY Settlement

Sam Vadas (0:00)

Welcome to The Wrap, I'm Sam Vadas, here to take you through today's market action. It was a bullish start to the week for stocks as a tech rally in falling oil helped lift markets. The NASDAQ 100 rallied more than 2%, the S&P 500 was up 1.5%, and the Dow gained 0.7%.

Communication services rose almost 4%, while technology gained 2.5%.

Energy, utilities and consumer staples led sectors to the downside. Let's take a look at some of the stocks on the move. Meta shares closed up 11%, reaching its highest level since late January. Wells Fargo raised its price target to $796 from $640 maintaining an overweight rating. The move comes ahead of Meta's annual Connect event, which begins Wednesday. CEO Mark Zuckerberg will deliver the keynote at 7 p.m. Eastern. AMD's market value topped $1 trillion for the first time on Monday and rallied 10%.

Intel closed up 12% and arm surged 17% amid growing attention on Meta's news AI agent and its potential implications for central processing unit CPUs. The chips will help run AI models and wider adoption of AI agents could support additional demand. Warner Bros. Discovery and Paramount Skydance shares rallied after Paramount reached a settlement with California and 11 other states over its planned takeover. The settlement would remove a major antitrust obstacle to the deal, which values Warner Bros. Discovery at $110 billion, including debt. Paramount Skydance turned lower late in the day. On Tuesday, Thor Industries and AutoZone are due to report earnings before the opening bell, followed by KB Home in the afternoon. That will do it for the wrap. I'm Sam Vadas. Remember to tune in 24x7 to schwabnetwork.com and subscribe to our YouTube channel.