Stock Market Today: MSFT Upgrade, CBRS Rallies, Merger Monday Shakeup

Marley Kayden (0:00)

Welcome to The Wrap. I'm Marley Kayden, here to take you through today's market action. The Nasdaq 100 recorded a second straight record close, finishing up nearly 1 percent, with the S&P 500 and Dow also seeing gains. Ten of the 11 S&P 500 sectors finished in the green, led by materials and communications, while real estate was the lone laggard. Microsoft, closing at an 11-month high after Melius Research, said it is, quote, even more needed as AI leaders speak of the risks to humanity. The firm says that corporate fear of AI can itself drive software demand, and Microsoft is likely to be considered the, quote, unquote, adults in charge as corporate buyers look for a vendor they can trust. Cerebras rallied 9% after OpenAI CEO Sam Altman posted on X that the company is a close partner. The stock plunged last week after OpenAI disclosed that NVIDIA GPUs would power the ultra-fast model for its latest ChatGPT model, rather than Cerebras' chips.

And Merger Monday produced the biggest winner and loser in the S&P 500 PTC surged more than 30% after agreeing to be acquired by Schneider. Electric and an all-cash deal valued at $23.7 billion.

Schneider will pay $205 per share, a 42% premium to PTC's previous closing price. CH. Robinson dropped 11% after agreeing to acquire truck broker RxO for about $5.3 billion in cash and stock. The deal values RxO at $30.25 per share, a 29% premium to Friday's closing price. On Tuesday, international trade and goods data will be released while Lamb Weston and Constellation Brands report earnings. That is going to do it for the wrap. I'm Marley Kayden. Remember to tune in 24-7 to schwabnetwork.com and subscribe to our YouTube channel.