S&P 500 closes above 6,600 for the first time after Trump's positive comments on China trade talks, gain in Tesla: Live updates

Stocks closed higher across the board on Monday.

The S&P 500 ended Monday 0.47% higher to close at 6,615.28. The Nasdaq Composite gained 0.94% to close at 22,348.75. The Dow Jones Industrial Average, meanwhile, added 49.23 points, or 0.11%, to end at 45,883.45.

— Pia Singh

Bernstein sees limited upside for McDonald's amid the fast-food company's launch of its extra value meals. The firm reiterated its market-perform rating on Sunday and raised its price target to $320 from $310, implying 5% upside from Friday's close

"We believe that EVM will lead to marginally higher SSSG [same-store-sales growth] in the near term, but not enough to maintain franchisees' profitability at today's levels," analyst Danilo Garguilo said in a note to clients.

While he expects investors to continue rewarding McDonald's for its earnings visibility and near-term catalysts, the stock has increased its valuation gap versus its peers since the launch of the $5 meal deal in June 2024.

The stock is up 4% year to date.

— Michelle Fox

Don't count Netflix out as a potential bidder for Warner Bros. Discovery, Wells Fargo wrote in a Sunday note.

Last week, before The Wall Street Journal reported that Paramount Skydance was preparing a majority cash bid for Warner Bros., Wells Fargo analyst Steven Cahall wrote that Netflix was the most likely candidate to buy the company. Netflix potentially entering the game still remains a strong possibility, Cahall added in his Sunday follow-up note.

"We think a PSKY/Ellison bid is likely, a NFLX bid is 50/50 and we don't expect others. PSKY may start things at ~$25/sh (justified by synergies) while NFLX may top out at ~$30/sh," the analyst said. "While we think NFLX could enter the fray, it's a big decision for a company with a strong build bias, and it's a big What If for WBD shareholders. NFLX may opt for accel'ing its content investments vs a bidding war with the Ellisons. If they bow out before things heat up then PSKY can make an offer closer to the current price. We prefer the sidelines."

Cahall added that buying Warner Bros. Discovery could make Paramount Skydance the leader in media. This possibility should compel Netflix even more to put in a bid, since it could potentially pay "a price for not buying it and risking PSKY+WBD."

— Lisa Kailai Han

Big Tech stocks surged on Monday, but with one notable exception: Nvidia.

Nvidia was the only stock in the Magnificent Seven tracking to end the session in the red. By comparison, CNBC's Magnificent 7 Index climbed around 1.5% in midday trading and hit a new 52-week high.

Nvidia's slide came after China said it violated an anti-monopoly law following a preliminary probe.

— Alex Harring

Elon Musk's surprising disclosure of his roughly $1 billion Tesla share purchases injected a vote of support in the volatile electric vehicle maker, setting it up for a strong end to a challenging 2025.

Shares of the electric vehicle maker jumped nearly 6% on Monday after a filing showed Musk bought 2.57 million shares at different prices Friday. That marked his first purchase of the stock in the open market since February 2020.

"We see this as a clear signal of confidence from Musk," said Jed Dorsheimer, analyst at William Blair. "With Musk's purchase, combined with the upward momentum for delivery expectations and robotaxi rollout, we are becoming more bullish."

For more on what analysts are saying, read here.

— Yun Li

Check out some of the companies making the biggest moves midday:

• Tesla — CEO Elon Musk disclosed he bought $1 billion worth of shares of the electric vehicle maker on Friday, helping send the stock 6% higher.
• On Semiconductor, Analog Devices, Texas Instruments — China launched an antidumping probe into certain analog chips from the U.S. Shares of On Semiconductor fell 1%, while Analog Devices was fractionally lower and Texas Instrument dropped more than 3%.
• Western Digital - The storage drive maker raised prices on all hard drives amid "unprecedented demand," prompting shares to climb more than 5% to a new, all-time high.
• Alaska Air — The airline fell more than 5% after it said it sees third-quarter earnings per share at the low end of its $1.00-$1.40 guidance.

For the full list, read here.

— Pia Singh

Gold rose to an all-time high on Monday, underpinned by a softer dollar and lower Treasury yields, ahead of a pivotal Federal Reserve meeting this week that could set the tone for the rest of the year.

Spot gold was up 0.9% at $3,674.09 per ounce, after hitting a record high of $3,674.63 earlier in the session. Bullion climbed about 1.6% last week. U.S. gold futures for December delivery were up 0.7% at $3,712.70.

— Reuters

Walt Disney Company is poised for a boost due to its streaming platform's upcoming merger with Hulu, analysts at Rothschild & Co. Redburn said Monday in a note. 

The financial advisory group raised its price target for the company to $160 from $147. 

"The upcoming merger of Disney+ and Hulu should drive higher engagement and lower subscriber churn," the analysts said, adding that the entertainment hubs had roughly double the subscriber turnover of streaming giant Netflix as of writing time.

After the merger, Disney+ and Hulu's could boast a combined subscriber count equal to 80% of Netflix's user base, according to the analysts' forecast.  

The price target hike comes as Disney's direct-to-consumer vertical, which includes its streaming service Disney+, has notched "tepid" growth over the past few financial periods. In the third quarter, revenue for the segment rose by a lower-than-expected 6% year over year, or less than half of Netflix's direct-to-consumer gains. 

— Liz Napolitano

Alphabet is now the fourth company that's joined the $3 trillion club, alongside Nvidia, Microsoft and Apple.

Shares of the search giant jumped more than 3% on Monday. The stock is up roughly 31.5% year to date, and has rallied in recent weeks after an early September antitrust ruling came in lighter than shareholders feared. The U.S. Department of Justice wanted Google to be forced to divest its Chrome browser, and last year a district court ruled that the company held an illegal monopoly in search and related advertising.

— Pia Singh, Jennifer Elias

The S&P 500 and Nasdaq Composite rose 0.4% each to fresh all-time highs. The Dow Jones Industrial Average traded 0.2% higher.

— Fred Imbert

Here are some of the names making moves before the bell:

• On Semiconductor, Analog Devices, Texas Instruments -- China began an anti-dumping investigation into certain analog chips from the U.S. On Semiconductor slipped 1%, while Analog Devices and Texas Instrument each fell nearly 3%.
• Gemini Space Station -- Shares of the Winklevoss' crypto exchange rallied 4.7%. Gemini debuted on the Nasdaq Friday, jumping 14% during in its first day of trading.
• Hims & Hers Health - The digital health stock shed 1.6%. The Food and Drug Administration Commissioner Martin Makary said in a medical journal piece that Hims & Hers' Super Bowl advertisement was a "breach" of regulations.

To see more premarket movers, read the full story here.

—Michelle Fox

Factory activity in the New York area declined sharply in September as new orders and shipments tumbled, the Federal Reserve reported Monday.

The New York Fed's Empire State Manufacturing Index slid 21 points to a -8.7 reading, the first negative print since June and well below the Dow Jones estimate for 4.5. Readings below zero represent contraction.

Internally, the new orders index collapsed, falling 35 points, while shipments were down 30 points. Both the prices paid and prices received measures showed small declines, while employment was little changed.

—Jeff Cox

President Donald Trump floated the idea Monday of companies no longer providing earnings report on a quarterly basis and switching to semiannual instead.

In a Truth Social post, Trump said the idea is "subject to SEC approval" and would "save money, and allow managers to focus on properly running their companies."

"Did you ever hear the statement that, 'China has a 50 to 100 year view on management of a company, whereas we run our companies on a quarterly basis??? Not good!!!'" Trump said.

Current regulations require companies to report on a quarterly basis, though providing forecasts is voluntary. The rules can be changed either from the Securities and Exchange Commission or could be altered by Congress.

— Jeff Cox

The Empire State Manufacturing Index, which gives insight into the state of the manufacturing sector in New York, is set to release Monday.

Economists polled by Dow Jones expect a reading of 4.5 for the month of September, lower than the previous reading of 11.9. A reading above zero suggests an expansion in the sector.

— Sarah Min

Tesla rose more than 6% in the premarket after a regulatory filing showed CEO Elon Musk purchased 2.57 million shares of the electric vehicle maker at various prices on Friday. Tesla closed at $395.94 on Friday, valuing the purchases at around $1.01 billion.

— Fred Imbert

Nvidia shares were down 2% after Chinese regulators said the chipmaker were in violation of the country's anti-monopoly law.

China's State Administration for Market Regulation (SAMR) opened an investigation into Nvidia late last year regarding its acquisition of Mellanox and some agreements made during the transaction. Nvidia bough the Israeli technology company in 2020.

— Arjun Kharpal

The Federal Reserve is universally expected to lower interest rates at the conclusion of its meeting Wednesday.

The market was last pricing in a 96% certainty that the central bank will lower interest rates by a quarter percentage point, according to the CME FedWatch Tool.

It's pricing in a smaller likelihood, of 3.6%, of a steeper half percentage point cut, fed funds pricing shows.

— Sarah Min

UnitedHealth has sought meetings with U.S. President Donald Trump, although it has not secured a meeting yet, The Wall Street Journal reported on Sunday.

— Reuters

U.S. stock futures opened little changed Sunday night.

Dow Jones Industrial Average futures rose by 16 points, or 0.03%. S&P 500 futures edged up 0.02% and Nasdaq 100 futures dipped 0.01%.

— Sarah Min