Apple closes in on $4 trillion as Wall Street nears record highs

Wall Street started the week on a strong note on Monday, edging closer to record territory as investors cheered Apple’s latest surge and positive signals from other key sectors. The rally helped offset ongoing uncertainties from the US government shutdown and rate-cut expectations from the Federal Reserve.

Apple shares surged 3.9 per cent to close at $262.24, setting a new all-time high and pushing its market capitalisation to $3.9 trillion, just shy of the $4 trillion milestone.

The rally was driven by the steady early sales of the latest iPhone 17 lineup, which outperformed the previous model by 14 per cent in China and the United States during its first 10 days, Counterpoint Research reportedly noted. ​

US market closes strong

The S&P 500 index rose 1.07 per cent to 6,745.13, within 0.3 per cent of its all-time record.

The Dow Jones Industrial Average climbed 515.97 points (1.12 per cent) to 46,751.58, and the Nasdaq Composite jumped 310.57 points (1.37 per cent) to 22,991.54. All three indices are now within striking distance of their record highs set earlier this month.​

Apple’s surge was the most significant contributor to the rally, but other notable gainers reinforced the upbeat tone. Cleveland-Cliffs soared 21.4 per cent after CEO Lourenco Goncalves revealed progress on a potential partnership with a major global steel producer and the discovery of rare-earth elements in Michigan and Minnesota, especially following China’s decision to restrict exports.​

Banking stocks also staged a relief rebound, particularly Zions Bancorp, which gained 4.7 per cent after falling sharply last week on concerns about loan defaults. Smaller and mid-sized lenders broadly recovered, easing jitters sparked by recent warnings about bad debt exposure.​

Global rally

Aside from Wall Street’s surge, markets across Asia and Europe also strengthened. Japan’s Nikkei 225 jumped 3.4 per cent amid reports that the Liberal Democratic Party had secured a coalition deal paving the way for Sanae Takaichi to become the country’s first female prime minister, a move expected to extend Japan’s ultra-loose monetary policy and boost fiscal spending.

Meanwhile, China’s Shanghai Composite rose 0.6 per cent, and Hong Kong’s Hang Seng Index climbed 2.4 per cent after data showed the Chinese economy expanded 4.8 per cent year-on-year in the third quarter.​

Broader economic factors

Investors are awaiting fresh clues on inflation and the Federal Reserve’s interest rate direction after US President Donald Trump remarked that high tariff rates on China are “unsustainable”, a comment that provided relief to markets previously shaken by escalating trade tensions.​

The yield on the 10-year US Treasury note slipped to 3.98 per cent from 4.02 per cent, reflecting moderate bond demand as investors balanced equity enthusiasm with cautious optimism about upcoming economic data releases.​

The technology-led upswing, thanks to Apple and supported by improvements in the banking and industrial sectors, is a turning point for Wall Street’s October performance. Corporate earnings from Coca-Cola, Tesla, and Procter & Gamble are due this week, as investors hope for upbeat business results to sustain the market’s record-breaking momentum.

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