Nasdaq Closes at One-Month High as Anthropic IPO Filing and Tesla Upgrade Lift Tech Stocks

U.S. stocks advanced Monday, with the Nasdaq rising 0.82% to close at 26,169.72, a gain of 214.38 points, reaching a one-month high. The S&P 500 gained 0.70% and the Dow added 0.29%, as sentiment was lifted by Anthropic's IPO filing and a high-profile upgrade of Tesla.

Tesla jumped 5.21% after Barclays upgraded the stock to Overweight with a $450 price target, while ARM surged 6.19% on dip buying tied to a shift in AI workloads from training to inference. Nvidia, AMD, and Broadcom each gained more than 2%, also buoyed by the Anthropic IPO news. Synopsys, NXP Semiconductors, Texas Instruments, and Analog Devices all outperformed their semiconductor peers on the day.

On the losing side, CoreWeave fell 9.70% after Morgan Stanley cut its price target to $70 from $99, and Circle dropped 7% after Mizuho lowered its target to $43 citing AI agent risk to USDC. Reddit shed 4% as traders de-risked ahead of Thursday earnings and concerns over slower growth guidance. MicroStrategy fell 4.24% and BMNR dropped 6.47% even as Bitcoin held near $79,800.

In commodities, WTI crude slipped 1.54% to $101.68 and Brent fell 5.27% to $110.57 on hopes of Iran de-escalation. The 10-year Treasury yield held near 4.99% ahead of Wednesday's Federal Reserve decision. The VIX stood at 18.06, described as not extreme given the proximity of midterm elections now nine days away. BlackRock cut its U.S. equity allocation to neutral, while JPMorgan and Morgan Stanley remained constructive on equities.