Stock Market Today: Dow rides tesla, big tech gains higher; Apple event eyed
Investing.com — The Dow closed higher Monday, as tesla and big tech combined to ensure stocks started the week on the front foot ahead of Apple's eagerly anticipated iPhone 15 launch due Tuesday and inflation data later this week.
The Dow Jones Industrial Average added 0.3%, 88 points, Nasdaq rallied 1.2%, and the S&P 500 rose 0.7%, the S&P 500 rose 0.7%.
Tesla (NASDAQ:TSLA) rose more than 10% after Morgan Stanley upgraded the electrical vehicle maker to overweight from equalweight, on optimism that its supercomputer Dojo — which can process data from Tesla vehicles on the road to train AI models for self-driving cars — could boost adoption of ‘robotaxis’ and network services, boosting Tesla’s market value by as much as $500 billion.
“We believe that Dojo can add up to $500bn to Tesla's enterprise value, expressed through a faster adoption rate in Mobility (robotaxi) and Network Services (SaaS),” Morgan Stanley analysts wrote in a client note.
Qualcomm Incorporated (NASDAQ:QCOM), up about 4%, was the outperformer among chip stocks after the chipmaker expanded its deal to supply Appel with 5G modems for its iPhones through 2025.
The deal comes just a day ahead of Apple (NASDAQ:AAPL)'s launch event due Tuesday at 1pm ET when the company is expected to unveil the new the iPhone 15 that some on Wall Street expect spur a slew of upgrades from customers.
Wedbush estimates that about 25% of Apple’s 1.2 billion installed base has not upgraded their iPhone in 4 years, paving the way for Apple to capitalize on the opportunity by raising prices for the iPhone 15 pro and max models, setting up for a new «mini super cycle.”
Disney and Charter Communications (NASDAQ:CHTR) agreed to a deal to resolve a dispute over cable fees that had
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