US stocks today: Wall Street rebounds as S&P 500 recovers two-thirds of Friday’s losses; Tesla, Wayfair, & Idexx lead rally
US stocks rallied sharply on Monday, recouping much of last week’s steep losses triggered by concerns over President Donald Trump’s tariff policies and weakening job data. The S&P 500 jumped 1.1% in midday trade, clawing back over two-thirds of its Friday drop. The Dow Jones Industrial Average rose 426 points or 1%, while the Nasdaq Composite gained 1.5% as of 11:45 am Eastern time, AP reported. Idexx Laboratories led the rally with a 26.6% surge after the veterinary diagnostics firm reported a stronger-than-expected profit and raised its full-year forecast. Wayfair followed with a 10.8% gain after reporting robust spring growth in profit and revenue. Tyson Foods added 4.1% after beating quarterly profit estimates. Tesla shares rose 1.6% after the EV maker awarded CEO Elon Musk 96 million shares of restricted stock worth approximately $29 billion. The grant comes six months after a court voided his earlier pay package and may help calm shareholder concerns about his future at the company. CommScope soared 75% after posting strong quarterly results and announcing the sale of its connectivity and cable business to Amphenol for $10.5 billion in cash. Amphenol shares gained 3.1%. The gains were partly offset by a 2.8% slide in Berkshire Hathaway after Warren Buffett’s conglomerate reported a year-on-year decline in Q2 profit, largely due to a markdown in its Kraft Heinz investment. On Semiconductor plunged 10.2% after merely matching profit estimates and signalling only early signs of customer demand stabilisation. The rally comes after Wall Street suffered its worst weekly loss since May, driven by renewed concerns that Trump’s tariffs may be weighing on the economy. The US unemployment rate rose to 4.2% last month, and job growth slowed significantly. Trump reacted to the weak labour report by firing the official responsible for compiling the numbers and intensified his criticism of the Federal Reserve. Though the Fed has held rates steady in 2025, pressure is mounting for a rate cut in its September meeting. “In our view, if the Fed starts to cut rates at its September meeting, we believe this would be supportive for markets,” said David Lefkowitz, head of US equities at UBS Global Wealth Management. Bond yields were mixed. The 10-year Treasury yield dipped to 4.20% from 4.23% on Friday, while the two-year yield held steady at 3.69%. This week’s key earnings reports include The Walt Disney Co., McDonald’s, and Caterpillar, alongside fresh readings on US business activity. In other movers, Boeing slipped 0.5% as 3,200 workers at its Midwest fighter jet facilities went on strike after rejecting a modified four-year contract. The proposed deal had included a 20% wage hike. In overseas markets, most major indices gained. South Korea’s Kospi rose 0.9%, France’s CAC 40 climbed 1.1%, while Japan’s Nikkei 225 dropped 1.2%.
