Stock Movers: Apple Hits Record High, Cleveland-Cliffs Surges on Earnings, AppLovin Falls

Market Overview

• 📈 The US market saw a broad-based rally with 414 names in the S&P 500 finishing higher, indicating a strong risk-on sentiment for the day.
• 📊 Nine out of eleven sectors closed in the green, with communication services, materials, and industrials being the top performers, while consumer staples and utilities lagged.
• 🚀 The NASDAQ 100 closed at a record high, though the composite did not.

Top Stock Movers

• 🍎 Apple (AAPL) shares reached their first record of 2025, gaining nearly 4% after an upgrade from Loop Capital, citing positive demand trends for its latest iPhone lineup.
• ⛏️ Cleveland-Cliffs (CLF) surged 21.47% following stronger-than-expected earnings and the discovery of two potential rare earth mineral sites in Michigan and Minnesota.
• 🏦 Zions Bancorporation (ZION), a regional bank, saw its stock rise 4.6% ahead of its earnings report, recouping some losses from the previous week.
• 💎 Rare earth and critical mineral stocks, including US Antimony, experienced significant gains, with US Antimony up 19% for the day and over 400-500% year-to-date.

Notable Declines

• 💻 Oracle (ORCL) shares fell for a second consecutive day, down 4.9%, though still maintaining a significant year-to-date gain of over 66%.
• 📱 AppLovin (APP) was the worst performer in the S&P 500, down 5.6%, after reports of state regulators reaching out to short sellers regarding a potential probe into the mobile advertising company.
• ⚖️ BNP Paribas (BNP) ADRs dropped 9% after a jury found the bank liable for its role in enabling genocide in Sudan, leading to speculation of a substantial settlement.

Yields and Market Sentiment

• 📉 Bond yields across the curve moved higher, pushing the 30-year yield down by 3-4 basis points, with the 10-year yield settling around 3.98%.