The markets blasted off to start the week after news broke that the US and Mexico reached a trade deal, sending the Dow 30 higher by 259, the S&P 500 higher by 22, and the Nasdaq 100 higher by 71 on the day. The Nasdaq and the S&P 500 both moved to new, all-time highs, thanks to the banks and tech stocks.
Stocks that immediately saw benefit to the trade news included Caterpillar (NYSE: CAT) and Boeing (NYSE: BA) due to their exposure to Mexican and overseas markets. Emerging Markets (NYSE: EEM) had another strong day on the news as the ETF continues to pull out of its year-long downtrend.
Tesla (NASDAQ: TSLA) shares were lower on the day following news that CEO Elon Musk will not take the company private. The company moved to dissolve the special committee that had been convened to facilitate the privatization process, who commented that they would "support Elon as he continues to lead the company forward." Shares initially sold off sharply on the news but recovered most of those losses by day's end.
Shares of Netflix (NASDAQ: NFLX) added another 2.5% today as the company is reportedly working on ways for new users to sign up for subscriptions outside of their Apple (NASDAQ: AAPL) app to avoid paying commissions to Apple. Investors cheered the move today, pushing shares higher.
Shares of the big Chinese tech companies are all higher today as China's central bank took active efforts to stabilize the yuan. JD.com (NASDAQ: JD) and Alibaba (NASDAQ: BABA) were among the notable names that pushed higher on the day.