U.S. stocks closed higher Monday as Wall Street opened a holiday-shortened week, with gains led by technology shares and a handful of deal-driven movers posting sharp moves.The Nasdaq Composite rose about 0.6%, while the S&P 500 gained roughly 0.6% and the Dow Jones Industrial Average added around 0.5%, as investors looked for momentum into the final days of the year.
UniFirst (UNF) was among the biggest gainers, surging more than 27% after Cintas (CTAS) launched a renewed takeover bid at $275 per share. The sharp jump reflected investor optimism that the long-running acquisition talks could finally lead to a deal.
Rocket Lab (RKLB) also rallied strongly, climbing more than 10%. Shares extended last week’s gains after the company announced an $816 million contract with the U.S. Space Force and reported a record number of successful rocket launches this year, pushing the stock to fresh highs.
In the media sector, Paramount Skydance (PSKY) advanced about 4%, while Warner Bros. Discovery (WBD) rose nearly 4%, after Oracle founder Larry Ellison agreed to personally guarantee more than $40 billion in financing tied to Paramount’s proposed acquisition bid.
On the downside, Trump Media & Technology Group (DJT) fell more than 10%, giving back part of last week’s sharp rally that followed news of a merger with a nuclear-fusion company.
Elsewhere in the market, gains in major indexes were supported by strength in technology and continued enthusiasm around artificial intelligence, while rising geopolitical tensions helped push gold and silver to record highs. Investors now turn their focus to limited economic data releases and early market closures ahead of the Christmas holiday.
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U.S. stocks moved higher after November’s core CPI inflation came in below expectations, boosting investor confidence that price pressures are easing. The Nasdaq led gains as technology stocks rebounded, while the S&P 500 advanced and reclaimed its 50-day moving average. The Dow Jones Industrial Average edged higher but lagged broader market strength.The session’s biggest winner was Micron Technology (MU), which surged more than 11% after delivering a strong earnings and revenue beat along with an upbeat outlook. The results lifted semiconductor stocks broadly, pushing ASML Holding (ASML) higher and supporting gains in chip-related names. Western Digital (WDC) also stood out, climbing over 5% on improving profitability and continued strength in data storage demand.
Defense stocks remained in focus as Elbit Systems (ESLT) extended gains following a breakout tied to a new rocket artillery contract with Greece. In energy, nuclear power names outperformed, led by Constellation Energy (CEG), which jumped more than 6% after highlighting its long-term power supply deal with Microsoft (MSFT) to support AI-driven data center demand.
Gold stocks led the metals group, with Newmont (NEM) continuing its recent rally as investors positioned for strong earnings growth ahead. Consumer-related stocks also showed strength, as Carvana (CVNA) advanced more than 2%, while Tesla (TSLA) and Nvidia (NVDA) rebounded after sharp losses in the prior session.
On the downside, earnings-related weakness hit several stocks. Birkenstock (BIRK) plunged more than 10% following its quarterly results, while CarMax (KMX) dropped over 6%. In technology, Celestica (CLS) fell nearly 2% after reversing earlier gains, signaling continued short-term weakness.
Overall, the market reaction reflected optimism driven by cooling inflation, with investors rewarding stocks tied to strong earnings momentum while punishing companies that disappointed.
The Nasdaq Composite dropped nearly 1.8%, leading losses as investors fled high-growth tech names. The S&P 500 slid about 1.1%, while the Dow Jones Industrial Average fell roughly 0.5%.
Selling intensified after a Financial Times report said Oracle’s $10 billion AI data center project lost backing from private lender Blue Owl Capital, reviving worries that the AI boom is being built on heavy leverage.
Oracle (ORCL) plunged 5.4%
Nvidia (NVDA) fell nearly 4%
Broadcom (AVGO) dropped more than 4%
Tesla (TSLA) slid 4.6%, retreating from record highs
Alphabet (GOOG) lost over 3%
AI-linked infrastructure stocks were also hit. GE Vernova (GEV) sank more than 10% as investors questioned valuations tied to future data-center demand.
Despite the market slump, select stocks posted strong gains.
Micron Technology (MU) surged as much as 7% in after-hours trading after beating earnings expectations and issuing an upbeat revenue forecast, citing strong demand from AI data centers.
Newly public Medline (MDLN) jumped over 40% in its market debut, marking one of the strongest IPO openings of the year.
Shares of Hut 8 (HUT) climbed nearly 9% after the company announced a $7 billion long-term lease to develop AI-focused data center infrastructure.
As equities sold off, investors moved into defensive assets. Gold hovered near record highs, while silver jumped about 5%, fueled in part by short covering. Bitcoin slipped nearly 2%, trading around $86,000.
Markets continue to search for clarity on interest rates. Fed Governor Chris Waller said the central bank may still have room to cut rates by 50 to 100 basis points, though investors are awaiting Thursday’s consumer inflation report for confirmation.
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