U.S. markets opened the week with fresh momentum from the technology sector, as the Nasdaq hit another record high on Monday. A sharp rally in Meta shares was one of the main drivers, with CNBC noting that the stock posted its best day in more than a year after the successful launch of the company’s new AI model, Muse.
Investor focus has centered on Meta’s Muse AI agent, which overtook ChatGPT on Friday to become the leading free iOS app. It logged more than 730,000 downloads over the past five days. Since details of the AI assistant were released, Meta shares have climbed more than 20%, while trading volumes have surged.
The strength in Meta also lifted other members of the Magnificent Seven group. The Roundhill Magnificent Seven ETF reached a record level for a second straight session, underscoring how central the AI theme remains to market sentiment.
In commodities, oil prices moved higher in early trading Tuesday after Brent crude futures briefly slipped below $100 a barrel. The rebound came as the United Nations General Assembly was set to begin in New York.
According to CNBC, U.S. President Donald Trump is due to hold meetings on the sidelines with Gulf leaders, while Iran’s President Masoud Pezeshkian is expected to address the gathering. Trump is also scheduled for bilateral talks with U.K. Prime Minister Andy Burnham and Ukrainian President Volodymyr Zelenskyy.
Another major event on the political and business calendar is Thursday’s state dinner between President Donald Trump and Chinese President Xi Jinping. The U.S. has said several American tech and banking CEOs will attend, though Beijing has not yet disclosed which Chinese companies will join the state visit.
CNBC said that while the U.S.-China trade truce appears to be holding, AI and Iran could become points of friction as the two leaders meet in Washington, D.C.
In corporate news, Novo is also in focus after a volatile Monday session. Investors reacted skeptically to the Danish drugmaker’s growth strategy and its competitive position in the weight-loss market, putting the stock under pressure.
CNBC also highlighted a sports business development: French soccer star Kylian Mbappé said he was ready for “change” after ending an almost 20-year association with Nike and signing with Swiss sportswear brand On. The company said it will work with Mbappé to design high-performance footwear and apparel.
