05:01 PM EDT, 10/20/2025 (MT Newswires) -- US equity markets rose Monday, driven by Apple's ( AAPL ) shares surging to a record high, as Wall Street geared up for a busy earnings week.

The Nasdaq Composite advanced 1.4% to 22,990.5. The Dow Jones Industrial Average and the S&P 500 climbed 1.1% each, at 46,706.6 and 6,735.1, respectively. All three indexes logged back-to-back daily gains.

Barring consumer staples and utilities, all sectors ended in the green, led by communication services.

In company news, Apple's ( AAPL ) shares jumped 3.9% to a record high, the second-best performer on the Dow.

Loop Capital upgraded the tech giant's stock to buy from hold and raised its price target to $315 from $226. Separately, Counterpoint Research said Apple's ( AAPL ) iPhone 17 series has outsold the iPhone 16 series by 14% during the first 10 days of availability in the US and China.

Cleveland-Cliffs' ( CLF ) third-quarter revenue rose year-over-year amid signs of demand recovery, while the steel producer said that it would explore producing rare earth minerals amid an ongoing dispute with China over these metals. The company's shares surged about 21%.

Tesla (TSLA), Netflix ( NFLX ) , Procter & Gamble ( PG ) , GE Aerospace (GE), Coca-Cola (KO), IBM ( IBM ) , T-Mobile US ( TMUS ) , Philip Morris International ( PM ) , AT&T ( T ) and Intel ( INTC ) are some of the major companies scheduled to report their latest quarterly financial results later in the week.

About 17% of the S&P 500 is set to report earnings this week, with expectations remaining high, D.A. Davidson said in a Monday report.

"A key focus this week will be on third-quarter results from major tech, auto, telecom and industrial companies -- all (artificial intelligence) related," Wells Fargo Investment Institute said in a Monday note to clients. "We believe data on AI capex intensions is key for third-quarter earnings and a further rise in stocks."

Amazon.com's ( AMZN ) cloud platform, Amazon Web Services, reported a major outage early Monday, disrupting websites and apps of airlines and telecommunications, as well as social media platforms.

Although many sites were back online within a few hours of outage, Downdetector -- which tracks online outages -- showed another rise in user reports of outages at various Amazon ( AMZN ) services around noon ET, CNBC reported.

Intermittent issues continued as of 3:15 pm ET, The Wall Street Journal reported, citing Amazon ( AMZN ).

Amazon ( AMZN ) shares closed 1.6% higher.

US Treasury yields were mostly lower, with the 10-year rate falling 2.6 basis points to 3.99% and the two-year rate narrowly down at 3.47%.

The ongoing federal government shutdown "is likely to end sometime this week," CNBC reported Monday, citing National Economic Council director Kevin Hassett.

West Texas Intermediate crude oil was little changed at $57.53 a barrel in Monday late-afternoon trade.

On Sunday, US President Donald Trump told reporters that his top issues with China are related to rare earths, fentanyl and soybeans, according to Bloomberg News. "I don't want them to play the rare earth game with us," he reportedly said.

The US-China relation recently soured after Beijing moved to restrict exports of rare earths minerals, a move that led Trump to announce additional 100% tariffs on Chinese goods, effective Nov. 1.

Trump said last week that he will meet Chinese President Xi Jinping in South Korea in a couple of weeks.

Gold was up 4% at $4,382.70 per troy ounce, while silver gained 2.9% to $51.57 per ounce.