Shares of technology companies rose amid optimism about sales of Apple's new iPhone.
Shares of the gadget maker rose by more than 4%, lifting its market capitalization to the second highest in the U.S., after research firm Counterpoint said late Sunday that the iPhone 17 series outsold the iPhone 16 series by 14% during the first 10 days it was available in China and the U.S.
"I continue to believe the market is overpriced and that uncertainty is higher than usual, but there's a significant asterisk to put by that," said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management. "We are in a period of change right now that could be like the industrial revolution, and could be like the Internet coming out."
The transformative potential of artificial intelligence for productivity and other economic factors could justify the elevated valuations, Joyce said.
Amazon Web Services struggled to fully recover from a far-reaching outage that disrupted services from major retailers to airlines, social-media apps, financial-services companies and more.
Glass Lewis, which makes recommendations to investors about how they should vote on company proposals, has joined Institutional Shareholder Services in suggesting that Tesla shareholders reject Chief Executive Elon Musk's proposed $1 trillion compensation plan.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
10-20-25 1715ET
