*By Kavitha Shastry*
U.S. stocks soared Monday after President Trump announced a trade deal had been reached with Mexico.
The Nasdaq marked its first-ever close above the 8,000 mark, and the Dow Industrials rose more than a percent, crossing 26,000 for the first time since early February. The S&P 500 also posted a record close.
"The market is getting a bit more familiar with the president's negotiating tactics," said John Petrides, managing director at Point View Wealth Management. "This is true to his election base, and the market is reading it as a positive sign."
Leading the charge on the Cheddar 50 Monday was General Motors, which rose almost 5 percent. U.S. automakers broadly got a boost after Trump said he was considering taxing Canadian car imports. Twitter and Alibaba also saw significant gains.
It wasn't all good news, though. Shares of Chipotle were down almost 5 percent after analysts at Wedbush cut their rating and price target on the stock. And Tesla pared its earlier losses to end the day down about a percent. CEO Elon Musk Friday announced in a [blog post](https://www.tesla.com/blog/STAying-public) he would no longer pursue plans to take the company private.
Cannabis stocks were also big winners on Monday, as momentum for legalization continued to grow. Canada's Tilray, which reports earnings Tuesday morning, [inked a deal](https://cheddar.com/videos/finally-a-pure-play-cannabis-investment) to supply Nova Scotia Liquor.
Oracle soars as it cashes in on the AI boom, Plus: Starbucks shares continue to fall under its new CEO, and does anybody actually want a new iPhone Air?
Swedish buy now, pay later company Klarna is making its highly anticipated public debut on the New York Stock Exchange Wednesday, the latest in a run of high-profile initial public offerings this year. The offering priced at $40 Tuesday, above the forecasted range of $35 to $37 a share, valuing the company at more than $15 billion. The valuation easily makes Klarna one of the biggest IPOs so far in 2025, which has been one of the busier years for companies going public. Other popular IPOs so far this year include the design software company Figma and Circle Internet Group, which issues the USDC stablecoin..
Oracle co-founder Larry Ellison wrested the title of the world’s richest man from longtime holder Elon Musk early Wednesday as stock in his software giant rocketed more than a third in a stunning few minutes of trading. That is according to wealth tracker Bloomberg. A college dropout, the 81-year-old Ellison is now worth $393 billion, Bloomberg says, several billion more than Musk, who had been the world’s richest for four years. The switch in the ranking came after a blockbuster earnings report from Oracle. Forbes still has Musk as the richest, however, valuing his private businesses much higher.
