Stocks are relatively flat in premarket trading as investors digest earnings results and consolidated following a rally in Monday’s session.

Stocks moved higher on Monday led by gains in Apple (AAPL) shares, as investors looked ahead to a possible end to the ongoing U.S. government shutdown as well as a slew of big-name earnings reports and inflation data expected in the coming days.

The S&P 500 (SPX) was up 1.07% while the Nasdaq-100 (NDX) rose 1.3%, a new record high closing price. The Dow Industrials Index ($DJI) was up 516 points or 1.12% on Monday while the small-cap RUT jumped 1.95%.

Apple led the market higher, rising nearly 4% after receiving an upgrade to buy from hold at Loop Capital. The firm pointed to improving demand trends for the company’s iPhones, saying that “we are NOW at the front end of AAPL’s long-anticipated adoption cycle that suggests ongoing iPhone shipment expansion through CY2027.”

Also giving a boost to stocks, the government shutdown “is likely to end sometime this week,” said National Economic Council director Kevin Hassett.

• Oil (/CL) – Oil prices are up over 0.5% at $57.40 a barrel after a fall in the previous session as concerns about oversupply and risks to demand, along with the trade dispute between the U.S. and China, the world’s top two oil consumers, weigh on the markets.

• Gold (/GC) – Gold prices are down around 2% near $4270 as investors booked profits after the metal hit another record high in the previous session, driven by expectations of U.S. interest rate cuts and strong safe-haven demand.

• Bitcoin (/BTC) – The Crypto Future is down over 2% near 108,500 in premarket trading and is falling from yesterday’s rally.

• VIX – The CBOE Volatility Index fell 12.3% on Monday and settled at 18.23 as stocks rallied.

• U.S. Dollar (/DX) – The dollar is up 0.3% to 98.7.

• DZ Bank upgrades Pepsico (PEP) to Buy from Hold

• DZ Bank upgrades American Express (AXP) to Hold from Sell

• Citi upgrades Sunrun (RUN) to Buy from Neutral

• JPMorgan downgrades Goldman Sachs (GS) to Neutral from Overweight

• BNP Paribas Exane downgrades Verizon (VZ) to Neutral from Outperform

• Wells Fargo downgrades Cleveland-Cliffs (CLF) to Underweight from Equal Weight

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