CNBC Daily Open: All you need for a rally is a good iPhone

Critics’ displeasure at the iPhone 17 Pro’s fluorescent orange color aside, Apple’s “Cosmic Orange” smartphone has charmed fans — and investors.

The newest iPhone 17 series, which includes the base iPhone 17 and its overachieving Pro and skinny Air siblings — that come in colors other than orange, to be clear — has been outselling the previous one in the U.S. and China, according to Counterpoint data. In fact, the iPhone Air sold out within minutes of going on sale in China, reported the South China Morning Post.

Shares of Apple popped nearly 4% on the news and closed at an all-time high. That must be welcome news for CEO Tim Cook and investors, as the stock has been one of the biggest laggards in the Magnificent 7 group. That jump puts Apple’s year-to-date gains at around 5%, compared with Nvidia’s 36% and Meta’s 25%.

Another member of the Mag 7, however, had a bumpy Monday. Amazon’s cloud arm, Amazon Web Services, suffered an outage. Sites such as Reddit and Snapchat went dark, plunging millions, including yours truly, into existential crises. Shares of Amazon still increased around 1.6%.

U.S. markets also rose more broadly, with major indexes ending Monday in the green. This week, investors will be keeping their eye on the U.S.’ trade developments with China as well as earnings reports from companies such as Netflix, Tesla and Intel.

U.S. signs minerals agreement with Australia. The deal includes projects worth up to $8.5 billion, including developing rare earths processing in Australia, Prime Minister Anthony Albanese said Monday.

Amazon Web Services suffers outage. Sites such as Disney+, Reddit and Snapchat, along with the check-in processes at major U.S. airlines, were affected by the cloud provider’s downtime on Monday stateside. The outage has since been resolved, Amazon said.

Apple shares hit record on strong iPhone sales. The latest iPhone 17 series has outsold the previous generation by 14% in the U.S. and China within its first 10 days of availability, according to data from Counterpoint research.

U.S. markets climb on positive sentiment. All three major U.S. indexes jumped more than 1% on Monday, buoyed by the jump in Apple shares and hopes that the government shutdown will end.The pan-European Stoxx 600 added 1.03%.

[PRO] Fund managers betting against the pound. Their moves come as U.K. Finance Minister Rachel Reeves prepares to unveil the country’s Autumn Budget amid concerns over the country’s economic outlook.