AWS recovers, Apple rallies, General Motors beats and more in Morning Squawk

In a whirlwind of market activity, Amazon Web Services (AWS) faced a significant outage that disrupted access to numerous websites essential for various sectors, including work and entertainment. Fortunately, by Monday evening, AWS announced that all services were fully operational again, bringing relief to many users. On a brighter note for tech investors, Apple experienced a remarkable surge, with its shares hitting record highs. This upswing followed a report from Counterpoint Research indicating strong early sales for the iPhone 17 in both the U.S. and China. Financial commentator Jim Cramer highlighted that holding onto Apple stock is a wiser strategy than selling, while Ritholtz Wealth Management's Josh Brown remarked that Apple's advancements in artificial intelligence could significantly alter investor sentiment moving forward. This momentum contributed to an overall positive day for the stock market, with major indexes climbing over 1%. In the automotive sector, General Motors reported impressive earnings that exceeded Wall Street's expectations for the third quarter. The company not only beat forecasts for earnings per share and revenue but also raised its full-year guidance, suggesting a lower-than-expected impact from tariffs. As a result, GM's shares surged by 8.5% in premarket trading. Coca-Cola also reported better-than-expected results, with its shares rising nearly 2%, though it acknowledged that demand remains sluggish. Amid the ongoing federal government shutdown, which has now lasted for 21 days, National Economic Council Director Kevin Hassett hinted that a resolution might be on the horizon, suggesting that the shutdown could end within the week. However, he cautioned that more stringent measures could be implemented if an agreement isn't reached soon. In a strategic move to enhance the rare earth materials supply chain, the U.S. and Australia have signed an agreement involving project plans worth up to $8.5 billion. This partnership aims to reduce dependence on China for these critical materials. Australian Prime Minister Anthony Albanese confirmed that both nations would contribute $1 billion over the next six months, while the White House later stated the total investment would exceed $3 billion within that timeframe. Following this announcement, shares of U.S.-listed rare earth companies saw a significant boost, with Cleveland-Cliffs’ stock soaring over 20% after announcing its exploration into rare earth mining. Additionally, entrepreneur Mark Cuban shared insights on the healthcare industry during an exclusive interview with CNBC, capturing the attention of many investors and analysts alike.