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Major exchange-traded funds that track emerging market stocks rose to multi-year highs on Monday, extending a rally that has made them among the strongest regions in the equity market this year. The iShares MSCI Emerging Markets ETF rose 0.8% to $45.95, its highest level since mid-2011, according to FactSet data. The day’s rise took the ETF past a high that has stood since 2014. Among its biggest components, Alibaba Group Holding rose 1.4% while Baidu Inc. was up 0.8%. Separately, the Vanguard FTSE Emerging Markets ETF rose 0.5% on Monday, hitting its highest level since 2014. The iShares fund is up 31.2% thus far this year, while the Vanguard ETF, which tracks a different index, is up 26.5%.

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Shares of Caterpillar Inc. jumped 1.7% toward a record high in morning trade Monday, enough to pace the gainers within the Dow Jones Industrial Average , after the mining and farming equipment maker was upgraded at UBS, which cited a growing cash position and signs suggesting the earnings upcycle will continue. Analyst Steven Fisher raised his rating to buy, after being at neutral for at least the past three years. He raised his stock price target to $140, which was 13% above current levels, from $116. Fisher said UBS’s latest analysis of private non-residential construction suggests a re-acceleration in activity in the fourth quarter, with mid-single digit percentage growth into 2018. He said he believes Caterpillar will generate nearly $10 billion in cash flow between 2018 and 2020 after capital expenditures and dividends which can be strategically redeployed or returned to shareholders. “We think the cash story is particularly underappreciated, and will become more of a visible part of the investor dialogue going forward,” Fisher wrote in a note to clients. The stock has soared 15% over the past three months, while the SPDR Industrial Select Sector ETF has tacked on 1.3% and the Dow has gained 4.4%.

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Shares of Nvidia Corp. surged 3.5% to a record high in morning trade Monday, adding to the 6.3% run up the previous session, as analysts continued to promote the graphics chip maker them as a top pick in the semiconductor space. The stock has run up 23% over the past three months, while the PHLX Semiconductor Index has climbed 8.6% and the S&P 500 has gained 3.1%. On Monday, SunTrust Robinson Humphrey analyst William Stein reiterted his buy rating, saying Nvidia remained his “preferred way” to invest in structure growth in the sector, give potential for profit and revenue beats across most of its segments. Nvidia’s rally also helped boost the shares of rival Advanced Micro Devices Inc. , which tacked on 3.2%, bringing the three-month gain to 13%. SunTrust’s Stein was upbeat about the chip sector in general, as the firm’s proprietary sentiment momentum indicator rose for an 11th-straight month in September. He said other demand indicators remained mostly constructive, and that the sector’s valuation did not appear stretched relative to the broader market. Among other chip stocks he favors are Broadcom Ltd. , Cypress Semiconductor Corp. , Analog Devices Inc. and Microsemi Corp. .

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U.S. stocks opened higher on Friday, with major indexes trading at or near records as concerns over the political situation with North Korea appeared to ease. The Dow Jones Industrial Average rose 52 points, or 0.2%, to 22,327. The S&P 500 added 3 points, or 0.1%, to 2,504. The Nasdaq Composite Index added 11 points to 6,458, a rise of 0.1%. Both the Dow and the S&P 500 hit intraday records in early trading, while the Nasdaq was within a few points of its own. Recent trading has had a pronounced upward bias, though uncertainty pertaining to North Korea has been a headwind. That issue appeared to ease after U.S. Secretary of State Rex Tillerson said the U.S. seeks a “peaceful solution” and wants to “bring North Korea to the table for constructive, productive dialogue,” speaking in an interview on CBS’s “Face the Nation.” Among the day’s biggest movers, Orbital ATK Inc. gained 20% after Northrop Grumman Corp. agreed to buy it for $7.8 billion in cash. Northrop fell 0.7%.

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Amazon.com Inc. said Monday that it is adding two new distribution centers that will create more than 2,000 jobs. The company is adding its fourth distribution center in Ohio in Monroe, creating more than 1,000 full-time positions. Workers in this one-million-square-foot facility will pick pack and ship larger items like gardening items and pet food. Amazon recently announced a fulfillment center in North Randall, and has facilities in Etna and Obetz. There are currently more than 6,000 Amazon workers in Ohio. The e-commerce giant is also adding a third fulfillment center in Portland, Ore., creating more than 1,000 full-time jobs. The company has an upcoming fulfillment center in Troutdale, another in Salem, a sortation center in Hillsboro, and a Prime Now hub in Portland. The company will have 3,500 full-time fulfillment workers in Oregon starting in 2018. Amazon shares are up 0.3% in Monday premarket trading, and up 31.6% for the year so far. The S&P 500 index is up 11.7% for 2017 so far.

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Cisco Systems Inc. said Chairman John Chambers will not stand for re-election to the networking company’s board of directors, ending a 24-year run on the board. The company said it will appoint Chief Executive Chuck Robbins to serve as chairman when Chambers’ term expires on Dec. 11. Before Chambers was named chairman in July 2015, he was CEO from January 1995 through July 2015, and has been a board member since November 1993, after joining the company in January 1991. He will be given the honorary title of Chairman Emeritus when he steps down as chairman. “John’s leadership helped bring the internet to billions of people around the world, enabling them to access information, build connections and improve their lives,” said Lead Independent Director Carol Bartz. The stock, which was unchanged in premarket trade, has gained 7.4% year to date, while the Nasdaq 100 has rallied 23% and the Dow Jones Industrial Average has climbed 13%.

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Ingredion Inc. has named James Zallie chief executive, effective January 1, 2018. Ingredion is an ingredients solutions company that serves the food, beverages, paper, brewing and other industries. Zallie is currently executive vice president of global specialties and president of the Americas region. He joined the company in 2010. Zallie succeeds Ilene Gordon, who has been CEO for more than eight years and will serve as executive chairman of the board until she retires July 2018. Ingredion shares are unchanged in premarket trading and down 0.1% for the year so far. The S&P 500 index is up 11.7% for 2017 to date.

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Perrigo Co. said early Monday that the Food and Drug Administration has granted tentative approval for its generic version of the acne gel Acanya. Perrigo shares rose 1.2% in premarket trade after the news. The company said it previously settled litigation over the product with two Valeant Pharmaceuticals International Inc. units. Acanya sales totaled about $57 million for year ending July 2017, Perrigo said. Perrigo shares have risen 19% over the last three months, compared with a 2.8% rise in the S&P 500 .

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Ultragenyx Pharmaceutical Inc. said early Monday that it has proposed to buy all outstanding common stock of Dimension Therapeutics Inc. for $5.50 per share, or about $138 million. The offer would be offered in cash at close to be effectuated via a tender offer, Ultragenyx said. Dimension Therapeutics shares, which were valued at $4.20 as of Friday’s close, were halted in premarket trade Monday. REGENXBIO Inc. said in late August that it planned to buy Dimension Therapeutics for about $3.41 per share, and that the board of directors of both companies had signed on. But Ultragenyx said that its offer represents “premiums of 24% and 48% over the implied value of the all-stock consideration” offered by REGENXBIO. “As such, the proposal would provide Dimension stockholders with an immediate and certain return on their investment in Dimension and constitutes a superior alternative to the REGENXBIO transaction,” Ultragenyx said. Dimension Therapeutics shares have surged 236% over the last three months, compared with a 2.8% rise in the S&P 500 .

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Shares of Applied Materials Inc. rallied 1.4% in premarket trade Monday, after the chip equipment company was upgraded at RBC Capital, which was upbeat about the company’s wafer front end (WFE) business. Analyst Amit Daryanani raised the rating to outperform from sector perform and boosted the price target to $55 from $48. Daryanani said that with about 34% of revenue coming from display and services, Applied Materials is better positioned to deal with WFE cyclicality compared with its peers. “While we understand cyclical concerns, we think current WFE levels are sustainable for a longer time frame” given a material shift in capital intensity, which should allow the company to guide fiscal 2020 earnings per share to above $4.00 at the analyst day scheduled for Sept. 27. The stock has run up 9.4% over the past three months through Friday, while the PHLX Semiconductor Index has climbed 7.4% and the S&P 500 has gained 2.8%.

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