"(Bloomberg/Natalia Kniazhevich) US stocks advanced, driven by tech shares, after an OpenAI share sale valued the artificial intelligence company at an $500 billion. The S&P 500 rose 0.3% as of 9:33 am in New York, while the Nasdaq 100 gained 0.5%. Stocks climbed even as the US government shutdown stretched into a second day, causing a delay of weekly jobless claims and factory orders data. A separate report from outplacement firm Challenger, Gray & Christmas showed that US employers dialed back hiring plans in September,"
"For now, traders are more focused on riding the AI-led euphoria, which kicked into a higher gear after OpenAI employees sold stock in a deal that gave its valuation a substantial boost. Investors also cheered an AI infrastructure-related IPO of the Energy real estate investment trust Fermi. Shares jumped for a second day after its trading debut. Bank of America Corp. derivatives strategists see scope to use options to bet on further gains for tech."
US equities rose with tech names leading after an OpenAI share sale pushed the company's valuation to $500 billion. The S&P 500 climbed 0.3% and the Nasdaq 100 gained 0.5% amid market optimism. A government shutdown delayed some economic data releases while Challenger, Gray & Christmas reported employers reduced hiring plans in September. Traders focused on AI-driven momentum following insider stock sales and a strong IPO debut from Fermi, an AI infrastructure-related REIT. Options volumes surged, with record call trading and 65% of retail options flow in calls, signaling broad bullish sentiment. EU steel tariffs and stronger auto deliveries also influenced markets.
Read at www.mercurynews.com
Unable to calculate read time
Collection
[
|
...
]