"The S&P 500 Index was up 0.3% as of 9:35 a.m. in New York, after notching its seventh winning week in the last nine. The Nasdaq 100 Index advanced 0.8%, with Advanced Micro Devices Inc. soaring 31% on track for its biggest gain since April 2016 after inking a deal with OpenAI to roll out AI infrastructure in a pact the chipmaker said could generate tens of billions of dollars in new revenue."
"The US government shutdown, which began Oct. 1, delayed the release of the monthly jobs report last Friday, which is crucial to investors given how closely traders are monitoring the labor market to see whether its slowdown is enough for the Federal Reserve to keep cutting interest rates. Of course, past shutdowns have not hurt the economy or stock market much, and the thinking is that this one may be similar."
US stocks rose to record levels shortly after the opening bell as the S&P 500 gained 0.3% and the Nasdaq 100 advanced 0.8%. Advanced Micro Devices surged about 31% after agreeing to roll out AI infrastructure with OpenAI in a deal the chipmaker said could generate tens of billions in new revenue, while Nvidia fell about 2.2%. Comerica jumped 16% following a takeover agreement with Fifth Third Bancorp, and Tesla gained 3.2% ahead of a product tease. A Magnificent Seven basket was little changed. A government shutdown delayed the monthly jobs report, and alternative hiring indicators pointed to tepid hiring that supports expectations for Federal Reserve rate cuts.
Read at www.mercurynews.com
Unable to calculate read time
Collection
[
|
...
]