Traders work on the floor of the New York Stock Exchange.
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of Nasdaq Composite The stock rose on Monday as investors moved further into the artificial intelligence space following a number of deal announcements.
The tech-heavy Nasdaq rose 0.5%, but S&P500 It traded near the flatline. of Dow Jones Industrial Average It got off to a slow start, dropping 247 points (0.5%).
Name of “Magnificent Seven” Amazon supported the market, with shares rising 4% after the company reached a $38 billion deal with OpenAI. Specifically, this partnership will support hundreds of thousands of Nvidia’s Graphics processing unit.
Shares of chipmakers also rose on Monday on the back of data center companies. Airen reached a $9.7 billion multi-year deal with microsoft Provides megacap technology companies with access to Nvidia GB300 GPUs. Airen’s stock price has recently increased by 19%. micron technology While it rose 4% to lead the rally in chip stocks. Nvidia It was up 2%. of VanEck Semiconductor ETF (SMH) Increased by 1%.
NVIDIA stock continued to rise on Monday after Microsoft announced it had secured an export permit from the Trump administration to ship NVIDIA chips to the United Arab Emirates. The company added that the total investment from the UAE will be $15.2 billion by the end of 2029.
But other than technology stocks, there was little gain on the day, with more than 400 stocks in the S&P 500 in the red. This breadth weakness is an ongoing concern in the market, with more stocks in the major benchmarks falling than rising in October, even as artificial intelligence trading boosted stock prices during the month.
Wall Street is winning, adding to the benchmark’s October rally. The S&P 500 and Dow Jones Industrial Average rose 2.3% and 2.5%, respectively, in the same month. The Nasdaq Composite Index outperformed, rising 4.7%. These gains were driven in part by continued momentum in AI trade and signs of easing trade tensions between the US and China.
To date, more than 300 S&P 500 companies have announced their third quarter results. More than 80% of those results exceeded expectations, according to FactSet. Wall Street will hear about 100 more companies this week, including AI-related names. Palantir and AMD.
“Fundamentally, the U.S. earnings picture remains strong, supported by these three factors,” said Tom Lee, head of research at Fundstrat.
Wall Street could become more seasonal this month. The S&P 500 index rose an average of 1.8% in November, the strongest month in the benchmark’s history, according to data from Stock Traders Almanac.
