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Nasdaq Pushes Higher on AI Trade
Posted
November 3, 2025
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November 3, 2025
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43:53
3:47Now PlayingRaeAnn Mitrione, Partner at Callan Family Office, talks Q3 earnings and investor sentiment around the global AI infrastructure buildout.
Wall Street’s broader stock market struggled to make headway, but tech shares kept climbing as Amazon.com Inc.’s $38 billion deal with OpenAI added fuel to the artificial-intelligence trade.
A renewed industry advance drove a gauge of the “Magnificent Seven” megacaps up 1.5%. Amazon jumped 4.5% as its cloud unit will provide the ChatGPT maker with access to hundreds of thousands of Nvidia Corp. graphics processing units as part of a seven-year deal. Despite the AI optimism, more than 400 shares in the S&P 500 actually retreated.
Monday’s deal saw another industry giant join the ranks of those building or retrofitting data centers to back OpenAI. The animal spirits surrounding the revolutionary technology confronted calls for broader-market consolidation after a relentless surge since April’s meltdown.
Traders also kept an eye on the few economic reports slated for this week. US factory activity shrank in October for an eighth straight month while inflationary pressures continued to ease.
Federal Reserve Bank of Chicago President Austan Goolsbee said he wants to see more data before deciding on rates, but warned he’s more concerned about inflation than the labor market. Fed Governor Stephen Miran said monetary policy remains restrictive.
“Concerns over high valuations persist, and the Federal Reserve’s policy outlook appears murkier amid the ongoing US government shutdown,” said Ulrike Hoffmann-Burchardi at UBS Global Wealth Management. “Despite the strong gains in equity markets this year, we continue to believe that this bull market has room to run.”
The S&P 500 hovered near 6,830. Palantir Technologies Inc., whose stock has surged about 385% over the past year amid AI optimism, will report earnings after the closing bell.
The yield on 10-year Treasuries rose two basis points to 4.10%. The dollar wavered.
The start of what’s known as the best month of the year for stocks saw tech rallying as Amazon.com Inc.’s $38 billion deal with OpenAI added fuel to the artificial-intelligence trade. Bond yields rose. Crypto sank.
A renewed advance in megacaps drove a gauge of the “Magnificent Seven” up 1.5%. The ChatGPT maker will pay Amazon Web Services for access to hundreds of thousands of Nvidia Corp. graphics processing units as part of a seven-year deal. Shares of the online retail giant jumped 4.5%. Despite the AI optimism, about 330 firms in the S&P 500 actually retreated.
Monday’s deal saw another industry giant join the ranks of those building or retrofitting data centers to back OpenAI. The animal spirits surrounding the revolutionary technology confronted calls for broader-market consolidation after a relentless surge since April’s meltdown.
Traders also kept an eye on the few economic reports slated for this week. US factory activity shrank in October for an eighth straight month while inflationary pressures continued to ease.
Federal Reserve Bank of Chicago President Austan Goolsbee warned he’s more concerned about inflation than jobs. His San Francisco counterpart Mary Daly said officials should “keep an open mind” about the possibility a December cut. Governor Stephen Miran noted policy remains restrictive.
“Concerns over high valuations persist, and the Federal Reserve’s policy outlook appears murkier,” said Ulrike Hoffmann-Burchardi at UBS Global Wealth Management. “Despite the strong gains in equity markets this year, we continue to believe that this bull market has room to run.”
The S&P 500 hovered near 6,855. Its equal-weighted version - which gives Dollar Tree Inc. as much clout as Apple Inc. - slid. Palantir Technologies Inc., whose stock has surged almost 400% over the past year, will report earnings after the close.
The yield on 10-year Treasuries rose three basis points to 4.10%. Bitcoin sank 2.5%. The dollar wavered.
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