S&P 500, Nasdaq Rise on Amazon-OpenAI Deal

On November third, stock markets received a boost from significant AI news, despite economic uncertainties. Amazon's $38 billion deal with OpenAI, allowing OpenAI to use Amazon Web Services for AI projects, sent Amazon shares soaring and helped the Nasdaq post the biggest gain. Nvidia's stock also rose after Trump's move to keep advanced microchips out of China. However, healthcare giants UnitedHealth Group and Merck dragged the Dow Jones down. Kimberly-Clark's shares fell after agreeing to buy Tylenol maker Kenvue for over $40 billion. With the government shutdown causing a lack of official economic data, market watchers relied on other indicators, like purchasing managers' indexes, which pointed to continued uncertainty. The U.S. Supreme Court is set to rule on tariffs later this week, adding to the economic unpredictability. Despite last week's interest rate cut, the Federal Reserve's next move remains uncertain, with attention turning to private reports and Fed officials' signals for clues on the job market and inflation. The Daily News Now! - Every city. Every story. AI Powered. Hosted on Acast. See acast.com/privacy for more information.