The S&P 500 and Nasdaq started November strong due to AI deals benefiting Amazon and Nvidia. Amazon reached a record high with a $38 billion cloud computing deal with OpenAI, powered by Nvidia’s processors. Nvidia gained 2.5% after Trump’s chip announcement, while Loop Capital raised its stock target by $100, boosting optimism in the AI market.

Investors eagerly anticipate earnings results from companies like AMD and Qualcomm this week. Despite fears of inflation and job concerns, CIO Michael Sansoterra noted positive earnings growth in most companies beyond big tech names. Consumer discretionary and IT sectors saw gains, while Kenvue soared 17.4% post-Kimberly-Clark’s $40 billion acquisition.

Private sector economic data and Fed Chair Powell’s tempered rate cut optimism are in focus. U.S. manufacturing contracted for an eighth month in October, and the Supreme Court will discuss the legality of Trump’s tariffs. Companies like IDEXX and IREN saw significant stock movements, with Berkshire Hathaway experiencing a 0.8% drop after quarterly results.

Read more at Yahoo Finance: S&P 500, Nasdaq gain after Amazon-OpenAI deal; Kenvue soars after buyout