US stocks, led by Big Tech names like Amazon and Nvidia, rose on Monday. The S&P 500 and Nasdaq made gains, but the Dow Jones held steady. Wall Street continues October’s rally, fueled by optimism around US-China trade tensions. Amazon’s shares surged after a $38 billion deal with OpenAI, while Nvidia rose after an analyst upgrade. Earnings season is in full swing, with over 300 S&P 500 companies reporting. Berkshire Hathaway’s stock rose following improved profits. Kimberly-Clark announced a $32 billion acquisition of Kenvue. Investors are monitoring the US government shutdown’s impact on key economic data.
Amazon’s stock rose after a $38 billion deal with OpenAI for AWS infrastructure. The 7-year agreement will grant OpenAI access to Nvidia GPUs to power its AI work. AWS CEO praised the partnership, highlighting AWS’s infrastructure capabilities. Cipher Mining’s stock surged after a $5.5 billion data center lease with AWS for AI capacity. The company plans to develop a 1-gigawatt site in West Texas. Year-to-date, Cipher’s stock has soared over 300% amid investor interest in AI infrastructure plays. The oil glut is expected to last into 2026, with uncertainties about its magnitude. – Economic data: S&P global manufacturing PMI, ISM manufacturing, ISM prices paid, ISM new orders, ISM employment, Construction spending, Wards total vehicle sales.
– Earnings calendar: Palantir, Vertex Pharmaceuticals, The Williams Companies, Simon Property Group, Realty Income Corporation, and more.
– Top stories: Fed fallout, Trump’s AI chip ban, Kimberly-Clark acquires Kenvue, IREN signs $9.7B deal with Microsoft.
– Berkshire Hathaway’s profits up 17%, Xiaomi shares rise after Xi’s joke about backdoors, Gold falls below $4,000 mark. 1. In a historic move, the FDA has approved Pfizer’s COVID-19 vaccine for emergency use in children ages 5 to 11. This decision comes after clinical trials showed the vaccine is safe and effective for this age group, offering hope for a return to normalcy for millions of families.
2. The latest employment report shows that the US economy added 531,000 jobs in October, exceeding expectations. The unemployment rate also dropped to 4.6%, the lowest since the start of the pandemic. This positive trend indicates continued recovery and growth in the labor market.
3. Wildfires continue to ravage parts of California, with over 300,000 acres burned and thousands of residents evacuated. Firefighters are working tirelessly to contain the blazes, but strong winds and dry conditions are making their job challenging. Authorities are urging residents to stay vigilant and prepared for potential evacuation orders. 1. The Federal Reserve decided to raise interest rates for the first time in 2022, citing concerns over high inflation and a strong labor market. The increase of 0.25 percentage points is expected to slow down economic growth and borrowing.
2. In international news, Russia launched a cyber attack on Ukraine, targeting government websites and infrastructure. This comes amidst rising tensions between the two countries over Ukraine’s desire to join NATO.
3. The latest data shows that the unemployment rate in the United States has dropped to 3.8%, the lowest level since the start of the pandemic. This is a positive sign for the economy as more people are finding jobs.
4. The Omicron variant continues to spread rapidly around the world, leading to a surge in COVID-19 cases. Health officials are urging people to get vaccinated and take precautions to prevent further transmission of the virus.
Read more at 1. Tesla reports record-breaking $1.1 billion in quarterly profit, exceeding expectations. – finance.yahoo.com
2. Amazon announces plans to hire 55,000 corporate and technology employees globally. – finance.yahoo.com
3. Facebook’s parent company Meta reports 22% increase in revenue for the fourth quarter. – finance.yahoo.com: S&P 500, Nasdaq jump to kick off November as Amazon, Nvidia lead way