Wall Street today: Nasdaq, S&P 500 rise, lifted by tech stocks, AMD climbs 35%

The Nasdaq and the S&P 500 rose on Monday, lifted by the latest corporate activity in the artificial intelligence (AI) sector, which helped to offset broader concerns regarding a potential prolonged US government shutdown.

The market sentiment was notably lifted following the news of chipmaker AMD's supply tie-up with OpenAI. This collaboration represents the newest in a series of significant AI deals that have recently energised investor confidence.

At 11:48 a.m. ET, the Dow Jones Industrial Average fell 80.71 points, or 0.17%, to 46,677.57, the S&P 500 gained 24.73 points, or 0.37%, to 6,740.52 and the Nasdaq Composite gained 152.57 points, or 0.67%, to 22,933.08.

At 09:59 a.m. ET, the Dow Jones Industrial Average fell 218.34 points, or 0.47%, to 46,540.49, the S&P 500 gained 8.59 points, or 0.13%, to 6,724.38 and the Nasdaq Composite gained 85.46 points, or 0.38%, to 22,865.97.

At the open, the Dow Jones Industrial Average rose 17.8 points, or 0.04%, to 46,776.04. The S&P 500 rose 18.1 points, or 0.27%, to 6,733.86​, while the Nasdaq Composite rose 113.8 points, or 0.50%, to 22,894.352.

In the bond market, the yield on the 10-year Treasury held at 4.13%.

Gainers and Movers

Shares of Advanced Micro Devices Inc.’s (AMD) soared about 35% after the chipmaker announced a significant multi-year deal to supply artificial intelligence chips to OpenAI.

The agreement is poised to generate tens of billions of dollars in annual revenue for AMD and grants the creator of ChatGPT the option to acquire a minority stake in the chipmaker.

Other chip stocks also rose, with Marvell Technology and Micron Technology gaining 4.2% and 5.5%, respectively.

Nvidia fell 1.5% following the AMD deal announcement.

Tesla stock gained 2% after the electric vehicle maker teased an event scheduled for Tuesday on social media platform X over the weekend.

Comerica shares surged 13.9% after Fifth Third announced it will buy the company in an all-stock deal worth $10.9 billion. Fifth Third stock fell 1.5%.

Crypto stocks advanced after Bitcoin rose to near all-time high. Coinbase Global gained 1%, Riot Platforms jumped 4.9% while MARA Holdings added 3.7%.

Bullion

Gold prices surged to an all-time high above $3,900 per ounce on Monday amid economic and political uncertainty in the US, France and Japan.

Spot gold was up 1.4% to $3,941.63 per ounce, as of 13:41 GMT, after hitting a high of $3,949.34 earlier in the session.

US gold futures for December delivery rose 1.5% to $3,967.70 per ounce.

Spot silver climbed 1.4% to $48.63 per ounce, platinum rose 2.3% to $1,642.25, and palladium gained 2.8% to $1,295.75.

Crude Oil

Oil prices gained on Monday after OPEC agreed to raise production by a modest amount.

Brent edged above $65 a barrel, following an 8% slump last week.

On Sunday, the Organization of the Petroleum Exporting Countries and partners including Russia backed a 137,000 barrel-a-day increment.