Equity Alert
S&P 500, Nasdaq end at record highs, OpenAI deal aids chip shrs
This story was originally published at 07:59 IST on 7 October 2025
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Equity Alert: S&P 500, Nasdaq end at record highs, OpenAI deal aids chip shrs
MUMBAI--0725 IST--The S&P 500 and the Nasdaq Composite index hit record closing highs Monday, led by gains in Advanced Micro Devices shares after the company struck a deal with OpenAI to acquire stake in the chipmaker. Traders shrugged off concerns around the US government shutdown, which extended to another week after the political deadlock over funding bills continued in the US Senate.
The S&P 500 closed almost 0.4% higher and the technology-heavy Nasdaq Composite advanced over 0.7%, with both indices recording record closing highs. Shares of Advanced Micro Devices jumped almost 24?ter the company reached a deal with OpenAI that could enable the ChatGPT company to take 10% stake in the chipmaker, according to media reports. Advanced Micro Devices said it would supply AI chips to OpenAI in a deal that could generate tens of billions of dollars in yearly revenue, Reuters reported. The news lifted other chip stocks as well, with shares of Applied Materials, Micron Technology, and Taiwan Semiconductor Manufacturing up 1.7-3.5%. Shares of Advanced Micro Devices rival Nvidia Corp., however, fell more than 1%.
Shares of Comerica were up 14?ter Fifth Third Bancorp. Monday said it would buy Comerica for $10.9 billion in stock. This will be the biggest US bank merger in years, The Economic Times reported.
Among others, shares of Tesla rose over 5?ter the electric carmaker teased an event scheduled for Tuesday on X over the weekend, a report by Reuters said. Shares of Verizon fell over 5?ter the telecommunications company announced its next chief executive officer, Dan Schulman, the former PayPal head. Investment bank TD Cowen cut its target price for Starbucks due to a weakening labour market. Shares of the company were down 5%. The Dow Jones Industrial Average fell marginally.
Traders looked past concerns about the US government shutdown and US lawmakers failed to reach a deal on funding to keep the government open. The shutdown has delayed the release of key economic data, including the September nonfarms payroll data, which was due Friday. Several US Federal Reserve officials are expected to speak this week, including Fed Governor Stephen Miran on Wednesday and Fed Chair Jerome Powell on Thursday.
Following are the closing levels of US indices Monday:
|
Index |
Level |
Change in % |
|
S&P 500 |
6740.28 |
0.36 |
|
NASDAQ Composite |
22941.67 |
0.71 |
|
Dow Jones Industrial Average |
46694.97 |
(-)0.14 |
(Eshitva Prakash)
End
US$1 = INR 88.78
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
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