US stocks turned mixed Monday morning as Wall Street looked to carry its momentum into the first trading session, with Big Tech names like Amazon (AMZN) and Nvidia (NVDA) again leading the way higher.
The tech-heavy Nasdaq Composite (^IXIC) marched higher, rising about 0.5%. The S&P 500 (^GSPC) erased earlier gains to hover around the flatline. The Dow Jones Industrial Average (^DJI), which includes fewer tech stocks, lost 0.5%
Wall Street is looking to keep up a rally that raged throughout October, when investors piled into growth and AI-linked names, with Big Tech and the “Magnificent Seven” leading market moves. Optimism around easing US-China trade tensions also fueled gains.
That optimism continued Monday, as Amazon shares rose nearly 6% after the company struck a $38 billion deal with OpenAI (OPAI.PVT) that will provide the ChatGPT maker the ability to use hundreds of thousands of Nvidia chips.
Nvidia shares rose over 2% amid the news and an analyst upgrade on the stock.
Meanwhile, earnings season continues in full swing. Roughly 300 S&P 500 companies have now reported third-quarter results. Another 100-plus reports are due this week, including from Palantir (PLTR), Super Micro (SMCI), and AMD (AMD).
Elsewhere in corporates, Kimberly-Clark (KMB) announced it will acquire Kenvue (KVUE) on Monday, creating a $32 billion health and wellness company. Kenvue stock surged 20%, while Kimberly-Clark shares fell 15% following the news.
Investors are also keeping an eye on Washington. The US government shutdown continues to delay key economic data, including the jobs report that was slated for release this week. Meanwhile, the Supreme Court is set to hear arguments this week on the legality of President Trump’s most sweeping tariffs.
With the lack of government data, releases this week from the manufacturing and services sectors from the Institute for Supply Management and S&P Global could hold more weight than normal. The University of Michigan’s customer sentiment report due out Friday will also be examined as fears begin to mount about consumer pullback.
LIVE 12 updates
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Nvidia stock rises despite signal from Trump that top-of-the-line chips can’t go to China
Shares in Nvidia (NVDA) rose by more than 2.2% in the first hour of the trading session on Monday as investors remained enthusiastic about AI spending despite a bearish signal from President Trump on sales of Nvidia’s chips to China. Nvidia’s stock continued its rally, notching more than a 54% gain since the start of the year.
President Trump, in an interview with CBS News on Sunday, said that while the chipmaking leader can interface directly with Beijing on many of its products, that will not be true “in terms of the most advanced [chips].”
“The most advanced, we will not let anybody have them other than the United States,” Trump said during the interview.
Meanwhile, on Monday, Loop Capital Markets raised its price target for Nvidia shares to a Street-high of $350, implying a market cap of $8.5 trillion for the company.
Loop analyst Ananda Baruah wrote in a note to clients, “We are entering the next ‘Golden Wave’ of Gen AI adoption and NVDA is at the front-end of another material leg of stronger-than-anticipated demand.”
In another positive headline for the company, Amazon (AMZN) Web Services on Monday morning announced a $38 billion deal with OpenAI (OPAI.PVT) that will provide the ChatGPT maker access to AWS computing capacity powered by Nvidia chips for its AI development work.
Throughout recent earnings reports, “Magnificent Seven” stocks Amazon, Alphabet (GOOG), Microsoft (MSFT), and Meta (META) have signaled that they expect nearly $405 billion in capital expenditures this year — much of which will go toward AI — according to Barron’s.
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Rare earth stocks drop as Trump says China threat is ‘completely gone’
Rare earth stocks fell in premarket trading Monday morning after President Trump said that the threat to the supply of rare earth minerals from China was “completely gone” in an interview with CBS News on Sunday.
Shares in MP Materials (MP) and USA Rare Earth (USAR) fell by roughly 4.5% and 6.2%, respectively, early Monday morning. Ramaco Resources (METC) fell by roughly 6.5%, while Energy Fuels (UUUU), which has recently been leaning into rare earths after a traditional focus on uranium, traded down by more than 6.7%.
Trump’s comments to CBS News come after a long-awaited summit between the American president and his Chinese counterpart, Xi Jinping, in South Korea on Thursday. Among other outcomes of the meeting was a commitment from Beijing to delay implementation of its strict rare-earth export controls, introduced in early October, for at least a year.
“I got everything that we wanted,” Trump said during the interview. “We got no rare-earths threat. That’s gone, completely gone.”
China controls roughly 70% of rare earth mining, 90% of separation and processing, and 93% of magnet manufacturing, according to the Center for Strategic and International Studies.
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Stocks see mixed movement on market open, full calendar of earnings to come
US stocks rose at the market open on Monday as investors began digesting another wave of earnings and more AI-related deals.
The S&P 500 (^GSPC) and tech-heavy Nasdaq Composite (^IXIC) made gains of roughly 0.3% and 0.8%, respectively. The Dow Jones Industrial Average (^DJI), which includes fewer tech stocks, lost 0.1%.
Wall Street is looking to maintain a rally that raged throughout October. Investors piled into growth and AI-linked names, with Big Tech and the “Magnificent Seven” leading market moves. Optimism around easing US-China trade tensions also fueled gains.
Amazon stock rose nearly 6% at the open after the company struck a $38 billion deal with OpenAI (OPAI.PVT). Nvidia rose over 2%.
Earnings season continues in full swing. Roughly 300 S&P 500 companies have now reported third quarter results. Another 100-plus reports are due this week, including from Palantir (PLTR), Super Micro (SMCI), and AMD (AMD).
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Amazon and OpenAI sign 7-year, $38 billion deal for AWS computer power
Amazon (AMZN) stock rose roughly 0.4% in premarket trading on Monday after Amazon Web Services announced a multiyear partnership with OpenAI (OPAI.PVT) that will grant the ChatGPT maker access to AWS infrastructure.
The agreement, worth $38 billion, will “[provide] AWS’s world-class infrastructure to run and scale OpenAI’s core artificial intelligence (AI) workloads starting immediately,” according to a press release.
The deal is set to last seven years as OpenAI gains use of several hundred thousand Nvidia (NVDA) GPUs to power its AI work. The capacity is expected to be live for OpenAI before the end of 2026, according to the press release, with expansion into 2027 and beyond.
“As OpenAI continues to push the boundaries of what’s possible, AWS’s best-in-class infrastructure will serve as a backbone for their AI ambitions,” said Matt Garman, CEO of AWS. “The breadth and immediate availability of optimized compute demonstrates why AWS is uniquely positioned to support OpenAI’s vast AI workloads.”
In August, AWS began offering access to open-weight models from OpenAI, which allow users to build generative AI applications via AWS’s Bedrock and SageMaker AI platforms.
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Cipher Mining stock surges 16% after company announces $5.5 billion data center lease with AWS
Cipher Mining (CIFR) stock surged 16% in premarket trading on Monday after the bitcoin miner and data center operator announced a 15-year, $5.5 billion lease agreement with Amazon Web Services to deliver 300 megawatts of AI capacity in two phases in 2026.
The New York company also revealed plans to develop a 1-gigawatt site in West Texas, alongside its earnings on Monday. Cipher is expected to provide the majority of the financing for the site, named “Colchis,” resulting in approximately 95% equity ownership, assuming standard lease terms.
Year to date, Cipher stock has skyrocketed over 300% as investors pile into AI infrastructure plays. The stock was a top trending ticker on Yahoo Finance on Monday morning.
Read more here.
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The oil glut will last into 2026. Here’s why it’s unclear how big it will be.
Yahoo Finance’s Jake Conley reports:
Read more here.
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Good morning. Here’s what’s happening today.
Economic data: S&P global manufacturing PMI (October final reading); ISM manufacturing (October); ISM prices paid (October); ISM new orders (October); ISM employment (October); Construction spending, (September); Wards total vehicle sales (October)
Earnings calendar: Palantir (PLTR), Vertex Pharmaceuticals (VRTX), The Williams Companies (WMB), Simon Property Group (SPG), Realty Income Corporation (O), IDEXX Laboratories (IDXX), Ares Management (ARES), Diamondback Energy (FANG), PSEG (PEG), Ryanair (RYAAY), ON Semiconductor (ON), Loews Corporation (L), BWX Technologies (BWXT), Coterra Energy (CTRA), Lattice Semiconductor (LSCC), Hims & Hers (HIMS), Vornado Realty Trust (VNO)
Here are some of the biggest stories you may have missed over the weekend and early this morning:
Fed fallout and a busy earnings calendar: What to watch this week
Trump: China and others can’t have Nvidia’s top AI chips
Kimberly-Clark buying Tylenol maker Kenvue in $48.7B deal
Bessent says high US interest rates may have caused housing recession
US allows Microsoft to ship Nvidia AI chips to UAE for first time
IREN jumps after signing $9.7B deal with Microsoft for Nvidia chips
Tesla to buy $2B of ESS batteries from Samsung SDI over 3 years
Why the Goldman Sachs CEO isn’t buying the AI jobs freakout
Big Oil CEOs warn Trump’s Russia sanctions will hit supplies
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Kimberly-Clark buying Tylenol maker Kenvue in $48.7B deal
Kimberly-Clark (KMB) stock fell 15% before the bell on Monday after announcing it will acquire Kenvue (KVUE), in a $48.7 billion dollar deal, which will create a $30 billion plus health and wellness company.
Kenvue (KVUE) stock soared 20% following the news.
The AP reports:
Read more here.
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IREN stock jumps after signing $9.7B deal with Microsoft
IREN (IREN) stock surged 24% before the bell on Monday following the announcement that the data center owner and operator had signed a neasrly $9.7 billion cloud services contract with Microsoft to provide the tech giant with access to Nvidia‘s (NVDA) GB300 processors over a five-year period.
Read more here.
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Berkshire Hathaway’s profits rise 17% as Warren Buffett prepares to step down as CEO
Berkshire Hathaway (BRK-B, BRK-A) stock rose more than 1% on Monday trading following the release of its third quarter earnings over the weekend.
The profits of Warren Buffett ‘s company improved 17% thanks to a relatively mild hurricane season and more paper investment gains this year as Berkshire Hathaway prepares for the 95-year-old investor to relinquish the CEO title in January.
The AP reports:
Read more here.
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Xiaomi shares rise after Xi quips about backdoors during phone gift
China’s Xiaomi (1810.HK, XIACF) saw shares rise more than 3% on Monday after Chinese President Xi Jinping joked about security backdoors while presenting a pair of Xiaomi smartphones to his South Korea counterpart.
Bloomberg News reports:
Read more here.
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Gold falls below $4,000 mark
Gold (GC=F) dropped below the $4,000 mark following the removal of China’s tax incentive for buying gold through local retailers.
Bloomberg reports:
Read more here.
