Wall Street Ends Mixed Amid AI Market Buzz
Investors are awaiting fresh labor market data this week, including the JOLTS job openings report on Tuesday.
Quick overview
- Wall Street's main indexes closed mixed, with the Dow slipping 0.48% and the Nasdaq rising 0.46% driven by tech shares.
- Nvidia's stock rose 2.20% following Microsoft's $15.2 billion investment in AI infrastructure in the UAE.
- Amazon.com shares jumped 4.03% after announcing a $38 billion cloud services deal with OpenAI.
- Investors are awaiting labor market data and are focused on upcoming earnings reports from Palantir and AMD.
Wall Street’s main indexes closed mixed on Monday, with investors focused on artificial intelligence (AI) plays while some major tech names moved out of sync with the broader market trend.
The Dow Jones Industrial Average slipped 0.48% to 47,336.68, while the S&P 500 inched up 0.17% to 6,851.97. The Nasdaq Composite, driven by tech shares, advanced 0.46% to 23,834.72.
Nvidia rose 2.20% after Microsoft announced a $15.2 billion investment in the United Arab Emirates to develop AI infrastructure, along with export licenses to ship Nvidia chips to the country.
Amazon.com shares jumped 4.03%, hitting a record high earlier in the session after unveiling a multi-year $38 billion cloud services deal with OpenAI, the developer of ChatGPT.
Palantir Technologies climbed 3.42% ahead of its earnings release after the close. The AI-focused data platform firm has surged 165% year-to-date and continued to rise in after-hours trading.
On the downside, Kimberly-Clark plunged 14.55% after announcing plans to acquire Kenvue—which gained 12.3%—in a deal valuing the company at $48.7 billion.
Market Outlook and Drivers
Investors are also awaiting fresh labor market data this week, including the JOLTS job openings report on Tuesday and Challenger’s job cuts survey on Thursday.
Meanwhile, internal divisions within the Federal Reserve are drawing attention. Lorie Logan of the Dallas Fed and Beth Hammack of the Cleveland Fed both opposed last week’s rate cut, according to Hang Seng Bank’s daily report. “Both will have voting rights next year, signaling deeper policy splits within the Fed,” the report said.
Over the past two weeks, six of the “Magnificent Seven” tech giants have reported quarterly results—Nvidia, now the world’s largest company by market capitalization, is the only one yet to report. Its earnings are due November 19.
Before then, several key updates are expected: Palantir’s results later today and AMD’s quarterly report tomorrow.
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