Amazon and the AI trade sustain stock gains |
The S&P 500 and Nasdaq 100 had a positive start to what is historically the best month of the year for stocks, almost exclusively powered by the AI trade as Amazon announced a $38 billion cloud-computing deal with OpenAI, while the Russell 2000 fell. Consumer discretionary (which includes Amazon) and tech were the best-performing sector ETFs.
Stocks that moved higher: |
- Nvidia gained as two new AI deals underscored demand for its flagship chips.
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Palantir notched a new record high in anticipation of today’s earnings report after the bell.
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Micron, the US memory chip specialist, jumped on reports of surging prices for memory chips. Such signs of ongoing AI-related demand for IT hardware also gave a lift to other data storage device makers, such as Seagate Technology Holdings and Western Digital.
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Cipher Mining soared after reporting earnings and a $5.5 billion deal with Amazon to provide AI data center capacity and power.
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IREN surged after announcing a five-year cloud deal with Microsoft for a total contract value of $9.7 billion.
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Giant American drugmaker Kimberly-Clark is acquiring Kenvue, the maker of Tylenol whose stock has been pummeled by allegations from the Trump administration that its signature pain reliever causes autism in a deal with an enterprise value of $48.7 billion. Kenvue rose on the news that shareholders will receive $21.01 per share in cash and stock, while Kimberly-Clark fell.
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Joby Aviation sank after a report of a delay for the company’s UAE certification, stoking fears that air taxis may be further away than thought. Rival Archer Aviation also fell on the news.
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Beyond Meat dropped after delaying its Q3 results to November 11, citing a "material" non-cash charge which the company is not yet able to reasonably quantify.
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MP Materials, Lithium Americas, Critical Metals, and United States Antimony Corp. fell after the White House said that China’s rollback of export curbs goes further than previously thought.
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The 2025 New York City Marathon saw a record number of runners |
Almost 60,000 people took part in the NYC Marathon this year — as celebrities, influencers, and hordes of routine-starved young people keep long distance races on trend. Read more. |
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More than a decade after Meta’s phone flop, it’s still trying to get in on hardware. Read more. |
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Trump’s “impossible trinity” on AI and energy
Everyone loves a good trilemma.
- Tesla sales fell in several European countries in October, including an 89% drop in Sweden
Tesla sales fell in several European countries, Tesla’s weakest market, in October. - Texas wants a piece of Wall Street
With its long-teased stock exchange, TXSE, winning SEC approval in September, the state is taking aim at a market long-ruled by just two giants. -
Options markets signal “optimism peaks” for Magnificent 7 stocks
“The number of stocks in the S&P top 100 trading with inverted call skew (a sign of extremely bullish sentiment where the OTM call trades at a higher volatility than the ATM call) has surged to a high of ~20% (vs. historical average of just 3%),” per Cboe. -
Experts predict bitcoin is “in for a choppy November”
November is historically bitcoin’s best month, but the price may remain in the $107,000 to $113,000 range.
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