US stock market today: Nasdaq S&P rise Dow falls: US stock market today: Why S&P, Nasdaq gain while Dow slips? Here’s how Apple, Nvidia, and Tesla drove Wall Street today
Investors have flocked to artificial intelligence stocks again. Amazon rose 4% after signing a $38 billion partnership with OpenAI, signaling a deeper shift into generative AI. The deal reportedly covers hundreds of thousands of Nvidia GPUs, increasing demand for the chip.
Chip stocks have rebounded. Micron Technology gained nearly 5%. Nvidia added 2%. VanEck Semiconductor ETF (SMH) rose about 1%. Shares of Iren, which signed a $9.7 billion multi-year data center agreement with Microsoft, increased by 11 percent.
Nvidia also made progress after Microsoft obtained the Trump administration’s export licenses to ship its GPUs to the United Arab Emirates as part of a $15.2 billion UAE investment plan by 2029.
Beyond technology, the breadth of the market was poor. More than 300 S&P 500 stocks closed in the red, showing a narrow lead despite AI enthusiasm. Analysts note that “the market is rewarding AI leaders like Amazon, Microsoft, Google, Nvidia and Palantir,” DA Davidson’s Gil Luria said. He noted that these companies “control the infrastructure and demand curve of AI.”
Third quarter earnings season remained strong. More than 300 S&P 500 companies reported and more than 80% beat estimates, FactSet said. Bank of America expects third-quarter profits to rise 12% year over year; This is the fourth consecutive quarter of double-digit growth. AI trading, easing US-China tensions and solid corporate results buoyed the October market. Nasdaq gained 4.7% in October. The S&P 500 gained 2.3 percent. The Dow rose 2.5 percent. Rare earth miners, meanwhile, retreated after the White House confirmed China would lift export restrictions under the new Trump-Xi trade truce. MP Materials fell 7%. US Rare Earth fell 14%. Energy Fuels and NioCorp each lost more than 10%.
Tesla gained attention after Deutsche Bank raised its target to $470, citing its robotaxi rollout. And JPMorgan won praise from Wells Fargo, which raised its target to $350 and called it the “Nvidia of banking.”
Despite the Fed’s Mary Daly’s warning about December interest rate moves, UBS expects more stock gains ahead, saying this bull market “still has room to maneuver.”
US stock market today: Nasdaq climbs as AI megadeals lift Wall Street
Nasdaq Composite closed at 23,834.72, up 0.46%, driven by gains in major technology and semiconductor stocks. The S&P 500 index closed at 6,851.97 points, with an increase of 0.17 percent, and the Dow Jones Industrial Average closed at 47,336.68 points, with a decrease of 226.19 points or 0.48 percent.
Shares of Amazon rose 4% after the company announced a $38 billion partnership with OpenAI. The deal will use hundreds of thousands of Nvidia GPUs, signaling Amazon’s aggressive expansion into AI infrastructure.
AI-related stocks rose on this news. Micron Technology led the rise among chipmakers, rising nearly 5%, while Nvidia rose nearly 2%. VanEck Semiconductor ETF (SMH) is up about 1%. Iren’s shares rose 11% after it signed a $9.7 billion multi-year deal with Microsoft to supply Nvidia’s new GB300 GPUs.
Nvidia’s rally extended after Microsoft confirmed it had obtained export licenses from the Trump administration to ship its advanced AI chips to the United Arab Emirates. Microsoft underlined its growing role in global AI infrastructure, saying total UAE investment will reach $15.2 billion by 2029.
Market breadth remains weak despite AI boom
Outside of AI and technology, broader market participation has remained soft. More than 300 S&P 500 companies closed lower on Monday, reflecting weaker breadth. Despite record highs in some indexes, analysts have warned that a handful of “Magnificent Seven” stocks, including Nvidia, Microsoft, Google, Amazon and Palantir, have captured most of the AI-driven gains.
“The market is rewarding major AI players today,” said Gil Luria, head of technology research at DA Davidson. “They are leading the next computing cycle and capturing nearly all the value of AI. They have the cash, infrastructure and demand momentum to stay ahead.”
Strong earnings season continues to support sentiment
Corporate earnings remained strong. So far, more than 300 S&P 500 companies have reported third-quarter results that beat expectations by more than 80%, according to FactSet.
Bank of America said the season followed 12% year-over-year earnings growth, marking the fourth straight quarter of double-digit growth. Analysts at UBS expect the market’s rally to continue despite valuation concerns.
“Despite high valuations and policy uncertainty, this bull market still has room to maneuver,” said Ulrike Hoffmann-Buchardi, global head of equities at UBS Financial Services.
Trade truce hits rare earth miners
Rare earth mining stocks fell after the White House said China would lift export restrictions on critical minerals as part of a trade truce reached between President Donald Trump and President Xi Jinping.
MP Materials fell 7%, USA Rare Earth and Energy Fuels fell nearly 14%, and NioCorp Developments fell 11%. China agreed to suspend sweeping export restrictions and issue general licenses, lifting controls imposed in April 2022 and October 2024, the White House said.
President Trump told CBS 60 Minutes“We have no rare earth threat; that’s gone, gone for good.”
Tesla, JPMorgan and Costco attract Wall Street’s attention
Deutsche Bank raised its Tesla price target to $470 from $440, citing growing optimism about the company’s robotaxi deployment in major U.S. cities. Tesla shares have gained 16% so far.
Wells Fargo raised its target for JPMorgan Chase to $350 per share and maintained its overweight rating, calling it the “Nvidia of banking.” The firm cited JPMorgan’s $18 billion technology spend and its adoption of artificial intelligence as key drivers of growth. The bank’s shares are up 29% this year.
Oppenheimer upgraded Costco to a top pick, citing strong value appeal in a mixed spending environment. The firm expects a 15% increase from the retailer’s current levels and forecasts steady earnings through 2026.
Top Earners:
- Apple (+2%)
- Nvidia (+1.8%)
- Tesla (+3%)
- Amazon (+1.2%)
- Alphabet (+0.9%)
Biggest Losers:
- Strip (-1.6%)
- Boeing (-1.2%)
- Caterpillar (-0.8%)
- 3 million (-0.7%)
- Goldman Sachs (-0.6%)
Yields close to 4.58% continued to put pressure on cyclical markets. The S&P 500 is up 14% year-to-date and the Nasdaq is up 22%, as artificial intelligence and chip stocks led the November rally.
October was a strong month for Wall Street. The S&P 500 gained 2.3%, the Dow gained 2.5% and the Nasdaq gained 4.7%. Analysts say November could extend these gains; This month is historically the best for U.S. stocks, up 1.8% on average, according to Stock Trader’s Almanac.
While future earnings from Palantir and AMD test the resilience of the AI trade, investors will also be watching for comments from San Francisco Fed President Mary Daly, who signaled an “open-minded” stance ahead of December’s rate decision.
Overall, the market remains optimistic, supported by AI giant deals, strong profits and easing trade tensions.
Stocks moved erratically on Monday as investors turned to artificial intelligence and technology names. Investors continued to digest strong October employment data, which strengthened the view that the Fed could delay interest rate cuts until early 2026. Treasury yields remained around 4.58%, weighing on interest-sensitive sectors such as real estate.
The breadth of the market supported declines on the NYSE, but large-cap growth stocks remained solid. The Philadelphia Semiconductor Index gained 1.4%, its best start to November since 2021.
Investors now await new comments from Fed officials and major corporate earnings from Disney, Uber and Rivian later this week. Despite the Dow’s decline, Wall Street’s overall tone remained optimistic about AI’s momentum.
