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On Monday, the S&P 500 Index closed up 0.36%, while the Dow Jones Industrial Average fell 0.14%, and the Nasdaq 100 saw a gain of 0.78%, reaching a new all-time high. Advanced Micro Devices (AMD) surged over 23% following a major deal with OpenAI worth tens of billions, boosting investor optimism in the AI sector.
The ongoing U.S. government shutdown, now in its second week, is delaying key economic reports and raising concerns, with estimates suggesting 640,000 federal workers may be furloughed. The 10-year Treasury yield climbed 4 basis points to 4.16%, influenced by concerns over the shutdown and rising bond yields.
Investment in haven assets like gold and Bitcoin increased due to political uncertainty, with Bitcoin reaching a record high above $126,000. Additionally, rising earnings expectations in the S&P 500 indicate a bullish backdrop for stocks, with analysts forecasting a 95% probability of a 25 basis point rate cut at the next FOMC meeting on October 28-29.
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