Gold prices slip as stronger dollar, Fed rate uncertainty weigh
Investing.com-- U.S. stock index futures were little changed on Monday evening after a mixed close on Wall Street, with gains in the S&P 500 and Nasdaq lifted by renewed enthusiasm around artificial intelligence and upbeat corporate news.
S&P 500 Futures inched 0.1% lower to 6,873.20 points, while Nasdaq 100 Futures fell 0.2% to 26,048.75 points by 19:15 ET (00:15 GMT). Dow Jones Futures ticked down 0.1% to at 47,412.0 points.
S&P, Nasdaq rise on Amazon-OpenAI $38 bln deal
The S&P 500 and NASDAQ Composite ended 0.2% and 0.5% higher, respectively, helped by strength in megacap technology stocks and optimism over AI-driven growth prospects. The Dow Jones Industrial Average, however, slipped 0.5% as investors booked profits after last week’s rally.
AI-related stocks remained the main driver of sentiment after Amazon.com (NASDAQ:AMZN) and OpenAI announced a multi-year partnership valued at around $38 billion, under which Amazon Web Services will supply large-scale cloud infrastructure to support OpenAI’s next generation of models.
The deal reinforced expectations that spending on AI infrastructure will continue to accelerate through 2025, benefiting chipmakers and data-center providers.
Amazon shares rose more than 4% on Monday, while Nvidia (NASDAQ:NVDA) stock climbed 2.2%.
U.S. President Donald Trump said on Monday that Nvidia’s most advanced “Blackwell” AI chips would be reserved for U.S. use only, underscoring his administration’s protectionist stance. Analysts warned the remarks could heighten trade tensions with China.
On the economic front, the latest ISM manufacturing index showed factory activity in the U.S. contracted for an eighth straight month in October, with a reading of 48.7, below the 50-point mark that separates growth from contraction.
The ongoing government shutdown, which is flirting with becoming the longest such closure in American history, has left investors and Fed policymakers without a range of critical data points needed to establish the state of the U.S. economy.
Palantir falls despite earnings beat; AMD results on tap
After the closing bell, attention turned to Palantir Technologies Inc (NASDAQ:PLTR), which reported quarterly results that met Wall Street expectations.
Shares of the company fell 3% in extended trading despite the data analytics company saying demand for its AI-driven platforms continued to grow, led by U.S. government contracts and new commercial deals.
Advanced Micro Devices Inc (NASDAQ:AMD) will report on Tuesday, with investors eyeing AI chip demand after strong results from rivals.
Uber Technologies (NYSE:UBER) and McDonald’s (NYSE:MCD) are due on Wednesday, offering a snapshot of consumer spending and service-sector resilience.