4:15pm: Investors brush off shutdown
It was a mixed day for US stocks, with the S&P 500 and Nasdaq closing at record levels as the Dow Jones moved lower.
The Nasdaq added 0.7% at 22,941 points, the S&P 500 was up 0.4% at 6,740 points, while the Dow Jones slipped 0.1% at 46,694 points.
3:47pm: Proactive news headlines
- Volato Group has announced the launch of a new AI-based software platform, Parslee Document Intelligence, which it says complements its pending merger with M2i Global (OTC:MTWO).
- Graphene Manufacturing Group Ltd (TSX-V:GMG, OTCQX:GMGMF) (GMG) announced that it has received Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH) registration, which enables THERMAL-XR, the company’s patented graphene coating system, to be sold in Europe.
- Abacus Global Management (NASDAQ:ABL) has announced the acquisition of AccuQuote, an online life insurance brokerage platform that provides quotes from multiple insurers through a single interface.
- Nano One Materials Corp (TSX:NANO, OTC:NNOMF) announced that it has pre-qualified lithium raw materials from Rio Tinto as part of its ongoing collaboration with the company for lithium iron phosphate (LFP) cathode production.
- HIVE Digital Technologies (TSX-V:HIVE, NASDAQ:HIVE) reported an 8% month-over-month increase in Bitcoin production during September, as its Phase 3 Valenzuela site in Paraguay is nearing completion.
- G Mining Ventures Corp (TSX:GMIN, OTCQX:GMINF) announced that it has secured commitments for an initial US$387.5 million financing package, with the potential to be increased by a further US$150 million beginning six months after closing, subject to lender approval.
- GoviEx Uranium Inc (TSX-V:GXU, OTCQB:GVXXF) announced that its proposed reverse takeover transaction with Tombador Iron is progressing, with key shareholder meetings scheduled in the coming weeks and closing still targeted for early November.
- Delivra Health Brands Inc. (TSX-V:DHB, OTCQB:DHBUF) reported that its total net revenue for fiscal 2025 rose 8% year over year to $13,370,000 driven mainly by higher net sales in the US.
- Charbone Hydrogen Corporation (TSX-V:CH, OTCQB:CHHYF) announced that it has closed the second and final tranche of its non-brokered private placement, raising an additional $551,000.
- Giyani Metals Corp (TSX-V:EMM, OTC:CATPF) has achieved first production of high-purity manganese sulphate monohydrate, or HPMSM, from its demonstration plant in Johannesburg, a key step toward commercial-scale output for the battery materials developer.
2:35pm: Market movers
- Spruce Biosciences (NASDAQ:SPRB) shares surged more than 390% to around $43 following news that the US Food and Drug Administration (FDA) has granted Breakthrough Therapy Designation (BTD) for its tralesinidase alfa enzyme replacement therapy (TA-ERT) for Sanfilippo Syndrome Type B (MPS IIIB).
- Heidrick & Struggles International Inc (NASDAQ: HSII) shares climbed 20% on Monday after the executive search company agreed to be taken private in a deal valued at $1.3 billion, or $59 per share.
- Tesla Inc (NASDAQ:TSLA) shares gained more than 4% in midday trading on Monday after the electric vehicle (EV) maker posted a series of cryptic posts on X hinting at a new product launch.
- Verizon Communications Inc (NYSE:VZ, ETR:BAC) announced a leadership change on Monday, appointing Dan Schulman, the former CEO of PayPal and current independent lead director of Verizon’s board, as its new chief executive officer.
- Fifth Third Bancorp (NASDAQ:FITB) announced on Monday that it will acquire Comerica Inc (NYSE:CMA) in an all-stock transaction valued at $10.9 billion.
- Critical Metals Corp (NASDAQ:CRML) shares surged more than 73% in early trading on Monday following a Reuters report that the US government was in discussions to buy an ownership stake in the company.
- Advanced Micro Devices Inc (NASDAQ:AMD, ETR:AMD) shares surged after the chipmaker agreed a deal with OpenAI, where the company behind ChatGPT will buy 160 million of its shares.
12:32pm: Analysts welcome OpenAI-AMD deal
OpenAI’s newly announced partnership with Advanced Micro Devices Inc (NASDAQ:AMD, ETR:AMD) is a landmark moment in the AI sector, signalling a new phase in the ongoing AI revolution, according to Wedbush analysts.
Under the deal, OpenAI will deploy 6 gigawatts of AMD Instinct AI GPUs, beginning with the MI450 series in the second half of 2026.
In return, AMD has granted OpenAI warrants for up to 160 million shares, representing up to a 10% ownership stake in the company.
Wedbush highlighted the strategic significance of the move, noting that “any lingering fears around AMD should now be thrown out the window as this gives them a major platform to monetize the AI Revolution.”
The analysts see OpenAI’s stake and partnership as a vote of confidence in AMD’s technology and leadership, placing the company squarely at the center of AI chip investment.
The deal is part of a broader trend of large-scale AI infrastructure investments, according to the analysts.
“We believe the AI Revolution is now heading into its next stage of growth as the tidal wave of Big Tech capex spending coupled by enterprise use cases now exploding across verticals is creating a number of AI winners in the tech world,” Wedbush wrote, citing the role of cloud stalwarts such as Microsoft, Amazon, and Google in leading this unprecedented spending cycle.
Wedbush also noted the global expansion of AI deployment beyond US tech giants, pointing to investments in the Middle East and the UK.
11:53am: Gold, bitcoin surge
While equities remained mixed late morning, gold continued to march towards $4,000 per ounce, up about 1.8% at $3,978.
“Monday’s session closely fits the pattern seen in recent months, as stocks move higher in conjunction with gold and bitcoin,” IG chief market analyst Chris Beauchamp said in a statement.
“The latter two are roaring higher once more, as liquidity continues to drive these two momentum trades higher. Traders have also been enthused by the new Japanese leader, who promises to reignite stimulus to light a fire under the Japanese economy."
Meanwhile, political drama in France has been contained to the CAC40 and some euro weakness.
“Notably weakness in the German index was swiftly bought, while the FTSE 100 managed to eke out a record high despite the lack of news,” Beauchamp said.
11:16am: Week ahead
US markets enter a new week navigating uncertainty from the ongoing US government shutdown, delayed economic data, and the start of the Q3 earnings season.
As the government shutdown enters its sixth day, equities have remained resilient, with the S&P 500, Nasdaq, and Dow recently hitting record highs.
“The US government shutdown, which began on October 1, 2025, is leading to delays in key economic data releases such as jobs reports, inflation figures, trade statistics, and wholesale inventory data,” said Kathleen Brooks, XTB research director. “This data blackout complicates market tracking and Fed decision-making.”
With government data on hold, investors are relying on Fed communications and private-sector releases. Deutsche Bank economists emphasized the importance of the September FOMC minutes due on Wednesday.
“Though we have heard the majority of Fed officials since the meeting, the minutes could nonetheless shed some further light on the wide rift amongst officials with respect to the policy outlook,” the bank’s analysts wrote.
The analysts highlighted that discussions around longer-term operational issues, including potential shifts in the Fed’s policy implementation framework, may emerge, though “any final decisions on the operating framework – in particular, the policy target rate – are unlikely to be settled in the near future.”
The market is also closely watching private-sector indicators. Deutsche Bank highlighted that “consumer attitudes are likely to be a greater focus for market participants, and we expect a meaningful drop in the University of Michigan series, which has historically been the case around government shutdowns.”
They noted that despite a potential dip in sentiment, the inflation outlook remains the main concern for the Fed.
“In the absence of data alleviating concerns around downside risks to the labor market, we continue to expect the Fed will deliver a 25 basis point rate cut at the next FOMC meeting later this month,” they wrote.
9:55am: Nasdaq inches up on AMD deal, but Dow drops
Wall Street has opened more mixed than the futures market would have had us believe.
The Dow Jones has started in the red, down 0.3%, while the S&P 500 has opened up 0.1% and the Nasdaq has risen 0.3%.
On the plus side, AMD has rocketed around 30%, adding around $70 billion to its market value. Also up are Super Micro Computer, Micron Technology, Arista Networks, Dell and Palantir.
But on the slide are Nvidia, Amazon and Meta, all down 1% or more, with Apple and Alphabet are also lower.
8:00am: Solid start to week for Wall Street expected
US stocks were set to open the week in green, helped by another big tech deal in the artificial intelligence space.
Nasdaq 100 futures were up 0.7% to lead the way, as a result of the deal between Advanced Micro Devices Inc (NASDAQ:AMD) and OpenAI, with the S&P 500 rising 0.3% and the Dow Jones 0.2%.
Under a new deal announced on Monday, OpenAI, the company behind ChatGPT, will deploy up to 6 gigawatts of AMD's specialist AI data centre chips and buy 160 million shares in the chipmaker.
AMD shares surged 24% in premarket trading.
Wall Street finished last week on a flat note, after US official jobs numbers were not released due to the government shutdown, with further economic data scheduled for this week also likely to be delayed if the shutdown continues.
"Markets have largely looked through the US government shutdown so far, treating it as a peripheral risk rather than a core macro shock," said market analyst Daniela Sabin Hathorn at Capital.com.
Past shutdowns have rarely derailed equities for long, she noted, though as ever there are practical complications from the lack of official macroeconomic data, "just when investors were leaning on labour readings to validate a dovish Fed path."
Further delays to Friday’s absent nonfarm payrolls and subsequent releases makes the policy reaction function harder to read, she added, meaning some sort of risk premium is warranted.
"There is also a low-probability tail risk that political rhetoric around permanent layoffs turns a temporary disruption into a small growth shock, but for now the tape has taken the view that the underlying US economy remains intact."
In the absence of official data, markets are forced to infer and use private indicators, such as last week’s ADP payrolls.
While it is a quieter week on the economic front, analyst Chris Beauchamp at IG said a speech by Fed chairman Jerome Powell "might provide some volatility".
Elsewhere US earnings season also looms, with the first sprinkling of companies including PepsiCo and Levi Strauss.
Meanwhile, gold and bitcoin both continued their recent momentum, with the yellow metal surging past $3,900 to a new record high above $3,945 an ounce.
Bitcoin gained over 10% to climb to a new record high above $125,000, with ether enjoying a similar bounce, recouping the losses of mid-September.
"The moves come as gold continues its surge, suggesting that investors around the globe continue to look for diversification, though with stocks at record highs too there looks to be plenty of liquidity to go around," said Beauchamp.
Levels of bitcoin held on exchanges dropped to a multi-year low, which he said is "likely to cause the surge in the price to intensify".
"The trend has been developing for some time, but with institutional demand on the up and more individual investors holding in private wallets, liquidity may well continue to decline. This could signal more dramatic price movements in both directions, within the context of an overall uptrend."