The S&P 500, Nasdaq 100, and Russell 2000 all post fresh closing highs
Gold and bitcoin also moved higher.
The S&P 500, Nasdaq 100, and Russell 2000 all climbed to fresh record closing highs, a feat last performed on September 18. This is the fourth consecutive record close for the S&P 500 and the second consecutive record close for the Russell 2000. The Nasdaq 100 crossed the 25,000 resistance level for the first time.
Gains were led by Advanced Micro Devices on news that the chip designer struck a megadeal with OpenAI that “is expected to deliver tens of billions of dollars in revenue,” which sent Nvidia down but lifted up companies in the AI ecosystem like Oklo, Cipher Digital, Super Micro Computer, and IREN.
Oil prices rose as OPEC+ announced that it would be increasing oil production by 137,000 barrels per day in November — a little less than some had anticipated.
Stocks that moved higher:
Critical Metals skyrocketed after Reuters reported that the Trump administration is in talks to take a stake in the company.
Tesla rose after posting videos online that teased what seems to be an imminent product or event that will be announced tomorrow. Archer Aviation rose as well on speculation that it is somehow involved in Tesla’s announcement.
Plug Power continued its ascent, as the AI boom may finally be able to drive positive unit economics for the hydrogen fuel cell company.
Klarna jumped after a wave of analysts initiated coverage on the “buy now, pay later” giant, as the so-called post-IPO “quiet period” came to an end.
Shares of Sony climbed as “Abenomics” supporter Sanae Takaichi is likely to become the Japanese prime minister.
Stocks that moved lower:
Quantum Computing fell after the company announced it had reached an agreement to sell 37.2 million shares of common stock in a private placement, raising some $750 million before fees and offering expenses.
Moderna slipped after the US Centers for Disease Control and Prevention announced on Monday that it is adopting a narrower recommendation for when COVID-19 booster shots are appropriate.
Crypto moves:
Ethereum crossed $4,650 for the first time in over three weeks on Monday.
Bitcoin reached another new all-time high, crossing $126,000 for the first time not even two months after hitting its previous record. The asset is up over 100% in the past year.
