Nasdaq rises to start November, pushed higher by Amazon and other AI leaders: Live updates
Traders work at the New York Stock Exchange on Nov. 3 2025.
NYSE
The Nasdaq Composite rose on Monday as investors moved further into the artificial intelligence trade following a number of deal announcements.
The tech-heavy Nasdaq advanced 0.7%, while the S&P 500 traded up 0.3%. The Dow Jones Industrial Average fell 196 points, or 0.4%, bogged down by a decline in shares of UnitedHealth.
“Magnificent Seven” name Amazon supported the market, with shares rallying 4% after the company reached a $38 billion deal with OpenAI. Notably, the partnership will utilize hundreds of thousands of Nvidia’s graphics processing units.
Shares of chipmakers saw a boost as well Monday after data center company Iren reached a multiyear $9.7 billion deal with Microsoft to provide the megacap technology company access to Nvidia GB300 GPUs. Micron Technology gained 5% to lead chip stocks higher, while Nvidia was up 3%. The VanEck Semiconductor ETF (SMH) climbed 1%. Shares of Iren, meanwhile, were last up 9%.
Nvidia shares continued to move higher Monday following Microsoft’s announcement that it has secured export licenses from the Trump administration to ship Nvidia chips to the United Arab Emirates. The company added that its total UAE investment will amount to $15.2 billion by the end of 2029.
Outside of technology stocks, however, little was gaining in the trading day, as more than 400 stocks in the S&P 500 were in the red. This weak breadth has been an ongoing concern of the market, with more stocks in the major benchmark declining than rising in October, even as the AI trade pushed it higher for the month.
“The market is rewarding the key AI players today,” Gil Luria, head of technology research at D.A. Davidson, told CNBC, pointing to Nvidia, Microsoft, Google and Amazon as well as others such as Palantir as those to watch.
“Those companies are leading the way and capturing almost all the value in AI,” he continued. “They are able to secure the infrastructure required to serve their customers and are all seeing a positive inflection point in demand. Not only do they have the cash to build out more AI compute capacity themselves, they can extend their reach by renting out capacity from neoclouds and other data center providers.”
Wall Street is coming off a winning session that added to the benchmark’s October gains. The S&P 500 and Dow industrials climbed 2.3% and 2.5%, respectively, for the month. The Nasdaq Composite outperformed, gaining 4.7%. Those gains were driven in part by continued momentum in the AI trade as well as signs of easing trade tensions between the U.S. and China.
More than 300 S&P 500 companies have posted third-quarter results thus far. Of those, over 80% have beaten expectations, according to FactSet. Wall Street will get another 100-plus companies reporting this week, including AI-related names Palantir and AMD.
Wall Street may get a seasonality boost this month. Data from the Stock Trader’s Almanac shows the S&P 500 averages a 1.8% gain in November, making it the strongest month historically for the benchmark.
