FX.co ★ S&P 500 Tops New Record, Tech Stocks Lifted by OpenAI Deal

On Thursday, the S&P 500 inched up by 0.3% to reach a new record high. Meanwhile, the Nasdaq climbed 0.6%, and the Dow Jones remained nearly unchanged. Despite the ongoing US government shutdown, investor sentiment remained relatively unfazed, with market participants anticipating further developments and hoping that the deadlock will be brief. The technology sector spearheaded the day's gains, buoyed by news of OpenAI's successful $6.6 billion share sale, which placed the company's valuation at $500 billion. Additionally, OpenAI announced a partnership agreement with South Korean chip manufacturers. Advances were also seen in the industrials, energy, and consumer discretionary sectors, while real estate stocks underperformed. Among the mega-cap stocks, Nvidia rose by 1.8%, Broadcom by 2.6%, and Oracle by 1.7%. Tesla appreciated by over 1%, following a 7.4% increase in its global vehicle deliveries during the third quarter, a resurgence partly spurred by the expiration of the EV tax credit at the end of September. Conversely, Amazon's shares experienced a modest decline of nearly 0.5%.