The tech-heavy Nasdaq increased by 0.7%, equivalent to 161.16 points, concluding at 22,941.67 points, thereby achieving a new all-time closing high. The Dow Jones Industrial Average experienced a decrease of 0.1%, translating to a loss of 63.31 points, concluding the session at 46,694.97 points. The S&P 500 experienced an increase of 0.4%, translating to 24.49 points, concluding at 6,740.28 points. This marks a new all-time closing high and signifies the index’s fourth consecutive day of gains. Stocks in the technology, utility, and consumer discretionary sectors emerged as the most significant gainers. The Technology Select Sector SPDR and the Utilities Select Sector SPDR each experienced an increase of 1%, whereas the Consumer Discretionary Select Sector SPDR saw a gain of 0.9%. Six of the 11 sectors of the benchmark index concluded in positive territory.

The fear gauge, CBOE Volatility Index , experienced a decline of 1.68%, settling at 16.37. On the NYSE, the number of advancers surpassed that of decliners, with a ratio of 1.05-to-1. On the Nasdaq, advancing issues were favored by a ratio of 1.26-to-1. On Monday, trading volume reached 19.69 billion shares, surpassing the 20-session average of 19.17 billion shares. On the Nasdaq, the market recorded 2,602 new highs alongside 1,062 new lows. On the New York Stock Exchange, there were 665 instances of new highs and 75 instances of new lows. Significant Mergers Propel Technology Surge On Monday, technology and semiconductor stocks experienced a notable increase following the announcement from Advanced Micro Devices regarding its agreement with OpenAI.

This deal involves the provision of AI chips for ChatGPT, which is projected to generate substantial revenues and potentially grant its creator, Sam Altman, a 10% equity stake in the semiconductor company. Advanced Micro Devices experienced a notable increase of 23.7% in its share value subsequent to the announcement. However, the chipmaker’s biggest competitor, NVIDIA Corporation, felt the heat, with its shares declining 1.1%. The agreement between AMD and OpenAI triggered a rally in chip stocks and the wider market. On Monday, a significant merger was announced, as Fifth Third Bancorp revealed its intention to acquire regional bank Comerica Incorporated for $10.9 billion in an all-stock transaction. The merger is poised to establish the ninth-largest banking institution in the United States based on asset size.

Fifth Third Bancorp experienced a decline of 1.4%, in contrast, Comerica saw an increase of 3.7%. The situation unfolded as the government shutdown marked its sixth day, following yet another failure by lawmakers to secure a funding agreement that would allow the government to maintain its operations. This week presents a scarcity of economic indicators; however, the ongoing shutdown has already postponed the publication of the crucial jobs report that was scheduled for last Friday.