Late session: U.S. stocks were mixed. ADM pushed the Nasdaq to a new high

In the early morning of October 7, Beijing time, U.S. stocks were mixed late on Monday.AMD's surge pushed the Nasdaq to hit a new intraday high. The market focuses on regional bank M & A transactions and the cooperation between AMD and OpenAI. Although the government shutdown has lasted for the second week, the market continued its rally. Several Fed officials will speak this week.
The Dow fell 51.77 points, or 0.11% to 46,706.51 points; the Nasdaq index rose 198.05 points, or 0.87% to 22,978.55 points; the S & P 500 index rose 30.79 points, or 0.46%, to 6,746.58 points.
On Monday afternoon, the Nasdaq index rose to a high of 22,991.72 points, setting a new intraday high.
Last week, the S & P 500 and Nasdaq rose 1.1% and 1.3% respectively, achieving their fourth week of gains in five weeks. The Dow closed higher for its third week in four weeks, gaining 1.1%.
On Monday, the market focused on AMD's deal with OpenAI. OpenAI and AMD have reached a tens of billions of dollars cooperation agreement to jointly develop AI data centers based on AMD processors, directly challenging Nvidia. The agreement will last for four years. AMD will provide hundreds of thousands of artificial intelligence chips to OpenAI. OpenAI promises to purchase AMD chips worth 6 gigawatts and MI450 chips starting next year, which can be purchased directly or through cloud computing partners.
In addition, OpenAI received AMD warrants that could ultimately purchase up to 10% of its shares through multiple batches of warrants.
Banking company Comerica's shares surged after Fifth Third Bancorp reached a deal to buy the peer regional bank for $10.9 billion in an all-stock deal.The merger will form the ninth-largest bank by assets in the United States.
The market expects more deals to be concluded in the regional banking sector. Overall M & A activity is accelerating, adding to the strong investment sentiment seen in the stock market this year.
The U.S. government shutdown enters its second week. Although lawmakers have still failed to reach an agreement on the funding to keep the government running, investors seem unconcerned about concerns about a government shutdown. The government shutdown delayed the release of key economic data-including the September jobs report originally scheduled for release on Friday.
Robert Edwards, chief investment officer at Edwards Asset Management, said: "For now, the market is not paying attention to the government shutdown and is more focused on earnings optimism and the prospect of further Fed interest rate cuts. Markets often regard the government shutdown as a "Washington noise" and ignore it. Government shutdowns used to last for several days, but now they can last for weeks, so investors may need to be patient."
Robert Edwards said: "We will view any significant market decline caused by the shutdown as an 'Investor Member Day' shopping opportunity.Even in the face of a government shutdown and concerns about the labor market, we still believe that the S & P 500 index is expected to break the 7000 mark before the end of the year."
Despite the disruption in economic data, several Fed officials planned to speak this week, including Fed Governor Stephen Miran on Wednesday and Chairman Jerome Powell on Thursday.
AMD shares soared after news that OpenAI and AMD announced a multibillion-dollar partnership to jointly develop artificial intelligence data centers that will run on AMD processors.
Sigma Lithium, Americas Lithium, Standard Lithium, and Yabao Company generally increased after the U.S. government was considering taking stakes in key metal companies.
Mining stocks were generally higher, with the Trump administration reportedly discussing stakes in certain key mineral companies.