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AI Deal Frenzy Lifts S&P 500 and Nasdaq to Records as Futures Pause for Fed Signals

Traders look to Fed commentary for guidance during a shutdown-driven data blackout.

FILE PHOTO: Traders work on the floor as screens display the logo for Chevron Corp. at the New York Stock Exchange (NYSE) in New York City, U.S., October 23, 2023. REUTERS/Brendan McDermid/File Photo
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German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, September 26, 2025. REUTERS/staff
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Overview

  • An AMD–OpenAI multiyear chip-supply pact ignited a broad rally in semiconductors, sending AMD shares up about 24% and lifting the Philadelphia Semiconductor Index.
  • The S&P 500 and Nasdaq closed at fresh highs for a seventh straight session, while the Dow slipped slightly; U.S. stock futures were marginally lower on Tuesday.
  • Markets increasingly expect a 25-basis-point Federal Reserve rate cut later in October, putting added focus on scheduled remarks from officials including Michelle Bowman, Stephen Miran and Neel Kashkari.
  • Gold set another record near $3,960–$3,980 an ounce and Bitcoin hit an all-time high around $125,000 as investors leaned into perceived havens and lower-rate bets.
  • Regional politics drove sharp moves, with French assets pressured after Prime Minister Sébastien Lecornu resigned and Japan’s pick of Sanae Takaichi buoying the Nikkei and weakening the yen.