Overview
- Amazon shares jumped after unveiling a roughly $38 billion agreement to run OpenAI workloads on AWS, helping propel the Nasdaq and S&P 500 to modest gains on Monday.
- Nvidia advanced on renewed AI enthusiasm and reported export permissions to supply chips to the United Arab Emirates, reinforcing the tech-led leadership.
- Market breadth weakened sharply as the Dow fell even while the S&P 500 rose, with more than 300 S&P names declining and analysts flagging concentrated gains in mega-cap tech.
- By Tuesday, U.S. stock futures turned lower and global equities mostly slipped, as Asian markets diverged with records in Tokyo and Taipei giving way to broader regional declines.
- Policy signals remained murky as Fed officials offered differing views during a shutdown-driven data gap, while bubble concerns intensified with Palantir falling after strong results and reports of Michael Burry buying large put positions in AI names.