Overview

• The S&P 500 rose 0.6% to 6,753.72 and the Nasdaq gained 1.1% to 23,043.38 for new closing highs, while the Dow ended essentially flat.
• Chipmakers and AI-linked megacaps led the advance, with AMD extending a powerful multi-day run and Dell jumping after price-target upgrades.
• Minutes from the Fed's September meeting showed most officials expect to ease policy further in 2025, and markets price a high chance of a 25-basis-point cut on Oct. 29.
• Gold traded above $4,000 an ounce and U.S. crude inventories rose by 3.715 million barrels, a larger-than-expected build that helped lift oil prices.
• U.S. mortgage applications fell 4.7% for the week as a flurry of capital raises and deals swung individual stocks, including declines at Esperion, Zeta and Envoy and a gain at Critical Metals.