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40m ago

Wall Street Hits New Highs on AI Momentum as Shutdown Delays Data

AI-fueled chip demand offset a data blackout from the shutdown.

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Jim Cramer’s take on the U.S. government shutdown has Wall Street talking.
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Overview

  • The S&P 500 rose 0.1% to 6,715.35, the Dow added 0.2% to 46,519.72, and the Nasdaq gained 0.4% to 22,844.05, with all three closing at record highs.
  • Tech led gains after OpenAI announced partnerships with Samsung Electronics and SK Hynix to supply chips and build data centers for its Stargate AI infrastructure.
  • Berkshire Hathaway agreed to buy Occidental Petroleum’s OxyChem unit for $9.7 billion in cash; Occidental shares fell 7.3% and Berkshire slipped 0.5%.
  • The government shutdown entered its second day, postponing releases including weekly jobless claims and Friday’s nonfarm payrolls report, though the Fed’s Oct. 28–29 meeting will proceed.
  • Challenger, Gray & Christmas reported 54,064 announced job cuts in September, down from August, while individual movers included QuantumScape on a Corning partnership and Plug Power on a 10 MW electrolyzer delivery to Galp.