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20m ago

Wall Street Sets New Records as AI Rally Overpowers Shutdown Jitters

Investors look past the Labor Department’s pause on economic reports, with markets leaning toward an October Fed rate cut.

FILE - The New York Stock Exchange, Tuesday, Jan. 28, 2025, in New York. (AP Photo/Julia Demaree Nikhinson, File)
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Overview

  • The S&P 500, Dow and Nasdaq closed at all-time highs Thursday, with semiconductor leaders such as Nvidia, AMD, Intel and Broadcom posting gains.
  • OpenAI’s partnerships with Samsung and SK Hynix for its Stargate AI infrastructure project lifted chip and AI-related stocks in the U.S. and Asia.
  • The U.S. government shutdown reached its second day, delaying weekly jobless claims and the September payrolls report and reducing official data available to the Fed.
  • Berkshire Hathaway agreed to acquire Occidental Petroleum’s OxyChem business for about $9.7 billion in cash.
  • Applied Materials disclosed that new U.S. export restrictions will trim revenue by roughly $110 million in the current quarter and about $600 million in fiscal 2026.