AMD's OpenAI deal has Nasdaq futures ready for more records
Futures on the Nasdaq-100 (NDX) are up over 200 points, with tailwinds arising from Advanced Micro Devices' (AMD) latest deal with OpenAI. S&P 500 Index (SPX) and Dow Jones Industrial Average (DJI) futures sit comfortably higher as well, as Wall Street eyes a large bank merger between Fifth Third Bancorp and Comerica. Despite the 10-year Treasury yield ticking up to 4.2%, gold prices near record highs, and economic data on ice amid the ongoing government shutdown, unrelenting investor optimism continues to power gains.
- All the quantitative data you need to finish the year.
- Analyst upgrades last week you should know about.
- Plus, Micron upgraded; Boeing boosts 737s; and UiPath wheeling and dealing.
5 Things You Need to Know Today
- The Cboe Options Exchange saw over 3.9 million call contracts and 2.3 million put contracts exchanged on Friday. The single-session equity put/call ratio fell to 0.60, while the 21-day moving average remained at 0.58.
- Micron Technology Inc (NASDAQ:MU) stock is 6.1% higher before the open, after the chipmaker was upgraded by Morgan Stanley to "overweight" from "equal-weight." While also hiking its price target to $220 from $160, the analyst in coverage waxed optimistic about the company's upcoming earnings reports. Micron stock is 123% higher in 2025 and hit a record high of $191.84 on Friday.
- Boeing Co (NYSE:BA) stock is 0.7% higher ahead of the bell, after a Bloomberg report indicated the company was accelerating production of its 737 MAX jets. Boeing stock is 22.2% higher in 2025 but has taken a 7% haircut in the last 30 days.
- The shares UiPath Inc (NYSE:PATH) are up 11% in electronic trading, after the automation software over the weekend unveiled a slew of deals with Nvidia (NVDA), Alphabet (GOOGL), Snowflake (SNOW), and OpenAI. UiPath stock is above its year-to-date breakeven level and poised to build on its 18.5% 30-day gain.
- Fed minutes sure to offer important dot plot insight next week.
More Nikkei Records, Autos Lift Europe
Japan’s Nikkei hit a record high on Monday, adding 4.8% after news that conservative Sanae Takaichi could become the country’s first female prime minister. This comes after the Liberal Democratic Party elected her as its leader. Japanese auto stocks led today’s charge, as traders bet on Takaichi encouraging the Bank of Japan (BoJ) to maintain its monetary policy that prioritizes a “high-pressure economy.” Elsewhere, China’s Shanghai Composite and South Korea’s Kospi were closed for a holiday, and Hong Kong’s Hang Seng shed 0.7%.
European stocks are mixed. French Prime Minister Sebastien Lecornu resigned after less than a month in his post, triggering losses for the country’s financial sector. Europe’s auto sector is signaling strength, however, following reports that Jeep maker Stellantis (STLA) will invest about $10 billion in the U.S. At last glance, France’s CAC 40 was down 1.2%, while the German DAX and London’s FTSE 100 are up 0.3% and 0.1%, respectively.