MARKET SNAPSHOT

Major U.S. stock indexes ended mixed, while individual stocks got a lift from major acquisitions and collaborations. Treasury yields rose to start a week when relevant statistics are likely to be missed because of the ongoing U.S. government shutdown. Oil prices rose after increased production quotas fell short of expectations. Gold prices reached yet another record high, despite strength in the dollar.

MARKET WRAPS

EQUITIES

U.S. stocks were mixed as political upheaval reverberated through global markets.

The Nasdaq rose 0.7% and the S&P 500 gained 0.4%, while the Dow industrials fell 0.1%. Gains were fueled by a big bank deal and another giant OpenAI pact, this one sending AMD soaring. The chip maker unveiled a massive computing deal with OpenAI, marking a challenge to Nvidia.

Some investors are looking past the government shutdown, which they view as recurring events that exert little impact on markets. Instead, many are shifting their focus to the third-quarter earnings season that is about to kick off in earnest.

Earlier Monday, Japan's Nikkei Stock Average jumped 4.8%, its biggest percentage gain in half a year after Sanae Takaichi won the leadership election of Japan's ruling party, raising hopes for more aggressive government spending to support the economy.

Barclays chief Japan economist Naohiko Baba said the possibility of another BOJ rate increase this year has fallen, and that a rate increase at its meeting in January "seems the most reasonable at this point."

Hong Kong's Hang Seng dropped 0.7%. Markets in China were closed.

Stocks in Australia slipped, as the S&P/ASX 200 Benchmark Index declined 0.1%.

New Zealand's S&P/NZX 50 Index gave back 0.2%.

COMMODITIES

Oil futures rose after the expected increase in OPEC+ production quotas came in lower than traders forecast.

BOK Financial, in a report, added that there is some skepticism that members "actually have the longer-term capacity to hold these increases."

Meanwhile, Ukraine keeps hitting Russian refineries. "If we continue to see more strikes from Ukraine against Russian oil infrastructure and a halt to the rise in OPEC exports, crude futures could be solidifying a low near the $60/bbl area for WTI," BOK said.

A potential Israel-Hamas peace deal could bring Iranian oil to markets, the firm said.

West Texas Intermediate rose 1%, to $61.69 a barrel. Brent crude added 1.5%, to $65.47 a barrel.

Gold futures pushed closer to the $4,000 per troy ounce mark, with the most-active contract finishing up 1.7% to $3,948.50/oz.

It's a new record-high, with precious metals and crypto catching flows that would normally go to other kinds of assets.

"What we are seeing is a surge in gold and crypto buying, purportedly as safe-haven trades," Louis Navallier of Navallier said.

TODAY'S TOP HEADLINES

Government Shutdown Drags On With Little Pressure to Break Impasse

WASHINGTON-The federal government shutdown is dragging toward its second week in a partisan staring contest, lacking for now the political or practical consequences that would create enough pressure to break the impasse.

All signs point to another week of posturing and repeat Senate votes that fail to get the 60 votes needed to reopen the government. Congressional leaders in both parties insist that they have the upper hand and that the other side bears the blame for the shutdown.

"Right now, we're at a stalemate," Senate Majority Leader John Thune (R., S.D.) said on Fox's "Sunday Morning Futures," urging Democrats to buck their party's leaders. "They'll get another chance on Monday to vote again, and I'm hoping that some of them have a change of heart."

Macron's Latest Prime Minister Resigns After a Month in Office

PARIS-French President Emmanuel Macron has lost his fourth prime minister in just over a year, a sign of how the country's political crisis has engulfed his ranks and constrained his options for pulling France out of a fiscal spiral.

On Monday, Sébastien Lecornu stunned the country by resigning as prime minister, a month into the job and one day after he named ministers to his cabinet. Lecornu's benighted tenure-the shortest in the history of France's modern Fifth Republic-is a measure of how a political system that was once a cornerstone of stability in Europe has fallen into disarray.

Lecornu's resignation stemmed from a disagreement with the conservative Les Républicains over the makeup of his cabinet. Macron accepted Lecornu's resignation but tasked him with negotiating with other political parties to find a way out of the impasse by Wednesday evening.

Constellation Lowers Outlook Again As Hispanic Pullback Continues

Constellation Brands posted lower second-quarter sales and lowered its full-year earnings outlook again as its core Hispanic demographic continues to buy less beer amid the Trump administration's immigration crackdown.

The U.S. importer of Modelo and Corona recorded $2.48 billion in net sales, down from $2.92 billion, the year before. Analysts expected $2.46 billion, according to FactSet.

Constellation swung to a profit of $466 million, or $2.65 a share, compared to a loss of $1.2 billion, or $6.59, a year ago, when it booked a large goodwill impairment.

OpenAI, AMD Announce Massive Computing Deal, Marking New Phase of AI Boom

OpenAI and chip-designer Advanced Micro Devices announced a multibillion-dollar partnership to collaborate on AI data centers that will run on AMD processors, one of the most direct challenges yet to industry leader Nvidia.

Under the terms of the deal, OpenAI committed to purchasing 6 gigawatts worth of AMD's chips, starting with the MI450 chip next year. The ChatGPT maker will buy the chips either directly or through its cloud computing partners. AMD chief Lisa Su said in an interview Sunday that the deal would result in tens of billions of dollars in new revenue for the chip company over the next half-decade.

The two companies didn't disclose the plan's expected overall cost, but AMD said it costs tens of billions of dollars per gigawatt of computing capacity.

Fifth Third to Acquire Comerica in $10.9 Billion Deal

Fifth Third Bancorp said it would acquire Comerica for $10.9 billion, marking the latest effort by regional lenders to bulk up and compete with behemoths such as JPMorgan Chase and Bank of America.

The all-stock deal would create one of the top 20 largest banks in the U.S., with $288 billion in total assets, according to Federal Reserve data.

Bank executives and dealmakers will watch for signs of whether the acquisition will help usher in a long-anticipated wave of consolidation in the industry, where regional and community banks have struggled to keep up with technology, regulatory and other costs. Some lenders see an opportunity to strike deals under the Trump administration, which has signaled a friendlier stance toward mergers and acquisitions.

Expected Major Events for Tuesday

00:00/AUS: Oct Westpac - Melbourne Institute Consumer Sentiment Survey

00:30/AUS: Sep ANZ-Indeed Job Ads

01:00/PHI: Sep CPI

05:00/JPN: Aug Indexes of Business Conditions - Preliminary Release

07:00/MAL: Sep International Reserves, end of month

08:20/TAI: Sep International Reserves

09:00/SIN: Sep Official Foreign Reserves

09:59/PHI: Sep Gross International Reserves

09:59/CHN: Sep Foreign Exchange Reserves

10:59/INA: Sep International Reserves

23:30/JPN: Aug Provisional Labour Survey - Earnings, Employment & Hours Worked

23:50/JPN: Sep International Transactions in Securities

23:50/JPN: Aug Balance of Payments

23:50/JPN: 2Q Revised Balance of Payments

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(END) Dow Jones Newswires

October 06, 2025 16:55 ET (20:55 GMT)

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