S&P 500, Nasdaq close at fresh records to start week, helped by AMD gains

U.S. stocks advanced Monday as investors shrugged off the ongoing government shutdown and focused instead on major corporate deals and AI optimism. The S&P 500 and Nasdaq both closed at record highs, led by a surge in AMD shares after a landmark partnership with OpenAI. M&A momentum and expectations for future Fed rate cuts fueled optimism, even as the lack of fresh economic data complicated policymakers’ next move. Gold and Bitcoin both hit new records amid heightened uncertainty.

Key Headlines & Market Movers

• AMD–OpenAI Partnership Ignites Tech Rally: AMD shares soared nearly 24% after announcing a multi-year chip partnership with OpenAI, which may take up to a 10% stake in the chipmaker. The deal positions AMD as a key supplier in the expanding AI hardware race and spurred broader enthusiasm for the sector. Nvidia fell 1% on competitive concerns, while the Nasdaq climbed 0.7% to another record close.

• M&A Momentum Boosts Market Sentiment: Comerica jumped nearly 14% after agreeing to be acquired by Fifth Third Bancorp in a $11 billion all-stock deal, creating the ninth-largest U.S. bank by assets. The news lifted the regional banking sector, with the SPDR S&P Regional Banking ETF up 1%. Broader optimism about renewed dealmaking, supported by expectations for lower rates, helped sustain market momentum.

• Government Shutdown Widely Ignored by Markets: Despite entering its second week, the shutdown has had little immediate market impact. The delay of key data, including the September jobs report, leaves the Fed without critical input ahead of its upcoming policy meeting. Investors are betting rate cuts are still coming, with some forecasts calling for up to 1.25 percentage points of easing over the next year.

• Safe-Haven Assets Surge Amid Uncertainty: Gold futures jumped 2% to nearly $4,000 an ounce, marking their 42nd record close of 2025, while Bitcoin rose above $125,000. Former U.S. Mint director Edmund Moy cited “a perfect storm” of geopolitical tensions and central-bank demand as drivers. Meanwhile, the 10-year Treasury yield edged up to 4.16% and the dollar index rose 0.4% to 98.09.

S&P 500 Sector Performance

Looking Ahead

Markets appear content to ride a wave of optimism around AI and corporate dealmaking despite political gridlock in Washington. With no major data releases expected until the shutdown ends, investor attention will turn to upcoming Fed speeches for rate-cut signals. Continued resilience in equities suggests risk appetite remains strong, but extended rallies in both tech and gold highlight a market hedging against both growth hopes and uncertainty.

Disclaimer

Duncan Williams Asset Management is an SEC registered investment adviser. SEC registration does not constitute an endorsement of Duncan Williams Asset Management by the SEC nor does it indicate that Duncan Williams Asset Management has attained a particular level of skill or ability.

This material prepared by Duncan Williams Asset Management is for informational purposes only and is accurate as of the date it was prepared.  It is not intended to serve as a substitute for personalized investment advice or as a recommendation or solicitation of any particular security, strategy or investment product. Past performance is not indicative of future results. Investing involves risks, including the risk of loss of principal. Before making any investment decision, investors should consult with their financial advisor, consider their individual financial circumstances, and carefully review all relevant information and risk factors. Duncan Williams Asset Management assumes no responsibility for errors or omissions, nor does it accept liability for any loss arising from reliance on this information.

Advisory services are only offered to clients or prospective clients where Duncan Williams Asset Management and its representatives are properly licensed or exempt from licensure. No advice may be rendered by Duncan Williams Asset Management unless a client service agreement is in place.

This material is not intended to serve as personalized tax, legal and/or investment advice since the availability and effectiveness of any strategy is dependent upon your individual facts and circumstances. Duncan Williams Asset Management is not a legal or accounting firm. Please consult with your legal or tax professional regarding your specific tax situation when determining if any of the mentioned strategies are right for you.

‍