Market Highlights

The start of what’s known as the best month of the year for stocks saw tech rallying as Amazon.com Inc.’s $38 billion deal with OpenAI added fuel to the artificial-intelligence trade. Bond yields rose. Crypto sank. A renewed advance in megacaps drove a gauge of the “Magnificent Seven” up 1.2%. The ChatGPT maker will pay Amazon Web Services for access to hundreds of thousands of Nvidia Corp. graphics processing units as part of a seven-year deal. Shares of the online retail giant jumped 4%. Despite the AI optimism, over 300 firms in the S&P 500 actually retreated. The global stock rally hit a speed bump as earnings from AI bellwether Palantir Technologies Inc. failed to impress investors and Wall Street chief executives warned of a possible correction due to rich valuations.