Market Highlights

Wall Street traders lifted stocks as the US and China signaled willingness to keep trade negotiations alive, Middle East tensions cooled while the artificial-intelligence rally powered ahead. Following its worst rout in six months, the S&P 500 jumped 1.6% to extend a bull market that’s already added $28 trillion to its value. The benchmark saw its best session since May. A key gauge of chipmakers surged nearly 5%. Broadcom Inc. soared about 10% as OpenAI agreed to buy its custom chips and networking equipment in a multiyear agreement. tocks fell along with US and European equity-index futures, as a new round of retaliatory trade measures from China revived concern over tensions with Washington.

Flaring trade tensions between the US and China sent shockwaves across markets Friday, hammering stocks, oil and crypto while spurring a dash for the perceived safety of Treasuries and gold. President Donald Trump’s threat of a “massive increase” in China tariffs shook Wall Street at the end of an already-volatile week that saw concern build about a bubble in artificial-intelligence companies. His remarks sent the S&P 500 down 2.7%. The tech-heavy Nasdaq 100 lost 3.5%. The dollar slid at the end of its best week this year. Crude plunged over 4%. US equity-index futures climbed after President Donald Trump signaled an openness to a deal with China, improving sentiment after markets were rattled by a sharp escalation in trade tensions.

Wall Street’s relentless surge from April’s meltdown keeps showing signs that the stock market is overstretched, spurring calls for a breather at a time when the classic dip-buying strategy stays firmly in place. The S&P 500 fell to around 6,735. US 10-year yields rose three basis points to 4.14%. The dollar notched a 10-week high. Gold slipped back below $4,000 an ounce and silver retreated from its highest level since 1980. Oil sank as Middle East tensions cooled. Asian shares fell 0.8%, tracking declines in the US, with technology firmsdragging in Japan and China. Semiconductor Manufacturing International Corp. slumped 7% after reports that brokerages have cut the stock’s margin financing ratio to zero, citing high valuations. A gauge of Chinese tech shares in Hong Kong was set for its worst week since early August. Equity-index futures for Europe and the US were flat. Global shares were set for a second decline in three weeks as investors took a pause following a robust rebound from April’s lows, when tariff announcements shook markets. The surge in AI- focused technology companies has fueled a debate over whether prices are running ahead of fundamentals.

A renewed wave of dip buying powered a rebound in stocks on speculation equities have more room to run after a brief respite in the six-month rally from the edge of a bear market. The insatiable appetite for stocks that’s already driven the S&P 500 up over 35% from its April lows sent the benchmark to fresh all-time highs, energizing investors betting the bull market is nowhere near its end. Momentum-chasing traders kept piling into equities after a series of records fueled by factors such as corporate resilience and the restart of Federal Reserve rate cuts. Renewed enthusiasm around artificial intelligence has trumped recent calls around a bubble forming in the high-profile tech names that have led the rally.

Wall Street traders sent stocks lower after a series of all-time highs spurred calls for a breather amid signs of buyer exhaustion. Bonds rose as a $58 billion Treasury sale drew solid demand. The ebullience driven by artificial intelligence gave way to concerns about the rally being excessive after a $16 trillion surge in the S&P 500 from its April lows. Tech giants dragged down the index amid a report that Oracle Corp.’s cloud margins are lower than many estimate. Tesla Inc. sank over 4% after introducing new versions of its top-selling models priced at under $40,000. Stocks paused after a record rally as investors grow cautious about lofty valuations and the billions pouring into artificial intelligence, while gold topped $4,000 an ounce amid concerns over the US economy and a government shutdown.

A rally in chipmakers sent stocks to all-time highs as Advanced Micro Devices Inc.’s deal with OpenAI added fuel to the artificial-intelligence frenzy that has powered Wall Street. Bonds fell. The dollar rose. With the bull market on track for its three-year anniversary, momentum shows few signs of abating. The S&P 500 climbed for a seventh straight session - the longest advance since May. AMD soared 24%. While giant Nvidia Corp. slid, a key gauge of semiconductors jumped about 3%. Tesla Inc. led gains in megacaps as a series of social-media posts teased the unveiling of a product. The dollar gained and global equities held near record highs as the election of a pro-stimulus leader in Japan added momentum to gains in Asia.

Debt investors have been so badly bruised by a recent string of fractious restructurings in Europe that they’ve started actively avoiding the continent’s riskiest credits. In a year that’s been defined by almost insatiable demand for corporate bonds, European debt rated triple C — one of the lowest ratings categories that usually offers big rewards to compensate for investment risk — has returned next to nothing. That compares with more than 4% for other ratings groups, Bloomberg index data shows. It’s even worse in the loans world, where total returns for triple-C borrowers are down 1.8%, compared to 4% for better rated single B borrowers so far in 2025, according to data compiled by Bloomberg Intelligence.

US equities’ race to fresh highs resumed in late afternoon trading after the bullish momentum in technology stocks was tested by President Donald Trump’s plan to slash “thousands” of federal jobs as a government shutdown extended into a second day. The S&P 500 rose 0.1%, erasing a 0.3% drop. The Nasdaq 100 also took a leg higher, climbing to a second-consecutive all-time high after an OpenAI share sale. The deal catapulted the firmto the world’s most valuable startup with a valuation of $500 billion, bolstering optimism for artificial intelligence. The Philadelphia Semiconductor Index jumped 2% led by Advanced Micro Devices Inc. and Intel Corp.

US stocks ended Wednesday’s session higher, notching a new record and seemingly shrugging off the firstgovernment shutdown in nearly seven years. Treasuries rallied after private payrolls data reinforced bets that the Federal Reserve will lower interest rates later this month. Both the S&P 500 and the Nasdaq 100 rose for a fourth consecutive session. On Wednesday, the former was boosted by the health-care sector on optimism stemming from Pfizer Inc.’s deal with the White House. Tech names like Tesla Inc. and Nvidia Corp. also helped push the index 0.3% higher for the day. The 10-year Treasury yield touched 4.08% before hovering around 4.10%. The Bloomberg Dollar Spot Index held steady. Gold reached a fresh all-time high

US equities notched a second straight quarter of gains even as stock moves were tepid for most of Tuesday’s session as the US government nears a shutdown. The S&P 500 ended the day 0.4% higher after oscillating between small gains and losses for hours. The index had its best September in 15 years, fueled by optimism over artificial intelligence and lower rates. Treasuries gained for the third consecutive quarter. The Bloomberg Dollar Spot Index was little changed for the month. Oil slipped in a choppy day of trading as OPEC+ considers boosting the pace of future output hikes.