Nasdaq, S&P 500 Reach New Record Closing Highs As AMD Spikes

(RTTNews) - Following the mixed performance seen during last Friday's session, stocks moved mostly higher over the course of the trading day on Monday. With the upward move, the Nasdaq and the S&P 500 reached new record closing highs.

The Nasdaq climbed 161.81 points or 0.7 percent to 22,941.67 and the S&P 500 rose 24.49 points or 0.4 percent to 6,740.28, although the narrower Dow bucked the uptrend and edged down 63.31 points or 0.1 percent to 46,694.97.

The strength in the markets largely reflected a rally by semiconductor stocks, with the Philadelphia Semiconductor index surging by 2.9 percent to a record closing high.

Advanced Micro Devices (AMD) led the sector higher, soaring by 23.7 percent after the chipmaker announced a 6 gigawatt agreement to power OpenAI's next-generation AI infrastructure across multiple generations of AMD Instinct GPUs.

As part of the agreement, AMD has issued OpenAI a warrant for up to 160 million shares of AMD common stock, structured to vest as specific milestones are achieved.

Gold stocks also saw considerable strength amid a sharp increase by the price of the precious metal, with the NYSE Arca Gold Bugs Index jumping by 1.9 percent.

Significant strength was also visible among software stocks, while housing and commercial real estate stocks moved notably lower over the course of the session.

Meanwhile, traders continued to shrug off concerns about the economic impact of the ongoing government shutdown, which entered its sixth day amid little signs of progress toward a deal on a temporary spending bill.

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance on Monday, with several markets closed for holidays. Japan's Nikkei 225 Index spiked by 4.8 percent, while Hong Kong's Hang Seng Index slid by 0.7 percent.

Meanwhile, European stocks moved mostly lower over the course of the session. The French CAC 40 Index tumbled by 1.4 percent, while the U.K.'s FTSE 100 Index edged down by 0.1 percent and the German DAX Index closed just below the unchanged line.

In the bond market, treasuries extended the pullback seen in the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, climbed 4.3 basis points to 4.162 percent.