Among individual stock movers, AppLovin dropped 14% for its largest decline since April 4 after Bloomberg News reported the Securities and Exchange Commission has been probing the data-collection practices of the mobile advertising tech company. Comerica Inc. rallied 14%, its best day since May 2023, after Fifth Third Bancorp agreed to buy the bank for about US$10.9 billion in stock, marking the largest US bank deal this year. Fifth Third’s stock fell 1.4%. And Tesla Inc jumped about 5.5% after teasing a product announcement.
US stocks closed at a record Monday, powered by technology shares as investors disregard the government shutdown, now in its sixth day, and instead cheer a multibillion-dollar infrastructure deal that signalled the artificial intelligence spending boom.
The S&P 500 Index rose 0.4% to notch its seventh straight session of gains for its longest winning streak since early May. The Nasdaq 100 Index advanced 0.8%, with Advanced Micro Devices Inc soaring 24% — its biggest gain since April 9 — after inking a deal with OpenAI to roll out AI infrastructure in a pact the chipmaker said could generate tens of billions of dollars in new revenue. Nvidia Corp, AMD’s main competitor in graphics processors, was the largest S&P 500 point decliner, falling 1.1% following that announcement.
