NEW YORK: Wall Street stocks were mostly higher early Monday behind strength in some leading tech names after ChatGPT-maker OpenAI signed a $38 billion deal with Amazon’s AWS cloud computing arm.
Shares of Amazon, which soared Friday following earnings, jumped another 5.5 percent following the latest deal, which further bolsters the market’s enthusiasm about the artificial intelligence boom.
About 20 minutes into trading, the tech-rich Nasdaq Composite Index led major indices, rising 0.6 percent to 23,876.79.
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The Dow Jones Industrial Average dipped 0.3 percent to 47,429.15, while the broad-based S&P 500 climbed 0.1 percent to 6,847.94.
Investors are also looking ahead to a handful of earnings reports in the coming period, including Airbnb and McDonald’s this week and earnings from Disney and AI giant Nvidia later this month.
“You can identify individual stocks that might have disappointed,” said Sam Stovall of CFRA Research. “But overall, it’s been a very good earnings season.”
Among individual companies, Kenvue surged 17.1 percent after the Tylenol-maker reached a $48.7 billion deal to be acquired by US consumer goods giant Kimberly-Clark. Kimberly-Clark fell 12.3 percent.
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