The S&P 500 and Nasdaq commenced November with notable gains of 0.6% and 1%, respectively, suggesting the continuation of the six-month upward trajectory in U.S. equities. In contrast, the Dow Jones showed minimal movement, hovering around the same level. Technology and consumer discretionary sectors led the charge, fueled by persistent enthusiasm for artificial intelligence and signs of reduced trade tensions between the U.S. and China. Nvidia experienced a rise of over 3%, while Microsoft increased by 0.9% following its announcement of obtaining export licenses for shipping Nvidia chips to the UAE. Amazon saw a significant surge, exceeding 5%, after revealing a multi-year partnership worth $38 billion with OpenAI. In comparison, the utilities and materials sectors underperformed. Corporate earnings remained a focal point, with Palantir Technologies experiencing a 2.2% uptick in anticipation of its earnings report expected to be released after the market closed. Market participants are also attentive to several crucial forthcoming private-sector data releases, such as the ADP employment report, amid the prolonged U.S. government shutdown extending into its second month.

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