The three major indexes on the New York stock market opened mixed around the flat line. Analysts said the market was tugged between concerns over a temporary U.S. federal government shutdown and strength in tech stocks on the AI theme.
As of 10:23 a.m. on the 7th (local time) on the New York Stock Exchange, the Dow Jones Industrial Average fell 9.67 points, or 0.02%, to 46,685.30. The Standard & Poor's (S&P) 500 rose 1.47 points, or 0.02%, to 6,741.75, and the Nasdaq composite added 19.23 points, or 0.08%, to 22,960.90.
With no sign of the AI theme cooling, tech stocks were strong.
Tech shares also gained after news that AI startup Anthropic is working with IBM so its artificial intelligence models can be used within IBM software. IBM shares are up more than 3%.
Dell raised its long-term sales and revenue growth outlook on AI server demand, lifting the stock by nearly 3%.
AMD, which surged more than 20% the previous day on news of a deal with OpenAI, is up more than 5% early today.
In contrast, there is still no sign of a resolution to the U.S. federal government shutdown.
With key economic indicators such as September nonfarm payrolls not being released due to the shutdown, uncertainty over the Federal Reserve's rate decision has grown.
Accordingly, markets are said to be focusing on the Federal Open Market Committee (FOMC) minutes scheduled for the 8th and remarks by Fed officials.
Brett Kenwell, a U.S. investment analyst at eToro, said, "The stock market has rebounded strongly since the April low and held up solidly through the typically weak August and September," adding, "Even if the stock market weakens in the fourth quarter, it would be a healthy correction."
By sector, technology and utilities gained, while energy, consumer goods, and real estate declined.
Canadian mineral exploration company Trilogy Metals jumped 218% on news that the U.S. government would make an equity investment.
Intercontinental Exchange, the parent of the New York Stock Exchange (NYSE), rose more than 1% after news that it acquired $2 billion worth of equity in U.S. prediction market platform Polymarket.
Constellation Brands, maker of Corona beer, climbed nearly 3% on the back of solid earnings.
European stocks rose. The Euro Stoxx 50 was up 0.02% from the previous session at 5,629.74. The United Kingdom's FTSE 100 and Germany's DAX rose 0.08% and 0.17%, respectively. France's CAC 40 also added 0.10%.
International oil prices weakened. At the same time, West Texas Intermediate (WTI) for November delivery, the nearest-month contract, was down 0.58% from the previous session at $61.33 a barrel.