US open: Stocks mixed as Dow retreats from record high

(Sharecast News) - Wall Street trading got off to a mixed start on Monday, buoyed by fresh M&A activity and strength in AI-linked names, as market participants looked past the ongoing government shutdown and associated data delays.

As of 1520 BST, the Dow Jones Industrial Average was down 0.64% at 46,461.32, while the S&P 500 ticked up 0.08% to 6,721.23 and the Nasdaq Composite came out of the gate 0.39% firmer at 22,869.65.

The Dow opened 296.96 points lower on Monday, knocking the blue-chip index from its record high and more than reversing gains recorded in the previous session.

AMD surged in early action after striking a multi-year GPU supply deal with Sam Altman's OpenAI, which could see the ChatGPT developer take a 10% stake in the chipmaker via a warrant agreement structured in tranches.

Regional banks also rallied, with Comerica up double-digits after Fifth Third Bancorp agreed to acquire the lender in an all-stock deal worth $10.9bn, creating the ninth-largest US bank by assets. Traders also seem to expect further consolidation across the sector, with the SPDR S&P Regional Banking ETF jumping 1% before the open.

Elsewhere, Verizon weighed on the Dow Jones after it announced that it had appointed its independent lead director, Dan Schulman, as the company's new chief executive officer, effective immediately. The former PayPal CEO will succeed Hans Vestberg, who had been CEO since 2018. Vestberg will serve as a special advisor and stay on the the company's board of directors until Verizon's 2026 annual general meeting.

Investors also largely shrugged off the Federal government shutdown, now in its sixth day, which has delayed key macro releases, including September's all-important non-farm payrolls report.

No major data points were slated for release on Monday.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Intel Corp. (INTC) $38.56 4.70%

Microsoft Corp. (MSFT) $523.98 1.28%

Cisco Systems Inc. (CSCO) $68.44 0.77%

International Business Machines Corporation (CDI) (IBM) $290.27 0.66%

Johnson & Johnson (JNJ) $189.80 0.62%

Caterpillar Inc. (CAT) $500.05 0.44%

Merck & Co. Inc. (MRK) $89.55 0.40%

Travelers Company Inc. (TRV) $285.68 0.39%

Goldman Sachs Group Inc. (GS) $792.38 0.30%

Boeing Co. (BA) $216.85 0.25%

Dow Jones - Fallers

Verizon Communications Inc. (VZ) $42.83 -1.92%

Home Depot Inc. (HD) $388.67 -1.62%

McDonald's Corp. (MCD) $296.42 -1.52%

Salesforce.Com Inc. (CRM) $236.72 -1.51%

Visa Inc. (V) $345.93 -1.12%

Dow Chemical Co. (DOW) $23.58 -1.01%

Coca-Cola Co. (KO) $65.99 -0.99%

Apple Inc. (AAPL) $256.21 -0.70%

Amgen Inc. (AMGN) $296.33 -0.53%

Nike Inc. (NKE) $71.57 -0.50%

S&P 500 - Risers

Advanced Micro Devices Inc. (AMD) $210.28 27.70%

Comerica Inc. (CMA) $80.98 14.78%

CenturyLink Inc. (LUMN) $7.06 7.62%

Micron Technology Inc. (MU) $199.82 6.38%

Lam Research Corp. (LRCX) $152.96 4.90%

Arista Networks Inc. (ANET) $152.51 4.82%

Intel Corp. (INTC) $38.56 4.70%

KLA-Tencor Corp. (KLAC) $1,142.49 3.72%

Applied Materials Inc. (AMAT) $225.16 3.51%

Humana Inc. (HUM) $293.15 3.32%

S&P 500 - Fallers

International Paper Co. (IP) $45.17 -4.24%

Starbucks Corp. (SBUX) $83.54 -3.33%

Advance Auto Parts (AAP) $59.38 -3.19%

Harley-Davidson Inc. (HOG) $27.48 -3.15%

Franklin Resources Inc. (BEN) $23.20 -2.50%

FMC Corp. (FMC) $31.44 -2.48%

Biogen Inc (BIIB) $156.01 -2.42%

AT&T Inc. (T) $26.48 -2.16%

DENTSPLY Sirona Inc. (XRAY) $12.90 -2.16%

Norwegian Cruise Line Holdings Ltd (NCLH) $23.81 -2.12%

Nasdaq 100 - Risers

Micron Technology Inc. (MU) $199.82 6.38%

Lam Research Corp. (LRCX) $152.96 4.90%

Intel Corp. (INTC) $38.56 4.70%

KLA-Tencor Corp. (KLAC) $1,142.49 3.72%

Applied Materials Inc. (AMAT) $225.16 3.51%

Western Digital Corp. (WDC) $135.27 3.02%

Tesla Inc (TSLA) $441.38 2.69%

Asml Holdings N.V. (ASML) $1,055.21 2.23%

Cadence Design Systems Inc. (CDNS) $353.52 1.80%

Wynn Resorts Ltd. (WYNN) $125.84 1.76%

Nasdaq 100 - Fallers

Starbucks Corp. (SBUX) $83.54 -3.33%

Biogen Inc (BIIB) $156.01 -2.42%

Mercadolibre Inc. (MELI) $2,125.51 -2.17%

DENTSPLY Sirona Inc. (XRAY) $12.90 -2.16%

Meta Platforms Inc. (META) $695.85 -2.07%

Intuit Inc. (INTU) $667.06 -1.89%

Trip.com Group Limited (TCOM) $72.14 -1.61%

T-Mobile Us, Inc. (TMUS) $226.58 -1.60%

Dollar Tree Inc (DLTR) $88.61 -1.52%

Mondelez International Inc. (MDLZ) $61.77 -1.44%