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Global Desk US stocks started mixed on Monday, with the Nasdaq Composite up 0.5%, S&P 500 flat, and Dow Jones down 0.5%. Wall Street is trying to continue its strong rally from October when Big Tech and AI-linked stocks led the gains. Amazon and Nvidia led the early rally. Amazon shares jumped nearly 6% after it struck a $38 billion, 7-year deal with OpenAI to use Amazon Web Services and Nvidia chips for AI work. Nvidia stock rose more than 2% on the news and an analyst upgrade. Loop Capital raised Nvidia’s price target to a Street-high of $350, suggesting a massive $8.5 trillion market cap, calling this the “next Golden Wave of Gen AI adoption”, as stated by Yahoo Finance. AI growth pushes Big Tech stocks higherPresident Trump confirmed chip export limits, saying the US will not let China get “the most advanced [chips]… only the United States will have them.” Despite that, Nvidia continued rising as investors stayed bullish on AI, as per CBS News interview.Big Tech is driving AI investment. The “Magnificent Seven” — Amazon, Alphabet, Microsoft, Meta, Nvidia, Tesla, and Apple — are expected to spend $405 billion in capital expenditures this year, mostly on AI. Earnings season is still going strong. About 300 S&P 500 companies have reported results so far, and another 100-plus reports are due this week, including Palantir, AMD, and Super Micro. Market deals, weak data, and investor focusNew corporate deal buzz lifted markets. Kimberly-Clark announced a $48.7 billion deal to buy Kenvue, creating a $30 billion health and wellness company. Kenvue stock jumped 20%, while Kimberly-Clark fell 15%, as per AP report. Cipher Mining stock jumped 16% after it signed a $5.5 billion, 15-year data center lease with AWS to deliver 300 megawatts of AI capacity by 2026. ALSO READ: US stock market futures today – Wall Street extends October rally: Dow, S&P 500, Nasdaq futures rise as investors eye earnings and US-China updatesLive EventsIREN stock soared 24% after a $9.7 billion cloud deal with Microsoft to supply Nvidia processors through 2026 at its Texas campus. Berkshire Hathaway’s profits rose 17%. Warren Buffett’s company benefited from fewer hurricanes and higher investment gains. Buffett will step down as CEO in January, and Greg Abel will succeed him. Weak data shows slow manufacturing recoveryRare earth stocks fell after Trump said China’s threat to supply was “completely gone.” MP Materials dropped 4.5%, and USA Rare Earth fell 6.2%. China agreed to delay its export controls for a year, as stated by CBS News. Manufacturing data was weak. The US manufacturing PMI fell to 48.7 in October, marking the eighth straight month of contraction, but demand indicators like new orders improved slightly. ISM Chair Susan Spence said, “Short gains have not appeared to translate into sustained growth for the sector, a reflection of continuing economic uncertainty.” Input costs rose, with prices of imported metals like aluminum, copper, and steel increasing. A chemical sector executive said, “Customers are cancelling and reducing orders due to uncertainty in the global economic environment.” China ties, gold prices, and oil market watchXi Jinping’s lighthearted moment lifted Chinese tech. Xiaomi shares rose 3% after Xi joked about “checking for backdoors” while gifting phones to South Korea’s president — seen as easing tension in US-China relations, as per Bloomberg News. Gold prices slipped below $4,000, dropping 1% after China ended tax breaks on gold sales. “This news could prove very welcome to traders hoping for a deeper correction,” said Adrian Ash of BullionVault. Oil markets remain uncertain. Analysts say the oil glut may last until 2026, though new US sanctions on Russian producers could slow its growth, keeping prices from falling too much. Investors are watching Washington. The US government shutdown is delaying key data like the jobs report, while the Supreme Court will hear Trump’s tariff case this week. Other key data ahead: ISM manufacturing and services reports, S&P Global data, and the University of Michigan consumer sentiment survey will be closely watched to gauge economic health. Therefore, tech optimism, major AI deals, solid corporate earnings, and easing US-China tensions are keeping Wall Street upbeat, even as weak manufacturing and delayed data hint at broader uncertainty.FAQsQ1. Why are US stock markets rising today?US stock markets are rising mainly because of strong AI-related deals, tech optimism, and better corporate earnings.Q2. Which tech companies are leading the market gains?Amazon and Nvidia are leading the gains after big AI partnerships and strong investor confidence in technology stocks.Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) Read More News onUS stock marketsAmazon stockNvidia stockBig Tech stocksWhy is the stock market rising todayReasons US stock market is upWhy are stocks going up nowUS stock market todayStock market todayDow Jones today (Catch all the US News, UK News, Canada News, International Breaking News Events, and Latest News Updates on The Economic Times.) 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