Major stock indexes opened higher Thursday, led by chipmaker shares, as investors continue to shake off the U.S. government shutdown.
The tech-heavy Nasdaq, benchmark S&P 500, and blue-chip Dow Jones Industrial Average opened up 0.6%, 0.3%, and 0.2, respectively. The three major indexes all ended higher for a fourth straight session Wednesday, with the Dow and S&P 500 closing at records.
The government shutdown that began Wednesday will delay the release of economic data, including Friday’s key jobs report. The lack of data complicates decision-making for Federal Reserve officials, who meet later in the month to decide whether to lower interest rates.
Gold futures ticked 0.5% higher to $3,915 an ounce, hovering near their latest record set yesterday.
The U.S. dollar index, which tracks the value of the greenback against a basket of foreign currencies, was little changed at 97.71. The 10-year Treasury yield—which affects borrowing costs on all sorts of loans—ticked higher to 4.11%. Bitcoin advanced more than 1% to $119,000. West Texas Intermediate crude oil futures fell 1% to $61.20 per barrel.
Chip shares rallied globally after OpenAI announced South Korean firms SK Hynix and Samsung would partner with the ChatGPT maker on its Stargate AI infrastructure project. SK Hynix and Samsung shares ended 10% and 3.5% higher, respectively, in Korean trading, while those of U.S. chipmakers Broadcom (AVGO), Advanced Micro Devices (AMD), and Nvidia (NVDA) advanced about 3%, 2%, and 1.5%, respectively, at the opening bell.
Elsewhere, Tesla (TSLA) shares rose 1.5% after third-quarter deliveries figures came in better than expected; Stellantis (STLA) stock popped 8% as the Chrysler and Jeep parent posted a 6% rise in U.S. sales; and shares of data center developer Fermi (FRMI) surged a further 4% after soaring 55% in their debut yesterday.
Also, shares of TransUnion (TRU) and Equifax (EFX) tumbled 9% apiece after credit analytics firm Fair Isaac (FICO) announced new models that would bypass credit bureaus. Fair Isaac stock soared 12%. Occidental Petroleum (OXY) stock was little changed after Warren Buffett’s Berkshire Hathaway (BRK.B) purchased its chemical business, OxyChem, for $9.7 billion in cash.