Nasdaq Index: Amazon, Nvidia Lead Gains as Tech Stocks Drive Midday Forecast

Nasdaq Advances Mid-Session as Amazon and AI Leaders Lift Tech

U.S. equities are mixed midday Monday, with the Nasdaq Composite up 0.5% as large-cap tech names tied to artificial intelligence attract fresh capital. The S&P 500 is higher by 0.1%, while the Dow Jones Industrial Average is down 170 points, or 0.4%, weighed by a drop in UnitedHealth shares.

AI momentum continues to drive the Nasdaq higher as traders respond to a series of corporate announcements that reinforce the sector’s leadership going into November.

What’s fueling the Nasdaq’s strength today?

Amazon shares are up nearly 5% following news of a $38 billion partnership with OpenAI to host workloads on Amazon Web Services. The agreement leverages hundreds of thousands of Nvidia GPUs and expands Amazon’s AI infrastructure footprint, fueling optimism around its long-term AI position.

Microsoft is also in focus after securing a $9.7 billion deal with data center provider Iren to gain access to Nvidia’s GB300 chips. Chipmakers are responding positively—Micron Technology is leading with a 4.7% gain, Nvidia is up nearly 3%, and the VanEck Semiconductor ETF is tracking a 1% intraday increase.

How are sectors trading relative to tech’s gains?

While tech and consumer discretionary stocks are advancing, other sectors remain under pressure. The S&P 500 Health, Financial, and Industrials sectors are each lower by about 0.4%, and Materials is the weakest, down nearly 1%. Energy is little changed despite a rebound in some oil services names.

Consumer Discretionary is the session’s top performer so far, climbing 1.8% thanks to gains in Amazon and Wynn Resorts, which is up 3.5%. Real Estate and Staples are lagging, both down over 0.5%.

Which individual stocks are making key moves?

Kenvue leads the S&P 500 with a 16.7% gain, while IDEXX Laboratories is up 13.2% following earnings. In the AI space, Amazon, Micron, and Nvidia are pushing higher, supported by gains in Seagate and Western Digital.

On the downside, Kimberly-Clark is down over 12% after issuing weaker guidance. Moderna, AutoZone, and Hershey are each off by more than 4%, contributing to sector underperformance.

What are traders watching next?

Despite strength in AI names, breadth remains weak with over 400 S&P 500 components trading lower intraday. Traders are watching third-quarter earnings, with more than 300 companies having reported and 80% beating expectations. Key results this week include Palantir and AMD.

With November historically the S&P 500’s strongest month—averaging a 1.8% gain—traders are watching for seasonal strength to support broader participation beyond AI-led momentum.

More Information in our Economic Calendar.