The major averages closed mixed today with the S&P 500 closing at new highs following mergers and acquisition activity over the weekend. The Dow Jones Industrial Average

fell 63 points to close at 46,694, weighed down by a decline in shares of Sherwin-Williams

 and Home Depot. The broad market S&P 500 rose 24 points or 0.36% to end the day at 6,740. The tech-heavy Nasdaq advanced 161 points or 0.71% to finish at 22,941.

Tech led the rally as AMD rose over 20% as Sam Altman’s Open AI will use their chips for an artificial-intelligence infrastructure buildout. AMD management said they expect the OpenAI partnership will enable the company to eventually generate tens of billions of dollars in annual revenue and over $100 billion in total revenue from selling chips over the next several years. Nvidia and Broadcom were actually lower on the day.

In the financial space, Comerica rose 14% after Fifth Third Bancorp reached a deal to buy the fellow regional bank for $10.9 billion in an all-stock transaction. The merger will form the ninth-largest U.S. bank by assets. The SPDR S&P Regional Banking ETF rose 1% on the day.

U.S. Treasury yields moved higher on Monday as the U.S. government shutdown continues.

The 10-year Treasury yield rose 4 basis points to 4.16%. The 30-year bond yield rose 4 basis points to 4.75%. The 2-year Treasury yield rose 2 basis points to 3.59%.

In the commodity space, oil rose a percent as OPEC+ hiked production less than expected. Gold rose nearly 2% to a new record high, closing in on $4000/oz. Crypto currencies were strong as well as bitcoin closes in on an all time high.  

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