US stocks began November on a positive note, with technology shares leading gains across major indexes.
The S&P 500 rose 0.5%, the Nasdaq Composite advanced 1%, and the Dow Jones Industrial Average added 18 points.
Micron Technology climbed 5%, pacing a broader rally in chipmakers.
Nvidia and AMD were up about 3% and 1%, respectively, while the VanEck Semiconductor ETF gained 1.6%. Among other major tech names, Meta Platforms rose 1.2% and Palantir gained 2%.
The sector’s advance followed a multiyear $9.7 billion deal between data centre company Iren and Microsoft, giving the software giant access to Nvidia’s GB300 graphics processing units. Iren shares jumped 17% after the announcement.
Nvidia also extended its recent momentum after Microsoft said it had secured export licenses from the Trump administration to ship Nvidia chips to the United Arab Emirates.
Microsoft added that its total UAE investment will reach $15.2 billion by 2029.
Amazon contributed to market strength as its shares gained more than 5% following a $38 billion multiyear deal with OpenAI that will deploy hundreds of thousands of Nvidia GPUs.
The market’s strong start to the month follows a solid October, when the S&P 500 and Dow gained 2.3% and 2.5%, respectively, while the Nasdaq outperformed with a 4.7% rise.
Those gains were supported by optimism around artificial intelligence and signs of easing US–China trade tensions.
Earnings have also underpinned sentiment. More than 300 S&P 500 companies have reported third-quarter results so far, with over 80% surpassing expectations, according to FactSet.
Another 100-plus companies, including AI-focused firms such as Palantir and AMD, are scheduled to report this week.
Historically, November tends to favour equities — data from the Stock Trader’s Almanac show the S&P 500 has averaged a 1.8% gain for the month, making it the strongest on record for the benchmark.
This week’s major events
Here are the key reports and events expected this week. Some economic releases may be delayed due to the ongoing US government shutdown.
Monday: Palantir Technologies reports earnings after the bell.
Tuesday: US Election Day. Earnings are expected from Uber Technologies, Spotify, Shopify, Norwegian Cruise Line, Pfizer, and Yum Brands before the bell.
After hours, results are due from Advanced Micro Devices, Pinterest, Super Micro, Hinge Health, Amgen, and Rivian.
September international trade data and the Job Openings and Labor Turnover Survey (JOLTS) will also be released.
Wednesday: McDonald’s reports before the bell, followed by results from Qualcomm, Snap, Arm Holdings, Lyft, Figma, e.l.f. Beauty, and Lucid Group after hours.
Economic data include weekly mortgage applications, the ADP private payrolls report, and the ISM Services Index.
Thursday: Earnings are expected from Warner Bros. Discovery, Tapestry, Under Armour, and Moderna before the bell, while Airbnb, Affirm Holdings, Block, and Peloton Interactive will report after hours.
Data releases include weekly jobless claims and preliminary third-quarter productivity and costs.
Friday: The October jobs report and preliminary consumer sentiment data will be released.
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