NEW YORK, Nov. 3 (Xinhua) -- U.S. stocks ended mixed on Monday as investors piled further into artificial intelligence (AI)-related names following a flurry of deal announcements.
The Dow Jones Industrial Average fell 226.19 points, or 0.48 percent, to 47,336.68. The S&P 500 added 11.77 points, or 0.17 percent, to 6,851.97, while the Nasdaq Composite climbed 109.77 points, or 0.46 percent, to 23,834.72.
Seven of the 11 primary S&P 500 sectors finished lower, with materials and consumer staples down 0.56 percent and 0.47 percent, respectively. Consumer discretionary and technology led the gainers, rising 1.70 percent and 0.39 percent, respectively.
Among the "Magnificent Seven," Amazon rose 4 percent after announcing a 38 billion U.S. dollar partnership with OpenAI that will utilize hundreds of thousands of Nvidia graphics processing units.
"The market is rewarding the key AI players today," said Gil Luria, head of technology research at D.A. Davidson, citing Nvidia, Microsoft, Google, Amazon and Palantir as the main beneficiaries.
Despite concerns over elevated valuations and uncertainty about the Federal Reserve's policy path amid the ongoing U.S. federal government shutdown, UBS analysts see more upsides ahead. "Despite the strong gains in equity markets this year, we continue to believe that this bull market has room to run and investors should position to benefit from the rally," Ulrike Hoffmann-Burchardi, global head of equities at UBS, wrote on Monday.
This week brings another busy stretch for corporate earnings, with results expected from companies across a range of industries, including Advanced Micro Devices, Uber and Toyota. ■