Verizon drags Dow lower after naming former PayPal chief Dan Schulman as CEO
U.S. stocks were mixed Monday afternoon as a strong rally in technology shares lifted the S&P 500 and Nasdaq, while declines in Verizon weighed on the Dow Jones Industrial Average.
Advanced Micro Devices (AMD) was the standout performer, surging nearly 30% to hover near record highs after reports of a landmark deal with ChatGPT maker OpenAI. The agreement could give OpenAI a 10% equity stake in AMD, fueling investor optimism about the chipmaker’s deepening role in the artificial intelligence revolution.
Meanwhile, Verizon Communications (VZ) was the Dow’s worst-performing component after announcing that former PayPal CEO Dan Schulman would take over as its next chief executive. Shares of the telecom giant fell sharply following the announcement, dragging the index lower.
Elsewhere, International Paper (IP) and Smurfit Westrock (SW) shares slipped after U.K.-based rival Mondi warned that challenging market conditions could pressure profits.
Tesla (TSLA) shares climbed after the electric vehicle maker teased an upcoming event on Tuesday, with analysts speculating that a lower-cost model could be unveiled. Critical Metals (CRML) also surged amid reports that the Trump administration is considering taking a stake in the rare earth miner, while Comerica (CMA) gained after Fifth Third Bancorp (FITB) agreed to acquire the company in an all-stock deal valued at $10.9 billion.
In commodities, gold prices reached an all-time high, while oil advanced following an OPEC+ decision to modestly raise output. The yield on the 10-year Treasury note also rose as investors weighed inflation and rate expectations. The U.S. dollar strengthened against major currencies, and cryptocurrencies traded broadly higher after Bitcoin hit a record high over the weekend.
You might like this article:AMD Soars 25% After Landmark AI Chip Deal With OpenAI
