05:07 PM EST, 11/03/2025 (MT Newswires) -- The Nasdaq Composite and the S&P 500 advanced in an overall mixed session on Monday, with Amazon.com ( AMZN ) continuing its rally and traders awaiting key corporate earnings this week.

The Nasdaq rose 0.5% to 23,834.7, while the S&P 500 was up 0.2% at 6,852. The Dow Jones Industrial Average fell 0.5% to 47,336.7. Most sectors ended in the red, led by materials, while consumer discretionary paced the gainers.

In company news, Amazon ( AMZN ) secured a $38 billion deal with OpenAI that allows the Microsoft ( MSFT )-backed (MSFT) artificial intelligence research lab to run its workloads on Amazon's ( AMZN ) cloud computing division. Amazon ( AMZN ) shares jumped 4%, the top gainer on the Dow. Microsoft ( MSFT ) ended 0.2% lower.

As part of the deal, the ChatGPT parent gets access to Amazon Web Services' infrastructure comprising "hundreds of thousands" Nvidia (NVDA) chips under the seven-year partnership, Amazon ( AMZN ) and OpenAI said on Monday. Nvidia (NVDA) gained 2.2%.

On Friday, Amazons' shares jumped 9.6%. The e-commerce giant late Thursday logged third-quarter results above Wall Street's estimates amid stronger-than-expected sales growth at Amazon Web Services, which Morgan Stanley said is positioned for faster growth ahead.

Microsoft ( MSFT ) agreed to purchase AI computing capacity from Australia's Iren (IREN) in a $9.7 billion deal that gives the American tech giant access to Nvidia's chips, Microsoft ( MSFT ) and Iren said in a joint statement on Monday.

IDEXX Laboratories ( IDXX ) shares jumped nearly 15%, the best performer on the S&P 500, as the company raised its annual outlook after delivering a third-quarter beat.

Kimberly-Clark ( KMB ) agreed to acquire consumer health company Kenvue ( KVUE ) in a cash-and-stock deal worth about $48.7 billion, creating a global health and wellness entity. Kenvue ( KVUE ) shares surged 12%, the second-top gainer on the S&P 500, while Kimberly-Clark ( KMB ) declined nearly 15%, the worst performer on the index.

Advanced Micro Devices ( AMD ) , Shopify ( SHOP ) , McDonald's (MCD), Uber Technologies ( UBER ) , Pfizer ( PFE ) , Spotify ( SPOT ) , Warner Bros. Discovery ( WBD ) , and Becton Dickinson ( BDX ) are some of the major companies due to release their latest financials later this week.

S&P 500 companies' quarterly earnings growth slowed down compared with financials reported up until a week ago, even as revenue momentum picked up, Oppenheimer Asset Management said Monday.

"(Third-quarter) results (as well as results in earlier quarters reported this year) have shown evidence that earnings growth is not limited to the technology space but rather is spread among the sectors," Oppenheimer Asset Management Chief Investment Strategist John Stoltzfus said. "At this point in the earnings season, nearly 83% of firms that have reported have beaten their analyst forecasts."

US Treasury yields were higher, with the 10-year rate up 2.8 basis points at 4.11% and the two-year rate rising 2.5 basis points to 3.61%.

In economic news, two surveys presented mixed trends in the US manufacturing sector for October, with Institute for Supply Management data showing continued contraction and an S&P Global ( SPGI ) report indicating growth for a third consecutive month.

A moderation in the ISM price index for last month "adds to the case for the Federal Reserve to reduce interest rates again, and carries added importance given that it seems October (consumer price index) is unlikely to be released anytime soon due to the (ongoing US federal) government shutdown," TD Economics said.

Last week, the Fed lowered its benchmark lending rate by 25 basis points and reiterated concerns regarding the labor market. Markets are pricing in a 67% probability that the central bank will cut interest rates by a quarter percentage point next month, according to the CME FedWatch tool.

The government shutdown is now into its 34th day. The Senate was scheduled to meet Monday, though it's not slated to vote on a House-passed measure to fund the government, CBS News reported.

West Texas Intermediate crude oil was somewhat steady at $61 a barrel in Monday late-afternoon trade.

Major oil-producing countries surprised markets with their decision on Sunday to pause output increases in the first quarter of 2026, a move that analysts said shows caution amid uncertainty around US sanctions on Russian crude.

Hitting the pause button comes as a surprise, but OPEC leaders are keeping all options on the table and suggesting that "production policy is not one directional," Helima Croft, head of global commodity strategy and Middle East and North Africa research at RBC Capital Markets, said in a note e-mailed Monday.

Gold was up 0.5% at $4,015.10 per troy ounce, while silver fell 0.4% to $47.97 per ounce.