01:34 PM EST, 11/03/2025 (MT Newswires) -- US equity indexes traded mixed after midday Monday as Amazon.com's ( AMZN ) $38 billion deal with the Microsoft-backed (MSFT) OpenAI helped boost the consumer discretionary and technology sectors, bucking the declining trend across all other groups.

The Nasdaq Composite rose 0.7% to 23,889.5, and the S&P 500 climbed 0.3% to 6,861.2. The Dow Jones Industrial Average, however, fell 0.4% to 47,367.7. Materials and consumer staples led the decliners.

Amazon.com's ( AMZN ) web services division has reached an agreement worth $38 billion through which OpenAI can access Nvidia's ( NVDA ) graphics processing units. The online retailer's shares jumped 5.2%, among the top gainers on the S&P 500, the Nasdaq, and the Dow.

"We are encouraged by the implied level of demand in the coming quarters given the pace of backlog growth and a higher capex guide for 2025," Wedbush Securities said in a note. "We think momentum will continue for the segment."

Meanwhile, the Institute for Supply Management's US manufacturing index slid to 48.7 in October from 49.1 in September, compared with expectations for an increase to 49.5 in a survey compiled by Bloomberg.

The S&P Global US manufacturing index for October was revised upward to 52.5 from a flash reading of 52.2, compared with forecasts for no revision in a Bloomberg-compiled poll. The October index stands above the 52.0 print in September, indicating a widening expansion, which supports Fed policymakers not in favor of further policy easing.

Speaking to Yahoo Finance on Monday, Chicago Fed President Austan Goolsbee said that while interest rates can come down "a fair amount," it would probably be "most judicious to have rates come down with inflation," according to a Stifel note.

The key question is whether the Fed will have sufficient economic data before the December meeting, Morgan Stanley said in a note, adding that "the longer the federal shutdown persists, the less data the Fed sees -- and the lower the odds of a cut." According to a Scotiabank note, the shutdown will become the longest in US history by Tuesday.

US Treasury yields leaned higher, with the 10-year yield up 1.1 basis points to 4.11%.

Gold futures rose 0.4% to $4,014.10 per ounce.

Further in company news, Kimberly-Clark ( KMB ) announced it will acquire Kenvue (KVUE) in a cash and stock deal valuing the company at $48.70 billion on an enterprise basis. Down 14%, Kimberly-Clark ( KMB ) was the worst performer on the S&P 500. Kenvue was the second-biggest gainer in the gauge, surging 15%.

IDEXX Laboratories ( IDXX ) shares surged 16%, the top gainer on the Nasdaq, after the company reported higher Q3 earnings and revenue, and raised its 2025 guidance.

Charter Communications ( CHTR ) reported Q3 earnings and revenue late Friday that fell more than forecast. Shares dropped 6.8%, the steepest decline on the Nasdaq.

West Texas Intermediate crude oil futures rose 0.5% to $61.28 a barrel, turning the corner.