05:09 PM EDT, 10/06/2025 (MT Newswires) -- The Nasdaq Composite and the S&P 500 notched fresh all-time highs on Monday, underpinned by a rally in Advanced Micro Devices' ( AMD ) shares.

The technology-heavy Nasdaq rose 0.7% to 22,941.7. The S&P 500 climbed 0.4% to 6,740.3, stretching its advance to a seventh consecutive session. The Dow Jones Industrial Average fell 0.1% to 46,695, snapping a six-day climb that pushed it to a new high on Friday.

Most sectors ended higher, led by consumer discretionary, while real estate saw the biggest drop.

In company news, AMD's Nasdaq-listed shares surged nearly 24%, the top performer on the S&P 500, after the chipmaker agreed to deploy 6 gigawatts of its graphics processing units to power Microsoft ( MSFT )-backed (MSFT) OpenAI's artificial intelligence infrastructure.

As part of the deal, OpenAI received a warrant to purchase up to 160 million of AMD's shares. That would reflect a stake of up to 10%, according to MT Newswires' calculations.

The agreement reinforces that "AMD is making substantial hardware, software, and rack-scale progress in the datacenter GPU market, and we expect it to continue marching toward a structural 10% market share over time," Truist Securities said in a client note. "We expect AMD to form similar agreements over time, and we continue to see upside potential to AMD's financial model and stock price."

Comerica ( CMA ) shares soared nearly 14% after Fifth Third Bancorp ( FITB ) agreed to acquire the regional lender in an all-stock deal worth $10.9 billion to create one of the largest banks in the US with roughly $288 billion in assets. Fifth Third shares were down 1.4%.

Verizon Communications ( VZ ) appointed independent lead director Dan Schulman as chief executive, effective immediately, while the telecommunications giant affirmed its 2025 financial guidance. Its shares fell 5.1%, the steepest drop on the Dow and the second-biggest decline on the S&P 500.

AT&T ( T ) was among the worst performers on the S&P 500, down 4.4%, as Scotiabank downgraded its rating on the telecom giant's stock to sector perform from sector outperform.

US Treasury yields were higher, with the 10-year rate rising 4.2 basis points to 4.16% and the two-year rate adding 2.7 basis points to 3.60%.

The government shutdown started Wednesday after US lawmakers failed to agree on a key spending bill. The Senate is scheduled to vote around 5:30 pm ET Monday on a House bill that would fund the government until Nov. 21, though the measure is unlikely to pass, CNBC reported earlier in the day.

The shutdown delayed the September jobs report last week.

"Without updated inflation and employment figures, in particular, the (Federal Open Market Committee) -- already fiercely divided between hawks and doves -- (is) more likely to remain on hold, waiting for additional information before potentially further compounding a policy error with a second-round rate cut," Stifel said in a Monday client note.

Separately, Wells Fargo Investment Institute said the government shutdown and data delays are likely to serve as temporary market distractions.

"These headlines may incite (Federal Reserve) policy jitters and spark market volatility for a short time," the firm wrote. "However, we remain focused on more durable investment trends that we believe are laying the groundwork for a positive market environment through 2026."

Gold hit an all-time high on Monday as the ongoing US government shutdown boosted demand for the safe-haven asset amid expectations of another rate cut from the Fed. Spot gold topped $3,950 per ounce for the first time, and was last trading at $3,960.5, up 1.9%. Gold for December delivery jumped 1.9% to $3,984.35 per ounce.

Gold prices have soared nearly 50% this year, driven by mounting economic and geopolitical uncertainty, ING Head of Commodities Strategy Warren Patterson said. "The (Fed's) rate cuts and central bank moves to diversify away from dollar assets have also provided strong support," Patterson wrote.

West Texas Intermediate crude oil was up 1.5% at $61.80 a barrel in Monday late-afternoon trade.

On Sunday, eight members of the Organization of the Petroleum Exporting Countries and its allies said they will raise combined production by 137,000 barrels per day next month. Ahead of the meeting, expectations were for a more aggressive output boost, as much as 500,000 barrels.

Silver rose 0.9% to $48.38 per ounce.