Morning Movers: AMD surges following agreement with OpenAI

Stock futures are rising as optimism returns around both artificial intelligence momentum and the expectation that the Federal Reserve will follow through with another rate cut this month. Tech and AI-adjacent names are getting an early lift, even in the face of broader political and economic headwinds.

The U.S. government shutdown means key data releases like the nonfarm payroll report have been delayed, leaving investors to lean more heavily on alternative labor indicators and earnings as signals. Fortunately for sentiment, many of those proxies are flashing softening in hiring, which bolsters the dovish case for the Fed.

Gold is making waves, pushing past $3,900 per ounce for the first time ever. The rally is being fueled by safe-haven demand in this risk off, policy-uncertain environment.

On the global front, political developments are rippling through markets. In Japan, the election of Sanae Takaichi as leader of the ruling party has jolted the yen lower and sent the Nikkei to record highs as markets recalibrate expectations for Bank of Japan policy. In Europe, uncertainty in France deepened after Prime Minister Lecornu abruptly resigned, dragging French equities and bank stocks.

In commodity markets, oil is receiving support from tighter supply expectations after OPEC+ announced a smaller output increase than anticipated, which helps underpin the price.

In pre-market trading, S&P 500 futures rose 0.31%, Nasdaq futures rose 0.82% and Dow futures rose 0.16%.

Check out this morning’s top movers from around Wall Street, compiled by The Fly.

HIGHER –

• AMD (AMD) up 35% after the company and OpenAI announced a six gigawatt agreement for AMD chips to power OpenAI’s artificial intelligence infrastructure
• Comerica (CMA) up 14% after Fifth Third Bancorp (FITB) and the company announced that they have entered into a definitive merger agreement under which Fifth Third will acquire Comerica in an all-stock transaction valued at $10.9B
• Datavault (DVLT) up 6% after saying it expects it will meet or exceed its 2025 2nd half guidance of $12M-$15M and is optimistic it will reach a 2026 revenue range exceeding its previous $40M-$50M revenue target
• Tesla (TSLA) up 2% after a posting a teaser video on X that sparked speculation of the release of a new car
• Boeing (BA) up 1% after Bloomberg reported the company is guiding suppliers that it could ramp up 737 Max output and could reach a 42-jet monthly pace as early as October

LOWER –

• Trinseo (TSE) down 5% after announcing the closure of a facility in Italy and suspending its quarterly dividend
• Fifth Third (FITB) down 1% after the company and Comerica announced that they have entered into a definitive merger agreement under which Fifth Third will acquire Comerica in an all-stock transaction valued at $10.9B