ADDX GO Market Morning Wrap - 7th Oct

Stock Market

Overnight and into this morning, amid the frenzy around artificial intelligence, the S&P 500 rose for its seventh straight trading day, hitting a new closing high alongside the Nasdaq.  

At the close, the S&P 500 gained 0.36% to 6,740.28 points; the Nasdaq Composite rose 0.71% to 22,941.67 points; the Dow Jones Industrial Average dipped 0.14% to 46,694.97 points.  

S&P 500 daily chart, source: TradingView  

 

Monday’s buzzword was OpenAI. The company first announced a deal with AMD to deploy 6 gigawatts of GPU computing power, with warrants for up to 160 million AMD shares (about 10% of AMD’s equity) unlocking in phases based on deployment progress. Boosted by the news, AMD closed up 23.71%, adding $63.3 billion to its market cap.  

 

AMD daily chart, source: TradingView 

 

Later, at OpenAI’s DevDay event, several named public companies saw sharp gains. Figma surged nearly 16% at its peak, closing up 7.39%. Online travel firm Expedia spiked over 7% before settling at a 2% gain. Mattel, parent of Barbie, jumped over 5% intraday after CEO Sam Altman mentioned its use of Sora 2 to turn toy designs into visual content, though it gave back all gains by the close.  

 

OpenAI CEO Sam Altman addressed the company’s growing influence on markets, saying, “This is a new phenomenon we’re still getting used to—it feels pretty weird.”  

 

Tesla also climbed 5.45% after teasing a product launch for October 7 on social media. U.S. users on X reported spotting an unmasked “budget Model Y” near Tesla’s Texas factory, with headlight designs matching official teasers.

 

 

Interestingly, flying car company Archer Aviation soared 17.89% on rumors tying it to Tesla’s Tuesday event.  

Global Hotspots

White House Official: Shutdown Costs U.S. Economy $15 Billion Weekly  

 

On October 6, White House National Economic Council Director Kevin Hassett said the government shutdown is slashing U.S. economic output by ~$15 billion weekly. Citing internal reports, Hassett noted the shutdown cuts GDP by ~0.1% per week.

 

A month-long shutdown could lead to 43,000 additional job losses and $30 billion less consumer spending. The Congressional Budget Office estimated the last shutdown under Trump’s first term cost the economy $11 billion, with $3 billion permanently lost.  

 

Trump Announces 25% Tariff on Medium and Heavy Truck Imports Starting November 1  

 

Trump posted on Truth Social that, starting November 1, 2025, a 25% tariff will apply to medium and heavy trucks imported to the U.S., adding to his growing list of industry tariffs.  

 

Brazil’s Lula Urges Trump to Drop 40% Tariffs in Phone Call  

 

On October 6, Brazil’s government said President Lula spoke with Trump, urging him to lift 40% tariffs on Brazilian products. Trump tasked Secretary of State Rubio to negotiate with Brazil’s VP Alckmin. Both leaders agreed to meet soon, possibly in Malaysia, and exchanged phone numbers for direct communication.  

 

Nobel Prize in Physiology or Medicine Awarded: Third Japanese Scientist in a Decade, Immunology Wins Again  

 

On October 6, Japan’s Shimon Sakaguchi and U.S. scientists Mary Brunkow and Fred Ramsdell won the Nobel Prize in Physiology or Medicine for discoveries in peripheral immune tolerance.  

Company News

Nvidia Invests in OpenAI, OpenAI Invests in AMD!  

 

On October 6, AMD’s stock surged over 37% pre-market. AMD and OpenAI announced a four-year deal to supply hundreds of thousands of AI chips, with OpenAI receiving options for up to 10% of AMD’s shares.

 

The deal could generate tens of billions in revenue for AMD, marking its strongest challenge yet to Nvidia’s dominance in the lucrative AI accelerator market.  

 

Trilogy Metals Soars on Trump Admin Investment and Project Approval  

 

As of this report, small-cap miner Trilogy Metals jumped over 140% after hours on Monday.

 

The Trump administration reversed a Biden-era block on Alaska’s Ambler Road project and will invest $35.6 million to support exploration in the Ambler mining district, gaining a 10% stake in Trilogy and warrants for an additional 7.5%.

 

The 211-mile road will improve access to copper, cobalt, gallium, and germanium deposits, previously blocked by Biden over concerns for caribou and fish populations.  

 

Critical Metals Swings on Investment Rumors  

 

Rare earth firm Critical Metals spiked over 100% at Monday’s open on rumors of Trump administration investment but closed up 45.24% after an “anonymous White House official” said the government is reviewing hundreds of equity proposals and isn’t actively pursuing a deal with Critical Metals.  

 

AppLovin Falls on SEC Probe News  

 

AppLovin dropped 14.03% on Monday amid reports that the SEC may be investigating its data collection practices. Sources say the probe focuses on allegations that AppLovin violated platform partner agreements by pushing more targeted ads to consumers.  

Forex & Commodities  

Amid the U.S. government shutdown, investors reevaluating dollar-based assets continue to drive up global gold prices, with London spot gold nearing $4,000 per ounce.

 

The dollar has depreciated over 9% this year, and Fed rate cut expectations are curbing the appeal of the dollar and U.S. Treasuries. Bitcoin hit a new high on Monday, doubling in value over the past 12 months.  

 

Oil prices also rose on Monday after OPEC+’s production increase fell short of expectations, though future trends depend on supply-demand dynamics. At the close, NYMEX WTI crude futures for the front-month contract rose $0.81 to $61.69 per barrel (+1.33%); Brent crude futures gained $0.94 to $65.47 per barrel (+1.46%).

 

COMEX gold futures for the front-month contract jumped $67.40 (+1.72%) to $3,976.3 per ounce.  

 

At the New York close, the dollar index rose 0.39% to 98.10.  

Key Events  

Gold Prices Hit Record High, Investment Value Shines Again  

 

Since late August 2023, global gold markets have seen a strong upward trend. In 2025, gold prices followed a wave-like rise, climbing significantly until late April due to global tensions and tariffs, then entering a months-long consolidation.

 

Since August, gold has surged again, with market enthusiasm rebounding. COMEX gold futures reflect investors’ reassessment of gold assets.  

 

Gold’s movements are closely tied to yield-bearing assets like the dollar. The Fed’s rate-cutting cycle directly impacts the opportunity cost of such assets. Historically, gold outperforms during recessions or stagflation with rising unemployment.

 

In recessions, declining capital returns highlight gold and cash as safe havens; in stagflation, physical gold’s appeal grows further.  

Cryptocurrency  

Bitcoin rose 1.14% in 24 hours to $124,776.  

 

Ethereum (ETH-USD) gained 3.98% to $4,689.30.  

 

XRP (XRP-USD) rose 0.88%, BNB (BNB-USD) gained 5.25%, Solana (SOL-USD) fell 2.06%.  

 

Dogecoin (DOGE-USD) rose 5.84%, Cardano (ADA-USD) gained 4.60%.  

Key Events  

Bitcoin Breaks $125,000, Hits New High After Two Months  

 

The U.S. government shutdown has pushed investors toward safe-haven assets, driving Bitcoin above $125,000, a new high since mid-August. Bloomberg reports that strong U.S. stock markets and renewed inflows into Bitcoin ETFs pushed the price to $125,689.  

 

FalconX co-head Joshua Lim said surging prices across stocks, gold, and even Pokémon cards aren’t surprising, as Bitcoin benefits from dollar depreciation. Standard Chartered’s digital assets research head Geoff Kendrick called the shutdown’s impact significant, predicting further Bitcoin gains.