U.S. Government Shutdown Has Minimal Economic Impact; Microsoft, Hitachi Partner with OpenAI
The U.S. government shutdown has had minimal impact on the economy and stock market, as seen in past occurrences. Meanwhile, the monthly jobs update was delayed due to the shutdown. In tech news, Microsoft signed a contract with OpenAI for AI development, while AI stocks continue to dominate the market, raising outlook concerns.
Last Friday, Microsoft inked a deal with OpenAI for AI development, further strengthening their partnership. This comes after Japan's Hitachi signed a similar deal with OpenAI, boosting the AI industry. The U.S. stock market saw mixed performance, with the Nasdaq composite slipping 0.3% from its record, while the S&P 500 and Dow Jones Industrial Average hit new highs. Most U.S. stocks ticked higher, driving Wall Street to record levels. However, concerns about a potential outlook in AI stocks are rising, with Nvidia, a leading AI stock, finishing with a dip of 0.7%. Gains for oil producers, such as Exxon Mobil and Diamondback Energy, helped offset losses in other sectors.
Despite the U.S. government shutdown, the economy and stock market have remained relatively stable. The AI industry continues to grow, with Microsoft and Hitachi partnering with OpenAI. While the U.S. stock market saw mixed performance, AI stocks remain a dominant force, raising outlook concerns.
