Stock market today: Live updates

Stock futures are little changed Monday night after the S&P 500 and Nasdaq Composite closed higher on the back of continued enthusiasm around the artificial intelligence trade.

Futures tied to the Dow Jones Industrial Average slipped 23 points, or 0.05%. S&P futures were essentially flat, while Nasdaq 100 futures ticked down 0.05%.

Palantir shares rose less than 1% in extended trading after the software company beat Wall Street’s estimates for the third quarter and gave strong guidance, fueled by growth in its artificial intelligence business.

Stocks tied to the biggest AI players drove Monday’s gains, with Amazon inking a deal with OpenAI that took the e-commerce giant to a record closing high. The tech-heavy Nasdaq ended the day higher by nearly 0.5%, while the S&P 500 rose almost 0.2%. However, the Dow Jones Industrial Average lost about 226 points, or 0.5%.

More than 300 stocks in the broad-market index closed in the red on Monday, adding to concerns about weak breadth and high levels of tech concentration — particularly after the number of S&P 500 stocks that gained last month was smaller than the amount that declined.

Strong third-quarter results and higher AI spending plans from hyperscalers continue to prop up the bull market. To be sure, the performance of stocks in the “Magnificent Seven” has become more divided. So far, over 300 S&P 500 companies have posted quarterly results so far with more than 80% of those beating expectations, according to FactSet.

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“I don’t buy this broader argument that this is some underloved, hated rally,” Tony Pasquariello, Goldman Sachs global head of hedge fund coverage, said Monday on CNBC’s “Closing Bell.” He advocated for investors to “stick with the freight train that is megacap tech” as he believes catalysts such as upcoming Federal Reserve interest rate cuts and strong capex spending should continue supporting gains.

“I don’t think risk-reward is as good as it was three or six months ago,” Pasquariello added.