AI Surge Boosts Megacap Stocks as Kenvue Acquisition Highlights Market Movements

The stock market kicked off November with notable gains for the S&P 500 and Nasdaq, spurred by significant advancements in artificial intelligence and major acquisitions. Kimberly-Clark announced its $48.7 billion acquisition of Kenvue, which sparked a substantial jump in the latter's stock value.

Amazon and Nvidia emerged as key players in the AI-driven market surge, with Amazon hitting a record high following a $38 billion deal with OpenAI for cloud services. Nvidia's stock gained 2.5% after securing exclusive U.S. access for its advanced chips, further fueled by Loop Capital's increased price target.

While AI-related optimism boosted select stocks, the broader market displayed mixed results. Industrial giants such as Caterpillar and Honeywell experienced declines, affecting the Dow's performance. Investors are closely watching upcoming private sector economic data, as uncertainties in monetary policy and trade continue to loom.