Nasdaq Futures Gain on AI Optimism

Economic Outlook - Chicago Fed President Austan Goolsbee indicated that the labor market remains stable, suggesting solid economic growth [1] - Dallas Fed President Lorie Logan expressed caution regarding further rate cuts, emphasizing the need to ensure inflation returns to the Fed's 2% target [1] Employment Data - Challenger, Gray & Christmas reported that companies announced plans to add 117,313 jobs in September, a 71% decrease from the previous year, marking the weakest September for hiring intentions since 2011 [2] - Revelio Labs data showed an employment increase of approximately 60,000 in September, indicating an improvement from the previous month [2] Stock Market Performance - Wall Street's major indices closed higher, with the S&P 500 and Nasdaq 100 reaching new record highs [3] - Fair Isaac (FICO) saw a significant increase of over 17% after launching new pricing models for credit report providers [3] - Chip stocks rose due to AI optimism, with Intel (INTC) and Advanced Micro Devices (AMD) both increasing by more than 3% [3] - Celanese (CE) gained about 7% following a stock upgrade by Citi [3] - Occidental Petroleum (OXY) fell over 7% after agreeing to sell its chemical division for $9.7 billion [3] AI Sector Developments - Optimism surrounding AI is overshadowing concerns about the U.S. government shutdown, with significant partnerships being formed, such as Hitachi's collaboration with OpenAI [4] - Global Infrastructure Partners is reportedly in advanced talks to acquire Aligned Data Centers, a potential beneficiary of the AI spending boom [4] Futures and Economic Indicators - December Nasdaq 100 E-Mini futures are trending up by 0.31% due to positive sentiment from AI deals [5] - U.S. rate futures indicate a 97.8% probability of a 25 basis point rate cut at the upcoming monetary policy meeting [5] International Market Insights - The Euro Stoxx 50 Index rose by 0.20%, with mining and bank stocks leading the gains [8] - Japan's Nikkei 225 Index closed up 1.85%, driven by enthusiasm over AI and a weaker yen [12] - A private survey indicated solid gains in Japan's services sector activity, contrasting with a contraction in factory activity [12]