AI hype and U.S.–China deal fuel record gains on Wall Street

U.S. stock markets continued their rally as the S&P 500 and Nasdaq closed their sixth consecutive month of gains — the longest streak in four years. Investors were lifted by artificial intelligence enthusiasm, falling interest rates, and signs of a U.S.–China trade truce.

Source Financial Times

The S&P 500 rose 2.4% in October, marking its 36th record high of the year, while the tech-focused Nasdaq logged its seventh straight month of positive returns. Strong corporate earnings and heavy AI investment drove the upward momentum.

Tech giants including Alphabet, Amazon, Meta, and Google poured more than $112 billion into AI infrastructure last quarter — from chips to data centers — fueling optimism that both markets and trade relations between the U.S. and China are stabilizing.