CoreWeave, Meta Strike $14.2B Deal as Market Ends Quarterly Rally
CoreWeave (CRWV) has inked a potentially lucrative deal with Meta Platforms (META), valued at up to $14.2 billion. Meanwhile, the stock market today wrapped up the month and quarter with gains, although energy stocks lagged behind.
The Dow Jones Industrial Average inched up 0.2% on Tuesday, capping off a strong September and quarter. The S&P 500 and Nasdaq Composite also closed the month with gains of 3.5% and 5.6% respectively, and both indices rose by over 7% for the quarter.
Energy stocks, however, continued their slump, finishing as the worst-performing sector for the second consecutive day. Market participants are keeping a close eye on Washington D.C., as a potential federal government shutdown looms. Historically, October has been a positive month for the market, with nearly 60% of Octobers since 1950 yielding gains, averaging 0.89%.
The potential increase in oil production by the OPEC+ consortium could impact U.S. oil producers and global markets, as increased supply may lead to lower oil prices.
CoreWeave's deal with Meta Platforms could be worth billions, while the stock market today ended the month and quarter on a high note, despite energy stocks' struggles. As the new month begins, investors are watching the political landscape and the potential impact of OPEC+'s oil production decisions on the market.
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