US equities extended gains Monday, with the S&P 500 climbing 0.44% to 6,693 — its 28th record close this year. Tech stocks once again led the rally, sending the Nasdaq up 0.7%.
European equities also advanced between 0.5% and 1% after data signaled the fastest expansion in the euro area economy in 16 months. The Flash Eurozone Composite PMI rose to 51.2 in September from 51.0 in August. Germany’s PMI accelerated to 52.4 from 50.5, while France slipped deeper into contraction, dropping to 48.4 from 49.8.
Nvidia dominated corporate headlines, unveiling a strategic partnership with OpenAI that includes an investment of up to $100 billion in exchange for a significant equity stake — cementing its role at the center of the global AI race.
Gold continued its record-breaking run, climbing another 1.7% to $3,746 an ounce.
In Latin America, US Treasury Secretary Bessent said “all options are on the table” to bail out Argentina as the country’s dollar reserves run dry, raising risks of a deeper currency crisis.
Meanwhile, the OECD released its Interim Economic Outlook, upgrading global growth to 3.2% in 2025 from a previous 2.9% forecast, before slowing to 2.9% in 2026. The US economy is projected to expand 1.8% next year and 1.5% in 2026, weighed by tariffs, weak investment and a softer labor market. The euro area is expected to grow 1.2% in 2025 before easing to 1.0% in 2026. Inflation pressures are seen easing across most G20 economies as growth moderates.
US stock futures traded little changed in early Tuesday trading, with investors awaiting key inflation data later this week.