Pre-Market Trading Stock Market Today, Nasdaq 22,844, S&P 500 6,715, Dow 46,885 on AI Momentum and Tesla Shock

Pre-Market Snapshot: Nasdaq, S&P 500, and Dow Futures Edge Higher After Historic Rally

U.S. equity futures are holding steady in Friday’s early trade following a record-setting week that pushed all three major indices to fresh all-time highs. S&P 500 futures (ES=F) are trading at 6,715, up +0.21%. Nasdaq 100 futures (NQ=F) are adding +0.25% at 22,844, while Dow Jones Industrial Average futures (YM=F) are up +0.17% at 46,885. These moves come after Thursday’s regular session where the Nasdaq Composite (^IXIC) advanced 0.39% to close at 22,844, the S&P 500 (^GSPC) inched up 0.06% to finish at 6,715, and the Dow (^DJI) climbed 78 points (+0.17%) to settle at 46,519.

Momentum is still powered by artificial intelligence names, led by NVIDIA (NVDA), AMD (AMD), and Broadcom (AVGO), as investors absorbed the news that OpenAI (OPAI.PVT) has become the most valuable startup in the world at a $500 billion valuation.

AI Frenzy Continues: OpenAI at $500 Billion, NVIDIA and Chipmakers Rally

The artificial intelligence trade remains the primary driver of equity enthusiasm. NVIDIA (NVDA) closed at $188.89 (+0.88%) and touched intraday highs above $190 as investors piled in on optimism that AI chip demand will expand further. AMD (AMD) surged over 3% to $132.44, while Broadcom (AVGO) ended at $1,482.67, up 2%.

The spark came from OpenAI’s (OPAI.PVT) secondary sale, which allowed employees to offload $6.6 billion in shares, lifting its valuation to $500 billion. This places OpenAI ahead of SpaceX (SPAX.PVT) and cements its dominance as the most valuable privately held company. The announcement coincided with OpenAI unveiling its new video AI model “Sora” and striking memory chip supply deals with Samsung (005930.KS) and SK Hynix (000660.KS).

For perspective, OpenAI’s valuation jump from $300 billion earlier this year marks one of the fastest leaps in startup history. The AI-driven boom is fueling hyperscaler stocks worldwide and lifting sector multiples across the board.

Shutdown Fallout: Data Blackout and Labor Market Concerns

The government shutdown, now in its third day, has cut off Wall Street from critical macro data. Friday’s nonfarm payrolls report was shelved after the Labor Department suspended operations, leaving the Federal Reserve without one of its most important indicators ahead of its October policy meeting.

Private sector data, however, shows weakness. Challenger reported that U.S. hiring plans are at their lowest level since 2009, while layoffs dropped 37% month-on-month to 54,064. ADP payrolls earlier in the week also revealed slowing job additions.

The Congressional Budget Office estimates 750,000–900,000 federal workers could be furloughed daily, while President Trump has signaled plans to use the shutdown as leverage to cut agencies he labels “Democrat programs.” Treasury Secretary Scott Bessent warned the shutdown could “hit GDP, hit growth, and hit working America.”

Despite these risks, Wall Street remains unfazed. The S&P 500 is up +1.1% this week, the Dow has gained +0.6%, and the Nasdaq has outperformed with +1.6%.

Tesla Hits Delivery Record But Shares Reverse

Tesla (TSLA) reported Q3 deliveries of 497,099 vehicles, well ahead of estimates of ~439,800 and topping last year’s 462,890. Production reached 447,450 units, while the company deployed a record 12.5 GWh of energy storage products.

Despite the blowout quarter, TSLA shares closed at $436 (-5.11%), sliding after an initial pop. Investors are cautious about post-credit demand after the U.S. phased out the $7,500 EV tax subsidy on October 1. The European market also presents risks, where competition and political backlash against Elon Musk could dampen demand. Tesla stock is still up 14% year-to-date, but the expiration of incentives could cap upside in Q4.

Stellantis Delivers Strong U.S. Sales Momentum

Stellantis (STLA) posted U.S. sales growth of +6% in Q3 versus last year, with September sales soaring +16%. Shares rallied to $22.41 (+5.9%) in pre-market trade. Jeep, Ram, Chrysler, and FIAT all contributed, with the company noting it achieved its highest U.S. monthly market share in 15 months.

Earlier this year, tariffs weighed on Stellantis’ earnings, but Q3 results show resilience. The question is whether this momentum can withstand ongoing trade policy risks.