New York Stocks Mixed Amid Shutdown End Expectations... AMD Surges Over 5%

House GOP Leader: "Budget Vote at 7 p.m."
Federal Government Shutdown Nearing an End
AMD Surges 5% as Lisa Su Dismisses 'AI Bubble' Concerns
Other Tech Stocks Weaken on Valuation Pressures

On November 12 (local time), the three major U.S. stock indexes showed mixed performance in early trading. Investor sentiment was supported by expectations that the federal government shutdown (temporary suspension of government operations) would be lifted, leading the Dow Jones Industrial Average and the S&P 500 Index higher. Although AMD shares surged after CEO Lisa Su dismissed concerns about an artificial intelligence (AI) bubble, other major tech stocks were weak.

Trading floor of the New York Stock Exchange (NYSE), USA. Photo by Reuters Yonhap News

As of 9:46 a.m. on the New York Stock Exchange, the blue-chip Dow Jones Industrial Average was up 377.67 points (0.79%) from the previous trading day at 48,305.63. The large-cap S&P 500 Index rose 14.7 points (0.21%) to 6,861.31, while the tech-heavy Nasdaq Index fell 15.904 points (0.07%) to 23,452.397.

By stock, AMD was up sharply by 5.57%. On the previous day, AMD CEO Lisa Su stated, "AI will drive most of the growth," and projected that the company's data center chip market would grow to $1 trillion by 2030. In contrast, Nvidia was down 0.4% despite improved results from its key supplier Foxconn. Oracle was trading down 0.76%.

Technology stocks had also shown weakness the previous day, particularly among AI-related shares, due to valuation concerns, with the Nasdaq Index closing down 0.25%.

However, expectations for an end to the federal government shutdown are supporting the market. Steve Scalise, House Republican Majority Leader, told CNBC that a vote on a temporary budget bill to end the shutdown was "scheduled for around 7 p.m.," adding that "procedures will begin around 4-5 p.m., and the vote on the government budget bill will take place a little later."

Previously, on November 10, the U.S. Senate passed a temporary budget bill for fiscal year 2026, taking the first step toward ending the shutdown. Now, only a House vote and President Donald Trump's signature remain. With Republicans holding a majority in the House, the budget bill is expected to pass smoothly. As a result, the shutdown, which is marking its 43rd day-the longest in U.S. history-is likely to end today.

Once the shutdown ends, the release of inflation and employment data is also expected to resume soon. This will ease the burden on the U.S. Federal Reserve, which would otherwise have to decide on the benchmark interest rate at next month's Federal Open Market Committee (FOMC) meeting without key economic data.

Seema Shah, strategist at Principal Asset Management, said, "With the government shutdown delaying the release of key economic indicators, both investors and the Fed are finding it increasingly difficult to gauge the economic outlook." She added, "However, as the release of economic data resumes, the possibility of a Fed rate cut in December will come back into focus, strengthening risk appetite."

U.S. Treasury yields remained steady. The benchmark 10-year U.S. Treasury yield, a global bond market indicator, was at 4.07%, unchanged from the previous day, while the 2-year yield, which is sensitive to monetary policy, was down 2 basis points (1 bp = 0.01 percentage point) at 3.56%.