Stock Market Live November 3: S&P 500 (SPY) Still Racing to Higher Highs

By Ian Cooper Published Nov 3, 9:20AM EST

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Shares of Amazon are up about $13 a share on news that OpenAI signed a deal to buy $38 billion worth of capacity from AWS.
Goldman Sachs reiterated its buy rating on NVDA with a price target of $240 from $210 ahead of earnings.

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Tesla Faces Key Shareholder Vote this Week

Nov 3, 2025 at 9:36 AM EST

Analysts at Deutsche Bank just reiterated a buy rating on Tesla ahead of a shareholder vote this week. The firm raised its price target by $30 to $470. Shareholders will vote on giving Elon Musk 425 million shares if he hits financial and operational milestones over the next decade. That reward would require Tesla to reach a market cap of about $8.5 trillion and $400 billion in annual EBITDA within the next decade.

Most of the major indices are racing higher this morning.

While the Dow is down 33 points, the NASDAQ is up about 175. The S&P 500 tacks on another 22 points. Meanwhile, the SPDR S&P 500 ETF (SPY | SPY Price Prediction) is up about $2.21 to $684.45.

Fueling upside are cooling trade war tensions and further momentum in AI trades. Helping, shares of Nvidia (NASDAQ: NVDA) are up on news that Microsoft (NASDAQ: MSFT) secured export licenses from the Trump Administration to ship NVDA chips to the United Arab Emirates.

Overall earnings haven’t been too shabby either. At the moment, more than 300 S&P 500 companies have posted earnings. Of those, 80% have beaten expectations, with Palantir (NASDAQ: PLTR) and Advanced Micro Devices (NASDAQ: AMD) on deck this week.

OpenAI just signed a $38 billion Compute Deal with Amazon

Shares of Amazon (NASDAQ: AMZN) are up about $13 a share on news that OpenAI signed a deal to buy $38 billion worth of capacity from AWS. Under the agreement, OpenAI will run workloads on AWS infrastructure, tapping thousands of Nvidia’s GPUs in the U.S., with plans to expand capacity moving forward.

According to an Amazon press release, “OpenAI is accessing AWS compute comprising hundreds of thousands of state-of-the-art NVIDIA GPUs, with the ability to expand to tens of millions of CPUs to rapidly scale agentic workloads. AWS has unusual experience running large-scale AI infrastructure securely, reliably, and at scale–with clusters topping 500K chips. AWS’s leadership in cloud infrastructure, combined with OpenAI’s pioneering advancements in generative AI, will help millions of users continue to get value from ChatGPT.”

Loop Capital just reiterated its buy rating on Nvidia

Loop Capital just reiterated its buy rating on the Nvidia stock with a price target of $350 a share from $250. The firm believes NVDA is about to begin a ramp-up of its GPU that could double its unit shipments over the next year.

Goldman Sachs also reiterated its buy rating on NVDA with a price target of $240 from $210 ahead of earnings. The firm believes investor expectations have increased heading into NVDA earnings, thanks to multiple AI infrastructure announcements. The firm also believes NVDA will provide a beat and raise quarter.

Analysts at Wedbush just reiterated an outperform rating on Palantir (NASDAQ: PLTR) ahead of its earnings. The firm raised its price target on PLTR to $230 from $200 with earnings coming out.

Analysts at UBS just upgraded Cisco (NASDAQ: CSCO) to $88 a share from $74. The firm pointed to surging infrastructure demand as a tailwind for the stock. Strength in AI orders at hyperscalers could drive Cisco’s revenue growth for the fiscal year 2026 to around 6%, or $60 billion, added the firm.