AMD's OpenAI Deal, Fifth Third Merger, Trump Tariffs, and DC Standoff on Bloomberg News Now

Market Performance and Chipmaker Rally

• 📈 The Dow lost 63 points, while the Nasdaq gained 171 points (up 7/10 percent) and the S&P added about 25 points (up a third percent).
• 💡 A rally in chipmakers sent their stocks to an all-time high, fueled by Advanced Micro Devices (AMD) inking a deal with OpenAI.
• 💰 This deal is expected to generate tens of billions of dollars in new revenue for AMD.

Fifth Third Bank Merger

• 🏦 Fifth Third Bank is acquiring Comerica in a $10.9 billion deal.
• ✅ Fifth Third CEO Tim Spence described the acquisition as a rare opportunity to not just grow bigger, but also become better.

Trump Administration Policies and Legal Battles

• 🚚 President Trump announced 25% tariffs on medium and heavy-duty trucks, set to begin November 1st, a delay from the original timeline.
• ⚖️ Illinois has sued the Trump administration over the plan to deploy National Guard troops to Chicago, sparking a legal battle over presidential authority.
• 🏛️ A judge in Portland, Oregon, blocked similar deployments in that state.

Hostage Negotiations and Capitol Hill Standoff

• 🕊️ Hamas has agreed to release all hostages as indirect talks with Israel commence in Egypt, focusing on a ceasefire and partial withdrawal of Israeli forces.
• 🗣️ House Speaker Mike Johnson stated the House will not reconvene until the Senate passes a resolution to reopen the government, criticizing Democrats for holding up proceedings over healthcare concessions.