Wall Street extends winning run

This report is from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here.

Winning run
The S&P 500 and the Nasdaq Composite rose for the eighth straight session, up 0.97% and 1.39%, respectively, marking their longest winning streak so far this year. The Dow Jones Industrial Average jumped 0.58%. Meanwhile, the yield on the 10-year Treasury was little changed as investors await minutes of the Federal Reserve’s meeting and Chair Jerome Powell’s speech at Jackson Hole on Friday. U.S. oil prices fell almost 3% as the U.S. pushes for a Middle East ceasefire deal.

AMD deal
Advanced Micro Devices is acquiring server maker ZT Systems for $4.9 billion to strengthen its AI chip and hardware portfolio. The move allows AMD to roll out AI chips at the scale customers such as Microsoft require and to compete more effectively with Nvidia. AMD, which had $5.34 billion in cash and short-term investments as of the second quarter, plans to finance 75% of the acquisition with cash and the rest with stocks. The company also plans to split and sell its server manufacturing business as it does not wish to compete with the likes of Super Micro Computer, CEO Lisa Su said. 

GM layoffs 
General Motors is laying off over 1,000 salaried employees globally in its software and services division, following a review to streamline operations, CNBC has learned. The cuts include about 600 jobs at its tech campus near Detroit. The layoffs, representing 1.3% of GM’s global salaried workforce, come as automakers, including GM, focus on reducing costs amid industry challenges while investing heavily in electric and so-called software-defined vehicles.

Icahn fined
The U.S. Securities and Exchange Commission fined billionaire activist investor Carl Icahn and his company $2 million for failing to disclose billions in personal margin loans pledged against Icahn Enterprises stock. Without admitting wrongdoing, Icahn agreed to pay $500,000, while the company will pay $1.5 million. Icahn had pledged 51% to 82% of his company’s shares to secure billions in loans.

New low
Trump Media‘s stock hit a new post-merger low, closing at $22.24, down 3.5%. The company, which owns Truth Social and is majority owned by former President Donald Trump, has seen volatile trading since its debut. Its fortunes remain closely tied to Trump’s political trajectory. The unexpected withdrawal of President Biden from the election race and his endorsement of Vice President Harris as the Democratic nominee have shifted betting odds in Harris’s favor, likely impacting the stock.

[PRO] Priced in
MoffettNathanson has a price target of $211 for Apple, 7% lower than Monday’s close. While acknowledging Apple’s potential AI success, analyst…