Traders work the floor of the New York Stock Exchange on August 16, 2024. Angela Weiss | AFP | Getty Images 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 . What you need to know today 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 o.