CNBC Business News Update - Market Open: Stocks Extend Rally, AMD Shares Soar On OpenAI Deal, Verizon Gets New CEO 10-6-2025

Episode Date: October 6, 2025

The latest in business, financial, and markets news and how it impacts your money, reported by CNBC's Peter Schacknow Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

I'm Peter Shack now, CNBC. Stocks are off to a higher start once again after the Dow and S&P 500 both posted record closes on Friday. The Dow adding 48 points to 46,806, the S&P 500, 3 tenths of a percent higher or 20 points, and the NASDAQ with a 110 point advance or about a half a percent. All this comes despite a government shutdown that has, among other things, stop the flow of government-provided economic data. Stephanie Link, chief investment strategist at Hightower Advisors, says even in the face of this year's market run-up,

she's identified an area that's ripe for growth. We haven't had a housing cycle, and we're still growing 3.8%. Can you imagine when we do? Because housing, there's a multiplier effect. If you have a house, you have to furnish the house inside, outside. You have to have a car to get from outside to wherever you're going to go. So we're rooting for housing. And I think if interest rates continue to come down,

I think you will get a housing cycle because we are short homes in this country. Shares of advanced micro devices are soaring, 35% in early trading. The chipmaker has struck a deal to provide processing power to OpenAI, the artificial intelligence company behind ChatGPT. As part of the deal, OpenAI, receives warrants to purchase up to 160 million shares of AMD stock, which would amount to about a 9% stake. Telecom giant Verizon has a new CEO, former PayPal CEO Daniel Shulman, assumes the job as of today, replacing Hans Vestberg.

Shulman has served on Verizon's board since 2018. Holiday season sales are expected to grow at a slower pace this year, according to Adobe Analytics. It's projecting a 5.3% rise compared to last year's 8.7% run-up, saying economic uncertainty is pressuring consumer spending. Peter Shack now, CNBC. The CNBC Sport universe is growing. We're covering the intersection of sports and business,

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