Global stock markets were mixed Monday with the Nasdaq rising and the Dow retreating as traders digested major AI deals boosting the tech sector.

Trading on the first business day in November began on the front foot after an upbeat end to October that saw an easing in China-US tensions, a cut to US interest rates and healthy earnings from market darlings including technology giant Amazon.

“Tech and AI remain a huge theme for investors as we move into the final months of the year,” said Kathleen Brooks, research director at trading group XTB.

However, early gains in London and Paris faded while US indices had a mixed day.

Data showed economic activity in the US manufacturing sector contracted at a faster rate in October, when analysts had been expecting it to stabilize or even expand.

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