CNBC Daily Open: The Nasdaq Composite was the overachieving sibling last week

The Nasdaq Composite was an overachiever last week. After ending Friday higher — outperforming the S&P 500 and Dow Jones Industrial Average, both of which closed in the red — the tech-heavy index officially had five straight days of all-time closing highs.

On a weekly basis, the Nasdaq Composite, with its 2% advance, also pulled ahead of the S&P 500’s 1.6% increase and the Dow Jones Industrial Average’s 1% rise.

Given the Nasdaq Composite’s moniker as the “tech-heavy index” (much favored by financial writers who have to come up with many ways to describe it), there’s little surprise in saying that technology companies were the main engine for its finish at the top of the podium.

But it’s not just any tech. OpenAI seemed to bebehind much of the market’s rise, suggesting the artificial intelligence narrative is still compelling to investors. Shares of Oracle soared last week largely because of a deal it had made with the artificial intelligence firm; companies associated with it, such as Broadcom and Nvidia, have also had their share prices lifted previously.

With a rate cut by the U.S. Federal Reserve all but certain to come this week — which would especially benefit cash-burning, debt-ridden, yet-to-be-profitable tech startups like OpenAI — the youngest of the three major U.S. indexes might continue to outshine its siblings in the near term.

U.S. and China discuss trade deal in Spain. On Sunday, officials from both countries arrived in Madrid to begin a round of discussions on their trade partnership and divestment plans for TikTok — the first time the app’s come on the agenda.

Nvidia and OpenAI discuss investing in UK. Even though a formal agreement has yet to be finalized, the deal — which aims to support data center development in the country — could be worth billions.

Winklevoss’ crypto exchange pops. During its first day of trading Friday, Gemini Space Station shares jumped 14.3%. The New York-based company posted a net loss of $283 million in the first half of the year.

Nasdaq Composite has a perfect week of record highs. The tech-heavy index rose 0.44% on Friday, sealing its unblemished run for the week. Other major U.S. indexes declined. The FTSE 100 lost 0.15%, as the U.K. economy showed no growth in July.

[PRO] Fed meeting the marquee event for this week. Investors are expecting the U.S. central bank to lower interest rates at their meeting this week, which concludes on Sept. 17. That move could turbocharge stocks.