Nasdaq hits record as dollar and Treasury yields climb, oil prices ease
Nvidia climbed 2.1% and Microsoft rose 1.5% as investors priced in softer rate-hike odds and lower oil prices, traders said.
- On Monday, the Nasdaq Composite soared to an all-time high of 27,409.21, a gain of 0.8% driven by artificial intelligence enthusiasm from SpaceX, Meta, and Nvidia.
- Equities climbed despite the 10-year Treasury yield surging to 5.35%, as tech analyst Luke Lango noted the market is "heavily weighted" toward AI companies that can outrun higher discount rates.
- SpaceX jumped 6% after Morgan Stanley called the stock "cheap," while Microsoft rose more than 2% following a "buy" rating from Melius Research amid broader chip-giant gains.
- Global bond markets sold off as investors fretted over France's fiscal health, with the spread between France's and Germany's 10-year yields reaching the widest level in about 15 years.
- Investors await Wednesday's release of Federal Reserve minutes for policy clues, with CME FedWatch data showing a 76% chance the central bank will keep rates on hold in October.
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The New York Stock Exchange closed with gains today, with the Nasdaq index climbing to a record high, boosted by Nvidia and Microsoft. The Dow Jones industrial average closed with a gain of 90.94 points (+0.18%), at 51,267.90 points. The Nasdaq index, dominated by technology companies, closed with a gain of 286.44 points (+1.05%), at 27,477.31 points. The broader S&P 500 index, indicative of the general trend, closed with a gain of 51.23 points …
Nasdaq notches record high close as investors focus on earnings | Honolulu Star-Advertiser
The Nasdaq notched a record high close today, lifted by Nvidia and Microsoft, as investors focused on a dip in oil prices and looked ahead to quarterly earnings reports.
The big technology values again set the tone on Wall Street. Nvidia, Meta and Microsoft are attracting the index to a new peak. Increasing bond yields do not slow investors' buying moods.
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