Meta, Microsoft Lift Nasdaq 2% as AI Bets Offset 5.2% Treasury Yield
Updated
Updated · CNBC · Sep 26
Meta, Microsoft Lift Nasdaq 2% as AI Bets Offset 5.2% Treasury Yield
3 articles · Updated · CNBC · Sep 26
Summary
Meta jumped about 13% for the week and Microsoft gained more than 4%, helping push the Nasdaq up 2%, the S&P 500 up 1% and the Dow to a 0.3% gain.
Meta's rally followed its Connect event, where it expanded Muse across apps and devices, added partners including Walmart and Shopify, and strengthened the case for monetizing more than $100 billion in annual AI spending.
Microsoft's advance gained support from accelerating Azure growth—43% in fiscal fourth quarter—and Copilot topping 30 million paid seats, easing concerns that heavy AI spending would crush returns.
The tech-led gains came despite a tougher rate backdrop: the 10-year Treasury yield topped 5.2%, the 30-year hit 5.5%, and CME FedWatch showed October hike odds rising to 66% from about 57% a week earlier.
Oil briefly added to inflation worries, with Brent reaching $108 before easing on reports Iran sought to revive an interim peace deal and reopen the Strait of Hormuz.