Nasdaq Hits Record 27,438.83 as AI Stocks Defy 5.341% Treasury Yield
Updated
Updated · CNBC · Oct 4
Nasdaq Hits Record 27,438.83 as AI Stocks Defy 5.341% Treasury Yield
3 articles · Updated · CNBC · Oct 4
Summary
The Nasdaq Composite climbed more than 0.8% to an intraday record 27,438.83, outpacing a 0.6% rise in the S&P 500 and a 41-point gain in the Dow.
AI-linked megacaps drove the move: SpaceX jumped about 5%, Meta rose more than 2%, Microsoft and Nvidia gained over 1%, and Tesla added 2%.
The rally came even as the 10-year Treasury yield rose more than 6 basis points to 5.341% and the 30-year reached 5.699%, extending a recent surge on higher-for-longer rate fears.
September services data offered some support, with the ISM PMI at 54.9—roughly in line with expectations but slightly below the prior month—while lower oil prices also eased pressure.
Investors now await minutes from the Fed's September meeting after last week's soft jobs report tempered expectations of another near-term rate hike.