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The NASDAQ Composite sailed to a fresh all-time high as traders watched U.S. Treasury yields and digested new U.S. economic data.
The Dow Jones Industrials sank 101.51 points to 51,075.45
The S&P 500 index gained 32.97 points to 7,755.69.
The tech-heavy index leaped 204.61 points to 27,474.49, led higher by several stocks tied to the artificial intelligence trade. SpaceX jumped roughly 5%, while hyperscalers Meta and Microsoft ticked up more than 2% and 1%, respectively. Nvidia gained more than 1%, while Tesla rose nearly 2%. .
Tech stocks rallied as bond yields also advanced. The benchmark 10-year Treasury note yield was last up about two basis points to 5.298%, while the 30-year was rose three basis points at 5.659%. Both yields surged to multi-year highs in recent weeks, as traders fretted that inflation would lead the Fed to keep rates higher for longer.
Stocks and bonds moved as traders processed the Institute for Supply Management’s latest report on economic growth in the services sector.
The ISM report showed that the Purchasing Manager’s Index grew 54.9% in September, or roughly in line with expectations. However, that figure came in modestly below the index’s rate of growth for the previous month.
Prices for the 10-year Treasury slipped, bringing yields up to 5.33% from Friday’s 5.29%. Treasury prices and yields move in opposite
directions.
Oil prices poked up five cents to $91.66 U.S. a barrel.
Gold prices progressed $4.60 to $4,166.90 U.S. an ounce.
