Nasdaq hits record as dollar and Treasury yields climb, oil prices ease
SPY•U.S. stocks rose, with the Nasdaq gaining about 1% to a record, as the dollar and Treasury yields climbed and oil prices fell. The 10-year Treasury yield rose 6.8 basis points to 5.34%, while Brent crude fell 1.46% to $100.76 a barrel.
1. Stocks rise, Nasdaq sets record
U.S. equities advanced on Monday, supported by megacap and growth stocks including Nvidia, Meta Platforms and Microsoft. The Dow rose 0.3%, the S&P 500 added about 0.7% and the Nasdaq gained about 1% to a record.
2. Dollar and yields climb
The dollar index rose 0.3%, while the euro recovered to $1.121 after touching a 17-month low of $1.1160 as concerns about France's debt and political gridlock weighed on the currency. The benchmark 10-year U.S. Treasury yield rose 6.8 basis points to 5.34%.
3. Fed bets and oil prices
Weaker-than-expected U.S. labor data led investors to largely rule out a Federal Reserve rate increase this month; markets priced an 18% chance, down from 64% a week earlier. Brent crude fell 1.46% to $100.76 a barrel, while U.S. crude declined about 1.4% to $89.81.
