Nasdaq hits record as dollar and Treasury yields climb, oil prices ease
QQQ•The Nasdaq Composite gained about 1% to a record, while the dollar advanced and 10-year U.S. Treasury yields rose 3.4 basis points to 5.31%. Brent crude fell 1.89% to $100.32 a barrel.
1. U.S. stocks advance
Wall Street indexes rose on Monday, supported by mega-cap technology stocks including Nvidia, Meta Platforms and Microsoft. The Dow gained 0.18%, the S&P 500 added about 0.7% and the Nasdaq rose about 1%, touching a fresh record.
2. Yields and currencies
The dollar index rose 0.2% as the euro recovered some ground to $1.122 after falling as much as 0.8% to a 17-month low of $1.1160. The euro has faced pressure over concerns about France's rising debt and political gridlock. The U.S. 10-year Treasury yield rose 3.4 basis points to 5.31%.
3. Fed bets and oil
Slower-than-expected U.S. job growth and downward payroll revisions led investors to largely rule out a Federal Reserve rate increase this month. Markets priced in a roughly 24% chance of a hike, down from 64% a week earlier, while a December move remained largely priced in. Brent crude settled 1.89% lower at $100.32 a barrel and U.S. West Texas Intermediate fell 1.84% to $89.43.
