Nasdaq hits record as dollar and Treasury yields climb, oil prices ease
SPY•The Nasdaq Composite gained about 1% to a record on Monday, while the dollar and 10-year Treasury yield rose and oil prices fell. The S&P 500 added about 0.7%, and the Dow rose 0.18%.
1. US stocks advance
US stock indexes rose on advances in mega-cap technology shares, including Nvidia, Meta Platforms and Microsoft. The Nasdaq Composite gained about 1% to a fresh record, the S&P 500 added about 0.7%, and the Dow Jones Industrial Average rose 0.18%.
2. Yields and dollar rise
The benchmark 10-year US Treasury yield rose 3.4 basis points to 5.31%, while the dollar index gained 0.2%. The euro recovered to $1.122 after falling as much as 0.8% to a 17-month low of $1.1160, with concerns over France’s debt and political gridlock weighing on the currency.
3. Oil prices ease
Brent crude settled 1.89% lower at $100.32 a barrel, and US West Texas Intermediate fell 1.84% to $89.43. Investors saw about a 24% chance of a Federal Reserve rate increase this month, down from 64% a week earlier, after US job growth slowed more than expected in September.
