Nasdaq hits record as dollar and Treasury yields climb, oil prices ease
SPY•The Nasdaq hit a record as US megacap and growth stocks advanced; the S&P 500 rose about 0.5%. The dollar strengthened, 10-year Treasury yields reached 5.32%, and oil prices fell.
1. US stocks advance
US equities rose on Monday, supported by heavyweight technology stocks including Nvidia, Meta Platforms and Microsoft. The Nasdaq Composite added about 0.75%, the S&P 500 gained about 0.5%, and the Dow was little changed.
2. Dollar and yields climb
The dollar index rose 0.25%, while the euro recovered to $1.121 after touching a 17-month low of $1.1160 as concerns over France's fiscal position weighed on the currency. Benchmark 10-year US Treasury yields rose 4.68 basis points to 5.32%.
3. Oil prices ease
Brent crude fell 0.44% to $101.78 a barrel, and US crude declined about 0.5% to $90.68. Investors saw an 18% chance of a Federal Reserve rate increase this month, down from 64% a week earlier, after weaker-than-expected US jobs data.
