Nasdaq marks another record as tech leadership endures
SPY•The Nasdaq Composite closed at its 23rd record high of the year, up about 1.1%, while the S&P 500 gained about 0.7% and the Dow also advanced. The 10-year Treasury yield touched 5.3493%, its highest since 2002, before easing to around 5.31%.
1. Nasdaq reaches new high
The Nasdaq Composite notched its 23rd record closing high of the year on Monday, with Nvidia and Microsoft among its biggest drivers. The S&P 500 rose about 0.7%, ending 0.32% below its August 13 record close, while the Dow advanced but remained 5.67% below its August 5 record finish.
2. Yields and oil move
The 10-year Treasury yield touched 5.3493%, its highest level since 2002, before dipping to around 5.31%. Crude futures fell more than 2%, slipping below $90 a barrel.
3. Gains across sectors
Ten of the 11 S&P 500 sectors finished higher, led by communication services and materials, which each gained more than 1%; real estate fell 0.4%. The S&P 100, Nasdaq 100, S&P 500 technology sector and S&P 500 Growth Index also closed at records, as did the Magnificent Seven ETF and Nvidia.
