Nasdaq Hits New Record

The Nasdaq Composite gained more than 0.7% to a record high of 27,403.57 on Monday. The S&P 500 added around 0.4%, while the Dow Jones slipped nearly 0.1%, or about 40 points. Technology and artificial-intelligence-linked stocks led the advance, with SpaceX rising roughly 5%, Meta gaining more than 2%, Microsoft adding over 1%, and Nvidia climbing more than 1%. Tesla also advanced close to 2%. The gains came with higher Treasury yields, with the 10-year yield up about 5 basis points at 5.33% and the 30-year yield rising 7 basis points to 5.684%. Intel moved in the opposite direction, falling more than 1.5% following reports of potential cooperation between Taiwan Semiconductor Manufacturing Co. and Elon Musk’s Terafab initiative. Economic data showed US services activity expanded at a 54.9% pace in September, slightly slower than in August but broadly matching expectations.