AI-powered contentSome parts of this article are powered by AI.
Share this article
Nvidia and the Nasdaq closed at records, even as Treasury yields held above 5%.
Wall Street rose on Monday. According to Yahoo Finance, the S&P 500 gained 0.7%, the Dow added 0.2%, and the Nasdaq Composite rose 1% to a new record.
The gains extended Friday's rally, after investors pared back bets on another Fed rate hike. The September jobs report showed just 29,000 new jobs, well below expectations, according to Yahoo Finance. Tonight, the market tests whether the rally can hold with yields still high.
Nvidia (NVDA) closed at an all-time high for the first time since May and led the Nasdaq Composite to a new record, according to Yahoo Finance. In the same sector, Taiwan Semiconductor (TSM) touched intraday record highs. Elon Musk called his talks with TSMC on the Terafab chip project "just discussions, but something may come of it."
Microsoft and AI security
Melius Research said Microsoft (MSFT) and cybersecurity companies "are even more needed" as AI leaders speak of the risks of the technology, according to The Fly via Yahoo Finance.
An Illinois resident filed a class action against McDonald's (MCD) in federal court in Chicago, according to Investing.com/Reuters. The suit alleges that McDonald's coordinates menu prices with franchisees through an AI-powered pricing system. McDonald's said AI does not set the price of any menu item. Constellation Brands (STZ) is also scheduled to report earnings today, according to TipRanks.
Pre-Market Pulse 📊
Early Tuesday US time, S&P 500 futures rose 0.13%, Dow futures rose 0.16%, and Nasdaq futures rose 0.19%, according to Yahoo Finance.
Macro Note 📝
The 10-year Treasury yield rose 3 basis points to 5.31% on Monday, near its highest level since 2002, according to Yahoo Finance. Brent crude held above $100 a barrel, according to Yahoo Finance.
Conclusion
The records for Nvidia and the Nasdaq show tech still leading, even with bond yields high. Tonight, the market tests whether the rally can continue.
Yields above 5% and oil above $100 remain the risks to watch.
This article is for education and information only and is not investment advice. Investment decisions are yours to make after your own research.
Gotrade is the trading name of Gotrade Securities Inc., which is registered with and supervised by the Labuan Financial Services Authority (LFSA). This content is for educational purposes only and does not constitute financial advice. Always do your own research (DYOR) before investing.
M. Alfathan Rahman is a content writer with over 3 years of experience developing digital content strategies across various industries, including fintech. He has experience producing content for tax-related websites and financial education platforms registered with Kominfo (Indonesia's Ministry of Communication and Informatics). His focus areas include data research, and crafting financial articles that are informative, accurate, and accessible to investors of all experience levels.
