05.10.202615:54:35UTC+00Nasdaq Hits New Record

The Nasdaq Composite rose more than 0.7% on Monday to a record close of 27,403.57. The S&P 500 advanced about 0.4%, while the Dow Jones Industrial Average edged down nearly 0.1%, or roughly 40 points.

Technology and artificial-intelligence-related shares drove the gains. SpaceX climbed about 5%, Meta Platforms added more than 2%, Microsoft advanced over 1%, and Nvidia gained more than 1%. Tesla also rose nearly 2%.

The equity rally unfolded alongside a move higher in Treasury yields. The yield on the 10-year note increased about 5 basis points to 5.33%, while the 30-year yield added 7 basis points to 5.684%.

Intel traded lower, falling more than 1.5% after reports of potential collaboration between Taiwan Semiconductor Manufacturing Co. and Elon Musk’s Terafab initiative.

On the economic front, data showed that US services activity grew at an index level of 54.9 in September, a touch slower than in August but broadly in line with expectations and still indicating expansion.