Nasdaq 100 Hits Record High Amid Mixed Market Moves
Wall Street saw modest gains on Monday, with the Nasdaq 100 hitting a record high driven by megacap tech stocks. This came despite a rise in the 10-year Treasury yield to 5.3%. President Donald Trump commented on the Iran conflict, suggesting it would likely end soon after the midterms. Oil prices slipped, with West Texas Intermediate crude falling about 1.0% to $90.20 a barrel, and Brent dropping 1.1% to $101.15.
The S&P 500 climbed 0.5% to 7,759, while the Dow Jones Industrial Average dipped slightly by 0.04% to 51,157. The Nasdaq 100 rose 0.5% to 30,973, and the Russell 2000 added 0.5% to 2,846. Meanwhile, Brazilian stocks surged following the presidential election, with the iShares MSCI Brazil ETF (EWZ) soaring 13.5% to $43.33, and the Ibovespa index jumping 8.6% to around 208,650.
The macroeconomic backdrop was shaped by a strong ISM services PMI report for September, which showed ongoing expansion but rising inflation concerns. The 10-year Treasury yield increased to 5.33%, reinforcing fears of persistent inflation. Precious metals saw mixed movements, with gold futures relatively unchanged near $4,166 an ounce, while silver futures rose 1.8% to $61.51. In crypto, Bitcoin traded near $85,150, easing over 1% from earlier highs.
Energy stocks led the S&P 500 sectors, with the Energy Select Sector SPDR Fund (XLE) gaining 1.2% despite lower crude prices. M&A activity also made headlines, with PTC Inc. surging 34% after agreeing to a $22.6 billion acquisition by Schneider Electric. Brazilian ADRs rallied across the board, with Banco Bradesco (BBD) jumping 19% and Itau Unibanco (ITUB) surging 16%.