Nasdaq 100 Hits Record Highs on Tech Rally

The Nasdaq 100 hit record highs on Monday, as investors shrugged off concerns about rising bond yields. The index climbed 0.9%, while the S&P 500 added 0.7% and the Dow Jones Industrial Average gained 0.2%. Tech stocks led the charge, with Nvidia (NVDA) and Tesla (TSLA) each rising 2%, and SpaceX (SPCX) surging over 7%. The rally was fueled by strong demand for artificial intelligence-related stocks, despite weakening economic data and mixed signals from the oil market.

Chipmakers and broader technology stocks drove the gains, with the VanEck Semiconductor ETF (SMH) and the iShares Semiconductor ETF (SOXX) rising about 0.6% and 0.2%, respectively. The Vanguard Information Technology ETF (VGT) also added 0.8%. Retail sentiment on platforms like Stocktwits remained bullish for major ETFs like QQQ, SPY, and DIA, with high message volumes.

Meanwhile, SpaceX proposed building a natural gas pipeline in Florida to fuel its Starship rockets, sending shares up 8%. Tesla remained in focus after reporting better-than-expected third-quarter deliveries, though UBS noted weaker energy storage deployments. Critical Metals (CRML) saw a volatile day, jumping over 10% before paring gains, after Greenland approved its Tanbreez rare-earth project.

Qualcomm (QCOM) and Arm Holdings (ARM) returned to federal court in Delaware, with billions of dollars in royalty payments at stake. Foxconn reported its strongest-ever monthly revenue in September, signaling strong demand in AI and consumer electronics heading into the final quarter. Despite these developments, Brent crude fell 1.89% to $100.32 per barrel, and West Texas Intermediate crude dropped 1.8% to $89.43.