Nasdaq Hits Record High as AI Stocks and SpaceX Lead Rally
The Nasdaq Composite reached a new all-time high on Monday, October 5, 2026, closing at 27,477.31, up 1.05% from the previous session. The index also hit an intraday record of 27,544.06, driven by strong gains in artificial intelligence (AI) stocks, SpaceX, and PTC on takeover news. Key contributors to the rally included Nvidia, Meta Platforms, Microsoft, and Tesla, all of which saw significant gains.
The surge came despite the 10-year Treasury yield hitting a 52-week high of about 5.315%, which typically pressures high-growth stocks. Analysts noted that mega-cap AI companies appear resilient to rising rates due to expectations of sustained growth. SpaceX shares jumped over 7% after a bullish note from Morgan Stanley, while PTC soared between 33% and 35% following its acquisition by Schneider Electric.
Some stocks faced declines, including Intel, which dropped about 3.3% after Elon Musk's announcement regarding Taiwan Semiconductor Manufacturing Co. (TSMC) and his Terafab chip venture. Logistics group C.H. Robinson also fell around 11% after selling its Global Forwarding business. The Nasdaq's rally was supported by softer Federal Reserve rate hike expectations following a weaker-than-expected jobs report.
Looking ahead, risks include concentrated leadership in AI stocks and the potential impact of rising bond yields on valuations. Investors will closely watch the Federal Reserve minutes scheduled for Wednesday, as a hawkish tone could reverse recent gains.