Nasdaq Surges to Record High Led by Tech and AI Demand
The Nasdaq Composite Index reached a new all-time high, driven by strong gains in major technology stocks. Investors closely watched fluctuations in oil prices and Treasury yields, which also influenced market sentiment. The surge was supported by record highs in Nvidia's stock, with the company's market capitalization nearing $6 trillion due to robust demand for AI chips.
In other news, New York City held its first AI-focused hearing, featuring testimonies from executives at Anthropic, OpenAI, Google, and Meta Platforms. Lawmakers are considering new regulations to address risks associated with artificial intelligence. Meanwhile, SpaceX's valuation hit its highest level since June, restoring Elon Musk's status as a trillionaire.
The Middle East's crude oil exports rebounded to pre-war levels despite regional tensions. Google Flights data revealed optimal booking windows for holiday travel, highlighting trends in flight prices for November and December. Analysts at BTIG suggested that the recent surge in U.S. 30-year Treasury yields may be peaking, indicating a potential near-term reversal.
PepsiCo announced a recall of over 122,000 cases of Gatorade across 37 states due to undeclared food dyes, classified as a Class II recall by the FDA. Amazon launched its October Prime Big Deal Days event, offering early discounts on a variety of products. Tech billionaires saw their wealth increase by a combined $845 billion in 2026, according to the Bloomberg Billionaires Index.