S&P 500 Climbs as Tech Stocks Lead Market Rally
The US equity market opened on a positive note on Monday, October 5, driven by gains in tech stocks. The S&P 500 closed at 7,753.54, up 0.40%, while the Nasdaq added 0.71% to reach 27,385.02. The Dow Jones lagged with a 0.22% decline, ending at 51,066.93. Semiconductor and AI stocks, particularly Nvidia, led the rally, countering concerns over high Treasury yields and geopolitical risks.
The market’s bullish sentiment was tempered by rising bond yields, with the 10-year Treasury yield hitting 5.31%. Oil prices saw fluctuations, with US crude at $89.61 and Brent crude at $101.37, as investors monitored Middle East tensions. The dollar index advanced 0.42%, impacting commodities and multinational earnings.
Investors are closely watching the Federal Reserve’s September meeting minutes, expected on Wednesday, for clues on future rate hikes. Current odds suggest an 80% chance of rates staying unchanged in October but a significant possibility of a December increase. Nvidia continued its strong performance, trading near record highs at $237.52, reinforcing its position as a key market driver.
Top gainers included PTC (+35.26%) and Coinbase (+2.84%), while notable losers were CRH (-12.09%) and Charter Communications (-3.60%). Gold prices edged up slightly, supported by Fed policy expectations, but gains were capped by a stronger dollar and higher yields.