Stocks Rise as Treasury Yields and Oil Prices Retreat

Stock futures are showing gains on Tuesday as oil prices and government bond yields ease, setting a positive tone for the market. The Nasdaq Composite closed at a record high yesterday, driven by strong performances from big tech stocks and easing concerns about potential Federal Reserve rate hikes. The S&P 500 is also nearing its own record high, just 0.3% away from its August 13 peak. Meanwhile, the Dow Jones Industrial Average remains nearly 6% below its August record high, having lost ground in four of the past five weeks.

The 10-year Treasury yield has pulled back slightly to 5.26% after reaching a new 24-year high of 5.35% yesterday. This retreat follows worries about rising fuel prices and government debt, which have contributed to a bond sell-off. The higher yields have pushed the average 30-year mortgage rate above 7.6%, a three-year high.

Elon Musk has regained his trillionaire status, thanks to recent gains in Tesla and SpaceX shares. Tesla’s stock rose 2% yesterday after strong third-quarter delivery reports, while SpaceX shares surged nearly 8%, closing above $170 for the first time since June. Musk has also been active in political circles, supporting President Trump’s efforts to rebrand AI as “SI” or “super intelligence.”

Nvidia is approaching a $6 trillion market cap, maintaining its position as the world’s most valuable company ahead of Apple. The AI chip giant’s stock has been rising, recovering from last month’s concerns about AI development slowdowns and financing sustainability. Nvidia shares were up 1% in premarket trading, continuing their upward trend.