Stocks Surge as S&P 500 Nears Record High and Nasdaq Hits New Peak
The S&P 500 is nearing a record high, just 0.3% away from its August 13 peak, as stock futures show gains on Tuesday. The Nasdaq Composite has already hit a new record, supported by strong performance from tech stocks. Oil prices and government bond yields are falling, with WTI crude oil down 2.3% to $87.40 per barrel and the 10-year Treasury yield retreating to 5.26% after hitting a 24-year high of 5.35% yesterday.
Elon Musk has regained his trillionaire status thanks to recent gains in Tesla (TSLA) and SpaceX (SPCX) shares. Tesla shares rose 2% after strong delivery reports, while SpaceX shares surged nearly 8%, closing above $170 for the first time since June. Meanwhile, Nvidia (NVDA) is approaching a $6 trillion market cap, extending its lead as the world's most valuable company over Apple (AAPL).
The market's rally comes amid easing concerns about Federal Reserve interest rate hikes, following a weaker-than-expected jobs report last Friday. The Dow Jones Industrial Average, however, remains nearly 6% below its August record high, having lost ground in four of the past five weeks.
Bitcoin is trading at $86,100, down from yesterday's high of roughly $87,000. The market's positive momentum is expected to continue as economic data and earnings reports remain light this week.