Tech Stocks Boost Nasdaq as Treasury Yields Climb

The Nasdaq Composite rose 1.05% to 27,477, while the S&P 500 and Dow Jones Industrial Average climbed 0.66% and 0.18% respectively. Tech stocks led the charge, overshadowing the surge in Treasury yields. The S&P 500 closed at 7,774, with gains across nearly every sector except real estate.

Vaxcyte shares surged over 30% on positive late-stage vaccine trial results, and Genmab gained nearly 11% following promising lymphoma drug data. PTC climbed after reports of a $22.6 billion buyout offer, and Taiwan Semiconductor Manufacturing rose on news of discussions with Elon Musk's Terafab chip factory.

Equities continued their upward trend, with the Nasdaq hitting another high despite a global bond sell-off. Investors are increasingly willing to take risks after last week's softer-than-expected jobs data, reducing the likelihood of a Federal Reserve rate hike this month.

Nvidia shares gained 2.12% amid speculation that its market cap could soon reach $6 trillion. Fears of an AI bubble bursting have been eased by strong earnings and sustained demand for AI infrastructure. Analysts expect high earnings for the upcoming quarter, with nearly 60% of S&P 500 companies rated as Buy.