Tech Stocks Drive Market Rally as Nasdaq Hits Record High
Technology stocks led the market at the start of the week, with strong demand for artificial intelligence driving gains. Shares of Nvidia and Broadcom each climbed more than 2%, while Meta and Microsoft rose over 1%. SpaceX saw a notable surge of over 7%, fueled by its first orbital Starship flight and expanding AI ambitions.
As of the latest data, the 10-year U.S. Treasury yield stood at 5.313%, while the 30-year Treasury bond yield was at 5.67%. Morgan Stanley Wealth Management's Lisa Shalett noted heightened volatility in bonds, citing factors like potential Federal Reserve policy shifts and geopolitical tensions. Meanwhile, oil prices retreated slightly, with Brent crude trading at $100.66 per barrel and WTI crude at $89.61.
The Nasdaq Composite reached an all-time high on Monday, closing up 1.05%, while the Dow and S&P 500 also posted gains. Investors are now awaiting the release of the Federal Open Market Committee (FOMC) meeting minutes on Wednesday for further market direction.
Key stocks to watch include SpaceX, up 7% on optimism around its growth prospects; USA Rare Earth, rising on supply-chain developments; Constellation Energy, gaining on a potential $1 billion power deal with Alphabet; and Novavax, which soared nearly 20% following positive news from rivals in the biotech sector.