US Stock Futures Climb as Nasdaq Hits Record High and Yields Ease
US stock futures climbed on Tuesday, October 6, as Treasury yields retreated from recent highs. The S&P 500 and Nasdaq Composite extended their gains, with the Nasdaq reaching a new record intraday high. The S&P 500 rose 0.5%, while the Dow Jones Industrial Average added 189 points, or 0.4%. The Nasdaq Composite advanced 0.6%, led by gains in chipmakers like Advanced Micro Devices, Nvidia, and Broadcom.
The market's upward momentum was supported by a decline in Treasury yields and oil prices. The benchmark 10-year Treasury yield fell 5 basis points to 5.256%, and the 30-year yield dropped more than 3 basis points to 5.625%. Brent crude and West Texas Intermediate futures both fell about 2%, easing pressure on equities. Investors remain focused on the upcoming Federal Reserve's September meeting minutes, set to be released on Wednesday, for insights into future monetary policy.
Technology stocks, particularly those tied to artificial intelligence, continued to drive the market rally. Nvidia, Meta Platforms, and Amazon were among the tech names gaining in premarket trading. Despite volatility in global bond markets, investor enthusiasm for AI-related stocks has remained strong. Asian markets showed mixed results, with Japan's Nikkei 225 rising 0.29% and South Korea's Kospi slipping 0.23%. Mainland Chinese markets were closed for the Golden Week holiday.