On October 5 (local time), the Nasdaq rose 1.05% to 27,477, a record high.
The S&P 500 gained 0.66%, while the Dow Jones rose 0.18%.
The 10-year Treasury yield hit a 52-week high of 5.315%, but investors focused on corporate earnings.
Oil paused near $90 a barrel as the Houthis weakened and G7 countries moved to release strategic reserves.
Treasury yields topped 5.3%, but technology stocks kept climbing. New York stocks closed higher on October 5 (local time), buoyed by gains among major technology companies. The tech-heavy Nasdaq rose 1.05% to 27,477.31, setting a new record. The S&P 500 gained 0.66% to 7,773.99, and the Dow Jones rose 0.18% to 51,267.90.
Interest rates hit a 52-week high, but investors focused on earnings
The yield on the 10-year U.S. Treasury, a benchmark for market rates, climbed to 5.315%, reaching a 52-week high. Its move above and around the 5.3% level again stirred concerns about high interest rates. Even so, investors paid more attention to companies’ earnings growth.
With recent economic indicators coming in at neutral or better, many investors appeared to agree that current interest rates also reflect the strength of the U.S. economy.
Oil prices also eased pressure from interest rates. After a run-up, international oil prices paused around $90 a barrel. West Texas Intermediate crude fell 1.84% to $89.43 a barrel.
Fresh signs that more oil was moving through the Strait of Hormuz, along with reports that Yemen’s Houthi rebels—who had disrupted Saudi oil supplies—were being weakened by government forces, helped push prices lower.
The G7 countries’ decision to release oil reserves to counter rising prices for petroleum products also capped oil’s gains.
Nasdaq hits a record, while chip stocks barely move
Every sector except real estate, which fell 0.44%, finished higher. Materials led the gains, rising 1.22%, followed by communication services and energy.
Technology stocks drove the market higher, but semiconductor shares lagged. The Philadelphia Semiconductor Index gained just 0.27%, as major memory-chip makers were little changed and the DRAM ETF slipped 0.18%.
Nvidia hits a new high; SpaceX jumps 7.6%
Big Tech stocks held firm. Nvidia, the world’s largest company by market capitalization, rose 2.12% to set another record. SpaceX, which has received favorable reviews from major investment banks, surged 7.63%. Meta and Tesla gained around 2%, while Alphabet and Microsoft rose more than 1%. Apple and Amazon ended slightly lower.
News of an acquisition drove moves in individual stocks. Industrial software company PTC surged 33.5% after France’s Schneider Electric announced plans to acquire it for $205 per share in an all-cash deal valued at $22.6 billion (about 31.3 trillion won). The acquisition is aimed at strengthening Schneider Electric’s industrial design and engineering software and AI capabilities. The deal is expected to close in the third quarter of 2027.
Hard-drive makers rebounded. Seagate and Western Digital had plunged more than 10% the previous Friday after Japan’s Toshiba said it planned to expand its presence in the hard-drive market. As investors came to view the declines as excessive given the technology gap, the two companies rose 4.49% and 6.34%, respectively, on October 5.