Nasdaq Hits Record High, S&P Nears Peak Driven by Mega-Cap Tech Despite Surging Yields

By Noel Randewich

Oct 5 (Reuters) - The Nasdaq notched a record high close on Monday, lifted by Nvidia and Microsoft, as investors focused on a dip in oil prices and looked ahead to quarterly earnings reports.

It was the Nasdaq’s second day of sharp gains after weaker-than-expected jobs data on Friday dampened expectations for an interest rate hike from the Federal Reserve at its policy meeting this month.

The S&P 500 rose and was about 0.3% below its August 13 record high close.

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CNBC’s Jim Cramer said Monday that a handful of artificial intelligence giants are masking pressure from surging Treasury yields, creating an unusual disconnect between the stock and bond markets.

The Nasdaq Composite jumped about 1% to close at a record Monday, while the S&P 500 gained 0.66%, finishing just 0.3% below its Aug. 13 record-close. Their advances came even as Treasury yields surged to multiyear highs and oil fell. The 10-year Treasury yield rose above 5.34%, while

Investing.com-- U.S. stock futures were little changed on Monday evening after the Nasdaq Composite closed at a record high, aided by reduced expectations for a Federal Reserve interest-rate hike this month, while investors turned their attention to the start of the quarterly earnings season.

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