Jeenah Moon | Reuters
S&P 500 futures were up 0.08%, while Dow futures gained 57 points, or 0.1%. Nasdaq-100 futures added 0.09%.
During the regular trading day, the Nasdaq Composite gained roughly 1% to reach an all-time high and record close. The Dow Industrials advanced about 90 points, or 0.2%, while the S&P 500 added 0.7%
Stocks related to the artificial intelligence trade saw notable moves during the day. SpaceX jumped more than 7%, while Nvidia and Tesla rose over 2% each. Meta Platforms and Microsoft jumped over 1%.
As tech stocks rallied, oil prices slid. The Brent crude futures slipped 1.9% to close at $100.32 per barrel and West Texas Intermediate crude fell about 1.8% to $89.43 per barrel.
Treasury yields remained in focus, as the 10-year note yield once more touched highs last seen in 2002, surpassing 5.3%. The 30-year yield also breached 5.7% at one point also for its highest level in 24 years.
Bonds have been volatile over the past six weeks, Morgan Stanley Wealth Management investment chief Lisa Shalett said in a note to clients. She cited a potentially new Fed policy framework, economic growth and high oil prices while the Middle East conflict stretches on as factors.
“Nevertheless, while intraday implied volatility has risen, the six-week stretch has not reached the extremes that catalyzed the 2022 equity bear market,” Shalett wrote.
Traders are eyeing the Federal Reserve’s minutes from its September meeting due Wednesday, which could shed some light on policymakers’ move to raise rates.
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