Nasdaq 100 Hits 3-Month High as Intel Jumps 14%
Crude oil's 5% drop eased inflation fears, driving tech stocks higher while Intel surged on momentum.
Key points
- Nasdaq 100 rose 2.4% to 30,363.70, hitting a three-month high as tech stocks led the rally.
- Intel stock surged 14%, while Meta Platforms jumped 8.7% on positive AI agent reception.
- Crude oil fell 5.1% to $95.16, easing inflation concerns and pushing the dollar above 100.
The Nasdaq 100 index climbed 2.4% to 30,363.70, reaching its highest level in three months. This move places the tech-heavy benchmark just 1.5% below its all-time record high.
Broad market strength followed as the S&P 500 rose 1.3% to 7,746.92. The Dow Jones Industrial Average gained 0.6%, adding approximately 283 points to close at 51,964.32.
Energy Drop Eases Inflation Pressure
West Texas Intermediate crude oil fell 5.1% to $95.16 per barrel, marking an 11-day low. This decline provided relief for the bond market and reduced immediate inflation concerns.
The 10-year Treasury yield slipped 2 basis points to 4.97%, while the 30-year yield eased to 5.30%. Traders continue to price in another 25-basis-point rate hike before year-end.
Semiconductors Lead Broad Market Rally
Intel stock surged 14%, driving the VanEck Semiconductor ETF to a 3.2% gain. Meta Platforms also jumped 8.7% following positive early reactions to its new AI agent tools.
According to Benzinga, technology stocks outperformed other sectors significantly on Monday. The Energy sector was the only group to see meaningful losses, dropping 1.91% due to lower oil prices.
Dollar Strength Hits Gold Prices
The dollar index pushed above 100, reaching a nearly three-month high. Gold prices fell 0.7% to $4,353 per ounce as the stronger currency weighed on bullion.
Bitcoin jumped 6% to $85,000, reflecting continued investor appetite for digital assets. This move occurred despite the broader risk-off sentiment seen in precious metals.
