Nasdaq Hits Record as S&P 500 Falls 0.4% Short of High
The Nasdaq composite reached an all-time high while the S&P 500 closed 0.4% below its record. Brent crude fell 3.4% to $100.34, easing bond yield pressure.
Key points
- The Nasdaq composite reached an all-time high, gaining 2.3% on Monday.
- Brent crude oil fell 3.4% to $100.34, easing inflation concerns for investors.
- Advanced Micro Devices market value hit $1 trillion after a 9.9% stock gain.
The Nasdaq composite hit an all-time high on Monday, gaining 2.3%. The S&P 500 rose 1.5%, closing within 0.4% of its record level.
Brent crude oil dropped 3.4% to $100.34 per barrel, reducing inflation fears. The 10-year Treasury yield eased to 4.95% from 5.01% late Friday.
Oil and yields drive market relief
Crude prices retreated from last week's peak of nearly $110. This pullback lowered borrowing costs for households and businesses in the US.
Analysts at ING cited profit-taking and diplomatic hopes for this shift. The US Treasury Secretary called recent talks with China a successful engagement.
Chip stocks lead the broad rally
Advanced Micro Devices shares surged 9.9%, pushing its market value to $1 trillion. Nvidia added 2.3% as investors returned to artificial intelligence plays.
Cryptocurrency stocks also advanced, with Coinbase Global rising 3.5%. Bitcoin prices climbed above $86,000, returning to levels seen in January.
Diplomatic talks ease geopolitical tensions
China's Foreign Ministry confirmed President Xi Jinping will visit the US soon. Trade, tariffs, and AI safety are expected to be key agenda items.
These developments helped reverse the global equity slide from earlier in the week. The Dow Jones Industrial Average added 366.19 points to reach 52,048.83.
