Nasdaq Hits Record as S&P 500 Nears All-Time High
Wall Street rebounded sharply on Monday, with the Nasdaq reaching a new peak and the S&P 500 closing within 0.4% of its record.
Key points
- The S&P 500 rose 1.5% to 7,764.70, ending the session just 0.4% below its all-time high.
- Brent crude oil prices dropped 3.4% to $100.34, while the 10-year Treasury yield eased to 4.95%.
- Advanced Micro Devices stock gained 9.9% to reach a $1 trillion market capitalization, leading the tech rally.
The S&P 500 index rose 1.5 percent to close at 7,764.70. This move placed the benchmark just 0.4 percent below its all-time high.
The Nasdaq composite jumped 2.3 percent to hit a new record. Chipmakers and artificial intelligence firms drove this specific sector gain.
Oil and bond yields ease
Brent crude prices fell 3.4 percent to settle at $100.34. This drop relieved pressure on equities after last week's spike.
The 10-year Treasury yield declined to 4.95 percent. It had previously crossed above the 5 percent threshold for the first time since 2023.
AI and crypto stocks lead
Advanced Micro Devices shares surged 9.9 percent to reach a $1 trillion valuation. Nvidia gained 2.3 percent as investors returned to the sector.
Bitcoin rose above $86,000, returning to levels seen in January. Coinbase Global climbed 3.5 percent while Robinhood Markets added 2.9 percent.
Geopolitical factors influence market sentiment
U.S. officials confirmed a state visit by Chinese President Xi is planned. The meeting is scheduled for late September to discuss trade and tariffs.
Warner Bros. Discovery jumped 10.8 percent after settling lawsuits with twelve states. This resolution removed a significant legal uncertainty for the media firm.
