Nasdaq Hits Record High as Asian Markets Rise
The Nasdaq composite reached a new peak while Asian benchmarks gained, driven by AI stocks and falling oil prices.
Key points
- The Nasdaq composite hit an all-time high of 27,122.09, driving the S&P 500 near its record level.
- South Korea's Kospi rose 1.6% to 7,120.25, while Australia's ASX 200 gained 0.2% to 8,748.20.
- Brent crude traded at $100.99, easing bond market pressure as the 10-year Treasury yield fell to 4.95%.
The Nasdaq composite surged 2.3% to a record 27,122.09, leading a broad rally across global markets. This move lifted the S&P 500 within 0.4% of its all-time high, signaling strong investor confidence.
Asian indices followed suit early Tuesday, with South Korea's Kospi jumping 1.6% to 7,120.25. Australia's ASX 200 added 0.2% to 8,748.20, reflecting the positive overnight sentiment from New York.
Energy prices ease pressure on bonds
Crude oil retreated from recent peaks, with Brent crude trading at $100.99 per barrel. This decline helped lower the 10-year Treasury yield to 4.95%, easing pressure on equity valuations.
Prices remain well above the $72 seen earlier this summer but down from the $110 spike last week. Volatility persists as Middle East conflicts limit flow through the Strait of Hormuz.
AI stocks drive global momentum
Technology shares recovered from early-week weakness, with AI leaders leading the charge. The sector's strength provided a key boost to the overall market performance in the US.
Industry figures have warned that development speed requires checks for safety, yet trading remained robust. Yahoo Finance reports that this resilience has supported broader equity indices during the week.
Currency markets show modest shifts
The U.S. dollar strengthened slightly to 157.43 Japanese yen, up from 157.31 the previous close. The euro also rose marginally to $1.1474, indicating a stable but firm currency environment.
