Tech heavyweights push Nasdaq to record high close

The Nasdaq notched a record high close on Monday, lifted by Nvidia and Microsoft, as investors focused on a dip in oil prices and looked ahead to quarterly earnings reports. It was the Nasdaq's second day of ⁠sharp gains after weaker-than-expected jobs data on Friday dampened expectations for an interest rate hike from the US Federal Reserve at its policy meeting this month. The S&P 500 rose and was about 0.3 percent below its August 13 record high close. AI heavyweight Nvidia climbed 2.1 percent and also reached a record-high close, boosting its stock market value to US$5.76 trillion. Microsoft added 1.5 percent, while Meta Platforms and Tesla gained about 2 percent each. The Nasdaq's previous record high close was on September 22. Oil prices slipped after crude exports from the Middle East increased and the Group of Seven nations pledged to boost supplies. "With the economic data calendar being light and earnings about a week away, investors are really groping for anything positive to grab onto, and clearly they're looking at lower energy prices," said Art Hogan, chief market strategist at ⁠B Riley Wealth. Third-quarter earnings season kicks off next week with reports from large US banks. Analysts on average see S&P 500 earnings jumping over 30 percent year over year, thanks largely to AI-related stocks, according to LSEG data. Following jobs data on Friday that showed US job growth slowed more than expected in September, traders see a 24 percent chance of an interest rate hike at the Fed's October meeting, down from a 70 percent chance a week ago, according to CME's FedWatch tool. The Nasdaq rose 1.1 percent, to 27,477, the S&P 500 rose 0.7 percent, to 7,773, while the Dow rose 0.2 percent, to 51,267. (Reuters) Edited by Cecil Wong

2026-10-06 06:30:00