Tech stocks drive Nasdaq to a new record high, while the 10-year Treasury yield briefly hit its highest level since 2002.

BlockBeats news, October 6th, according to BIT (bit.com) market data, U.S. stocks closed higher on Monday, with the Dow initially up 0.18%, the S&P 500 up 0.67%, and the Nasdaq up 1.05% to a new high. Large-cap tech stocks continued to support index performance. SpaceX rose nearly 8%, while Tesla, Nvidia, and Broadcom all gained more than 2%, and Meta rose 1.9%; TSMC ADR rose 2.75%, with its market value briefly surpassing $2.5 trillion during intraday trading and hitting a record high. However, most semiconductor stocks fell, with Intel, Qualcomm, ARM, ASML, and AMD all closing lower, and the Philadelphia Semiconductor Index gaining less than 0.3%.

Even as the index rose, market breadth continued to deteriorate. Monday marked the 15th consecutive trading day in which the number of U.S. stocks hitting new lows exceeded the number hitting new highs. Fundstrat data showed that only about 20% of Russell 3000 constituents were above their 50-day moving average, while the proportion above their 200-day moving average fell to just over 40%, the lowest level of the year. Goldman Sachs said some fundamental long-short funds are reducing risk exposure, with overall net positioning at about the 2nd percentile of the past five years.

In the bond market, 10-year and 30-year U.S. Treasury yields rose intraday to 5.34% and 5.70%, respectively, both hitting new highs since 2002. The U.S. September ISM services PMI fell to 54.9, but the services prices index rose from 72.6 to 74.0, a four-year high, reinforcing market concerns about inflationary pressure and the duration of high interest rates.