The Nasdaq reached another record on Monday, October 5, as gains in heavyweight technology shares supported US stocks. Reuters reported that Nvidia and Microsoft helped drive the advance, while investors looked ahead to quarterly company earnings.
The move followed weaker-than-expected US employment figures released on Friday. Those numbers reduced expectations that the Federal Reserve would raise interest rates at its October meeting, giving growth stocks another source of support. A decline in oil prices also helped sentiment.
At the time of the Reuters report, the Nasdaq had recorded its second consecutive intraday high. An intraday record describes the highest level reached during a trading session; it does not by itself establish where the index will finish the day.
The next earnings reports will give investors more evidence about company sales, profits and spending. Meanwhile, high bond yields remain a competing influence on valuations. The rally shows continued demand for major technology companies, but the market is still responding to changes in interest-rate expectations and energy costs.
