The Nasdaq Composite closed at a fresh all-time high of 27,477.31, up 1.05%, as mega-cap tech stocks and AI plays drove a broad rally despite surging Treasury yields. The S&P 500 added 0.66% to 7,773.95, approaching its own record, while the Dow lagged with just a 0.18% gain. Long-dated yields hit their highest levels since 2002, signaling bond market stress that contradicts easing Fed rate-hike expectations.
→ Fed's September meeting minutes drop Wednesday—key test of whether inflation concerns justify current yield levels or if bond market has overshot
→ Earnings season kicks off this week with Constellation Brands, Levi Strauss, PepsiCo, Delta, and Cisco reporting—watch commentary on capex and economic momentum
→ Oil holding near $101/barrel amid G7 strategic release and Middle East risks (Houthi tensions, Iran conflict); supply-demand balance critical for inflation narrative