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Nasdaq hits record as Asia stocks track Wall Street higher; US 10-year yield at 24-year high
Tech-led rally pushed the Nasdaq to a record close and Asian stocks higher on October 6, while the US 10-year Treasury yield climbed to 5.34%, its highest since 2002.
Why it matters
Stocks are rising on AI spending and strong corporate earnings while US long-term bond yields have climbed to their highest since 2002 — a tug-of-war between tech-led optimism and bond-market pressure over inflation and fiscal worries.
Full report
The Nasdaq notched a fresh record close on October 5, with the S&P 500 up about 0.66% to just short of its all-time peak. AI heavyweight Nvidia climbed 2.1% to a record-high close, lifting its market value to $5.76 trillion. Softer-than-expected US jobs data dampened expectations for a Federal Reserve rate hike this month, supporting the tech rally.
Asian stocks rose on Tuesday, October 6, tracking Wall Street. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2%, Japan's Nikkei gained 0.7%, and Hong Kong's Hang Seng opened 239 points (about 1%) higher at 24,279. Retreating oil prices — Brent crude holding near $100 a barrel — offered further support.
The bond market remains under pressure. The US 10-year Treasury yield rose about 7 basis points to 5.34% on Monday, and the 30-year yield climbed to 5.7%, both reaching their highest levels since 2002. The euro languished near 17-month lows on mounting fiscal concerns in France.
The US third-quarter earnings season kicks off next week. Goldman Sachs estimates consensus forecasts point to 27% growth in S&P 500 earnings last quarter, with more than half from companies benefiting from AI infrastructure spending.
Sources: Reuters, CNBC TV18, HK Businesswire.
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