Nasdaq hits record as Treasury yields stay near multiyear highs and oil eases
The Nasdaq Composite closed at a record on Monday 5 October, led by mega-cap tech, while 10-year Treasury yields stayed above 5.2% and Brent crude fell. Global stocks rose further on Tuesday as oil slipped below $100.
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The story, neutrally told
Centre · 1Wall Street equities rose on Monday 5 October, led by mega-cap technology stocks such as Nvidia, Meta Platforms and Microsoft. CNAN “US stock indexes were supported by heavyweight technology companies such as Nvidia , Meta Platforms , and Microsoft .” Read at CNA ↗ Centre · 2The Nasdaq Composite gained about 1% to a record high, the S&P 500 added about 0.7% and the Dow Jones Industrial Average rose 0.18%. Hindustan Times put the Nasdaq gain at 1.1% and a record closing high, and said the S&P 500 ended close to, but not at, its previous record. CNAN “The Dow Jones Industrial Average rose 0.18 per cent, the S&P 500 added about 0.7 per cent, and the Nasdaq Composite gained about 1 per cent, touching a fresh record high.” Read at CNA ↗ Hindustan TimesN “The Nasdaq Composite jumped 1.1% to a new record closing high.” Read at Hindustan Times ↗ Centre · 2The 10-year US Treasury yield rose 3.4 basis points to 5.31% on Monday. Hindustan Times reported that it eased to around 5.27% on Tuesday after briefly crossing 5.35%, its highest since 2002. Borrowing costs across major economies remain near multiyear highs, which CNA attributed to deteriorating public finances, heavy debt issuance and elevated energy prices. CNAN “Benchmark 10-year US Treasury yields rose 3.4 basis points to 5.31 per cent.”“Borrowing costs across major economies remain near multiyear highs as deteriorating public finances, heavy debt issuance and elevated energy prices continue to pressure bond markets.” Read at CNA ↗ Hindustan TimesN “The 10-year US Treasury yield eased to around 5.27% on Tuesday. It had briefly crossed 5.35%, reaching its highest level since 2002.” Read at Hindustan Times ↗
Centre · 1The dollar index rose 0.2% on Monday, helped by the euro's slide and elevated yields. The euro fell as much as 0.8% to a 17-month low of $1.1160 before recovering to $1.122, with investors worried about France's rising debt and political gridlock. The premium on French 10-year bonds over German debt rose above 150 basis points on Friday. CNAN “The euro recovered some ground to trade at $1.122 after falling by as much as 0.8 per cent to a 17-month low of $1.1160.”“The euro's slide lent fresh support to the dollar, which also drew strength from elevated Treasury yields. The dollar index rose 0.2 per cent.” Read at CNA ↗ Centre · 1Oil fell on Monday as Middle East crude exports increased and the G7 pledged to boost supplies, though fears of disruption linked to the US-Israeli war on Iran limited the drop. Brent settled at $100.32 a barrel (down 1.89%) and West Texas Intermediate at $89.43. CNAN “Brent crude futures settled $1.93, or 1.89 per cent, lower at $100.32 a barrel, while US West Texas Intermediate crude lost $1.68, or 1.84 per cent, at $89.43.”“selling was limited by ongoing disruption fears linked to the US-Israeli war on Iran.” Read at CNA ↗ Centre · 1On Tuesday Brent fell a further 1.3% to $99.07 and US crude fell 1.7% to $87.91, per Hindustan Times, which cited ABC News. Analysts said more oil was moving through the Strait of Hormuz and flows through Saudi Arabia's East-West pipeline were recovering. Brent is still well above the roughly $72 of late February, and ING strategists said the market remained nervous about supply disruption. Hindustan TimesN “Brent crude, the international benchmark, fell 1.3% to $99.07 a barrel.”“More oil has been moving through the Strait of Hormuz, an important route for global oil supplies.”“oil is still much more expensive than it was in late February, when it was around $72 a barrel” Read at Hindustan Times ↗
Centre · 1Weak US jobs data reduced the chance of a Fed rate rise. September job growth slowed more than expected and the prior two months' payrolls were revised down. CME FedWatch put the chance of an October increase at about 24%, down from 64% a week earlier, with a December move still largely priced in. CNAN “Investors see a roughly 24 per cent chance of a Fed rate increase this month, down from 64 per cent a week ago, according to CME FedWatch data” Read at CNA ↗ Centre · 1Elsewhere, European shares closed higher on Monday, with the STOXX 600 up 0.4% even as French stocks hit a six-month low. Brazilian assets rallied after Flavio Bolsonaro advanced to a runoff against President Lula. MSCI's global gauge rose 0.7%. CNAN “The pan-European STOXX 600 <.STOXX> index ended 0.4 per cent higher”“MSCI's gauge of stocks across the globe rose 0.7 per cent.” Read at CNA ↗ Centre · 1On Tuesday, global markets were mostly higher. Early in Europe the FTSE 100 rose 0.8%, the CAC 40 0.8% and the DAX 0.8%. In Asia the Nikkei rose 1.1% to above 70,000 for the first time since early July, and the Kospi fell 0.9%. US futures were positive. Hindustan TimesN “The Nikkei moved above 70,000 for the first time since early July this week.”“US stock futures were also positive.” Read at Hindustan Times ↗
Centre · 1Analysts struck a cautious note. Morgan Stanley Wealth Management's Lisa Shalett called equity calm amid a bond-market "perfect storm" understandable given accelerating growth and the AI boom's rate insensitivity, and said her team was watching earnings revisions, high-yield spreads and dollar strength. BlackRock Investment Institute said markets were pricing more Fed tightening than it expects, limiting scope for a sustained dollar rally. CNAN “"Relative equity market calm amid the bond market’s 'perfect storm' is understandable, given accelerating economic growth and the AI boom’s rate insensitivity,"”“there is limited scope for a sustained dollar bull run.” Read at CNA ↗ Centre · 1Hindustan Times framed the rally as investors balancing high yields, inflation, US debt above $40 trillion and Middle East tensions against expected strong corporate earnings and tech gains. Hindustan TimesN “The US national debt has now surpassed $40 trillion.”“strong earnings expectations and gains in major technology stocks are helping investors look past those risks” Read at Hindustan Times ↗
Every sentence links to the reporting it rests on. The pill in front of each says where its sources sit: Left, Centre or Right when one side supplies at least half of them, Mixed when they are evenly split. The number is how many outlets it cites.
Left0 outlets
No left outlet in our sources has covered this story yet.
Centre2 outlets
- Framing
- Both outlets are centre. CNA gives a market wrap of Monday's session, with analyst quotes on bonds, the dollar and France. Hindustan Times writes an explainer on why global stocks are rising on Tuesday despite high yields and oil.
- Emphasis
- CNA stresses bond-market stress, the euro and French fiscal risk, and Fed rate-rise odds. Hindustan Times stresses oil supply recovery, the $40 trillion US debt, and earnings expectations.
- Leaves out or plays down
- Hindustan Times leaves out Fed rate odds, the French spread and the Brazil election. CNA does not mention the $40 trillion debt or the Strait of Hormuz flows.
- Charged language
- “perfect storm”
- For example
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“"Relative equity market calm amid the bond market’s 'perfect storm' is understandable” — CNA
“Why are global stocks rising as oil prices fall and US Treasury yields stay near multi-decade highs?” — Hindustan Times
Right0 outlets
No right outlet in our sources has covered this story yet.
What every side reports
- The Nasdaq Composite rose about 1% on Monday 5 October to a record, led by Nvidia and other big tech names.
- The S&P 500 rose about 0.7% and the Dow about 0.2% on Monday.
- US 10-year Treasury yields are above 5.2%, near multiyear highs.
- Oil prices fell, with Brent near $100 a barrel, and fears of disruption tied to the Iran war persist.
- The euro was around $1.12.
Where accounts differ
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Whether the Nasdaq's gain was a record close and how large it was
- Centre
- CNA said the Nasdaq gained about 1%, "touching a fresh record high". Hindustan Times said it jumped 1.1% to a new record closing high.
US Treasury yields topic
Yields are near multiyear highs. CNA says the 10-year rose to 5.31% on Monday. Hindustan Times says it eased to about 5.27% on Tuesday after touching its highest since 2002.
“Benchmark 10-year US Treasury yields rose 3.4 basis points to 5.31 per cent.” — CNA
“reaching its highest level since 2002” — Hindustan Times
Nasdaq organisation
The Nasdaq Composite hit a record on Monday on mega-cap tech gains.
“the Nasdaq Composite gained about 1 per cent, touching a fresh record high.” — CNA
“Strong gains in major technology companies helped push the market higher.” — Hindustan Times
Left0 articles
No coverage yet.
Centre2 articles
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CNAN ·
Nasdaq hits record as dollar and Treasury yields climb, oil prices ease
Neutral Market wrap of Monday's session, with analyst quotes on bond stress, the dollar and French debt.
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Why are global stocks rising as oil prices fall and US Treasury yields stay near multi-decade highs?
Neutral Explainer on Tuesday's global rally, balancing oil relief and earnings optimism against yields, inflation, debt and Iran risks.
Right0 articles
No coverage yet.
- 5 Oct 21:37 First CNAN Nasdaq hits record as dollar and Treasury yields climb, oil prices ease
- 6 Oct 14:09 +16h 31m Hindustan TimesN Why are global stocks rising as oil prices fall and US Treasury yields stay near multi-decade highs?
Times are when each article was published, or when we first saw it if the outlet gave no time.