Nasdaq Rises 1.05% to New High, 10-Year U.S. Treasury Yield Rises to 5.34%

On October 6, U.S. stocks closed with the Dow Jones up 0.18%, the S&P 500 up 0.67%, and the Nasdaq up 1.05% to a new high. Large tech stocks performed strongly, with SpaceX rising nearly 8%, Tesla, Nvidia, and Broadcom all up over 2%, and Meta up 1.9%. TSMC's ADR rose 2.75%, with its market capitalization surpassing $2.5 trillion during intraday trading, setting a new historical high. Despite this, most semiconductor stocks fell, with Intel, Qualcomm, ARM, ASML, and AMD all closing lower, and the Philadelphia Semiconductor Index rising by less than 0.3%.

Market breadth deteriorated, with the number of new lows in U.S. stocks exceeding new highs for the 15th consecutive trading day. According to Fundstrat data, only about 20% of the Russell 3000 constituents are above the 50-day moving average, and the proportion above the 200-day moving average has dropped to just over 40%, the lowest level of the year. Goldman Sachs noted that some fundamental long-short funds have reduced their risk exposure, with overall net positions at about the 2nd percentile of the past five years.

In the bond market, the yields on 10-year and 30-year U.S. Treasuries rose to 5.34% and 5.70%, respectively, both reaching new highs since 2002. The U.S. ISM Services PMI for September fell to 54.9, while the services price index rose from 72.6 to 74.0, marking a four-year high, which heightened market concerns about inflationary pressures and the duration of high interest rates.

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