Nasdaq Sets Record as Nvidia, Microsoft and Meta Lead Gains

A rally in Nvidia, Microsoft and Meta lifted the Nasdaq Composite to a record Monday, while rising Treasury yields weighed on other shares and highlighted the market’s narrow leadership.

The Nasdaq rose 1.1% to 27,477.31 on Oct. 5. The S&P 500 gained 0.7% to 7,773.95, ending 0.3% below its record.

Gains by a small group of major technology companies lifted market-weighted indexes as higher borrowing costs pressured other shares. Nvidia climbed 2.1% and was the strongest contributor to the S&P 500’s advance. Microsoft rose 1.5% and Meta gained 1.9%. Together, the three companies made up nearly 17% of the S&P 500 as of Friday’s close.

The 10-year Treasury yield was reported at 5.31% late Monday after approaching 5.35% earlier in the day. The official constant-maturity reading was 5.28% on Friday, Oct. 2. The 30-year yield was 5.63% that Friday.