Tech stocks pushed the Nasdaq to another record high, while the 10-year U.S. Treasury yield briefly hit its highest level since 2002.

According to BIT (bit.com) market data, U.S. stocks closed on Monday: the Dow Jones Industrial Average initially rose 0.18%, the S&P 500 gained 0.67%, and the Nasdaq climbed 1.05% to hit a new high. Large tech stocks continued to underpin index performance: SpaceX jumped nearly 8%, Tesla, Nvidia, and Broadcom all rose more than 2%, Meta added 1.9%; TSMC's ADR climbed 2.75%, with its market cap briefly topping $2.5 trillion during the session to hit an all-time high. However, most semiconductor stocks fell: Intel, Qualcomm, ARM, ASML, and AMD all closed lower, and the Philadelphia Semiconductor Index rose less than 0.3%. Alongside the index gains, market breadth continued to deteriorate. Monday marked the 15th consecutive trading day where the number of U.S. stocks hitting new lows exceeded those hitting new highs. Fundstrat data shows that only around 20% of Russell 3000 constituents are trading above their 50-day moving average, while the proportion above the 200-day moving average dropped to just over 40%—the lowest level so far this year. Goldman Sachs noted that some fundamental long-short funds are reducing risk exposure, with overall net positioning at roughly the 2nd percentile of the past five years. In the bond market, yields on 10-year and 30-year U.S. Treasuries rose to 5.34% and 5.70% respectively during the session, both hitting new highs since 2002. The U.S. September ISM Services PMI fell to 54.9, but the services price index rose from 72.6 to 74.0—its highest level in four years—amplifying market concerns about persistent inflationary pressure and prolonged high interest rates.