The Nasdaq rose to a fresh record high, driven by gains in technology shares, as traders looked past higher Treasury yields and monitored oil prices, according to CNBC.
Key facts
- The Nasdaq closed at a fresh record high, led by technology shares.
- Traders were watching oil prices and Treasury yields, according to CNBC.
- The gains followed a week marked by surging Treasury yields.
- A surprisingly weak jobs report helped ease concerns about another Fed rate hike.
The Nasdaq Composite closed at a fresh record high, lifted by gains in technology stocks, according to CNBC. The move came as investors looked past higher Treasury yields that had weighed on sentiment earlier.
The advance followed a week that CNBC described as defined by surging Treasury yields and a surprisingly weak jobs report. The softer labor data helped ease concerns about the possibility of another interest rate increase from the Federal Reserve.
Technology shares were at the center of the rally, driving the index to its new high. CNBC reported that traders were able to look past the higher yields that often pressure growth-oriented stocks such as those in the tech sector.
Beyond equities, market participants were keeping a close eye on oil prices and the direction of Treasury yields, both of which CNBC identified as key factors traders were monitoring during the session.
The combination of record-setting tech gains and a weaker jobs report pointed to shifting expectations around Federal Reserve policy, as investors weighed the implications of the labor market data for the path of interest rates.
Why it matters
Record highs for the Nasdaq reflect continued investor confidence in technology stocks even as borrowing costs rise. Shifts in Treasury yields, oil prices and jobs data directly influence Federal Reserve policy expectations, which affect everything from mortgages to retirement savings.
Frequently asked questions
What drove the Nasdaq to a record high?
According to CNBC, technology shares led the gains, pushing the Nasdaq to a fresh record high as traders looked past higher Treasury yields.
How did the jobs report affect the markets?
CNBC reported that a surprisingly weak jobs report helped ease concerns about another Federal Reserve rate hike.
What are traders watching next?
Traders are keeping an eye on oil prices and Treasury yields, according to CNBC.