• The Nasdaq Composite rose about 0.8% and touched a record 27,450.88.
• The 10-year Treasury yield climbed to 5.34%, while the 30-year rose to 5.70%.
• Information technology and communication services led the rally, while semiconductor stocks lagged.

The Nasdaq Composite index climbed to another all-time high on Monday, extending its record run as several tech megacaps and artificial intelligence-linked stocks advanced despite another rise in Treasury yields.

The index hit an intraday high of 27,450.88 on Monday, as of this writing. 

The S&P 500 added roughly 0.6%, while the Dow Jones Industrial Average was little changed. The Nasdaq-100 index gained about 0.7% to reach as high as 31,026.40 as of this publication.

AI Stocks Rise, But Chip Rally Lacks Breadth

Information technology and communication services led the rally on Monday. Memory stocks including Western Digital (WDC) and Seagate (STX) gained as much as 6%, while SpaceX (SPCX) rose roughly 5%. 

Meta Platforms (META) and Tesla (TSLA) advanced more than 2%, while Microsoft (MSFT) and Nvidia (NVDA) gained over 1%.

The broader semiconductor group, however, lagged on Monday. The PHLX Semiconductor Index fell about 0.7%, with most of its components trading lower even as Nvidia was on pace for a record close.

The divergence was unusual. According to Barron’s, citing Dow Jones Market Data, Monday would mark only the second time in 2026 that the Nasdaq Composite gained more than 0.5% while the semiconductor index fell more than 0.5%.

Treasury Yields Stay Elevated

Nasdaq’s new high comes even as bond yields moved higher Monday. The benchmark 10-year Treasury yield rose to 5.34%, while the 30-year Treasury yield hit 5.70%, its highest level since 2002.

Treasury yields have remained at multi-decade highs as investors weigh inflation, government borrowing and the Federal Reserve’s interest-rate outlook.

Services Growth Slows, Prices Rise

Fresh economic data showed U.S. services activity expanding at a slower pace in September. The Institute for Supply Management’s (ISM) services Purchasing Managers’ Index fell to 54.9 from 55.4 in August, below the 55.2 mark that economists expected.

Stocks Continue To Weather Macro Headwinds

According to Citi strategist Beata Manthey, global equities have risen about 12% year to date and remain just below record highs despite mounting headwinds including geopolitical risks and higher interest rates.

While uncertainty remains elevated, CNBC quoted Manthey as saying that Citi continues to favor the “resilience” view, with equity fundamentals so far holding up against broader macroeconomic shocks.

On Stocktwits, retail sentiment for the SPDR S&P 500 ETF (SPY), an exchange-traded fund that tracks the S&P 500 Index, moved to ‘bullish,’ and Invesco QQQ Trust (QQQ) remained ‘extremely bullish’.

See Also: Citi’s Kaiser Says Power Generation Is AI’s ‘Hardest Bottleneck To Fix’

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