S&P 500 up, Nasdaq at record high as megacap tech stocks rise

Business Recorder reported that the S&P 500 and the Nasdaq both climbed on Monday, with the Nasdaq touching a fresh all-time peak as large technology shares led the advance. At 10:19 a.m. ET, the S&P 500 had added 30.33 points, or 0.39%, to 7,753.05, while the Nasdaq Composite gained 167.85 points, or 0.62%, to 27,360.28. The Dow Jones Industrial Average, however, slipped 66.35 points, or 0.13%, to 51,110.61 at the same time.

Nvidia edged up 1.1% and traded close to its record from the previous session, while Meta Platforms, Microsoft and Tesla each added more than 1%. PTC, the software firm, surged 34.6% after France's Schneider Electric agreed to acquire it in a $22.6 billion all-cash deal. RXO climbed 22.5% following a $5.8 billion stock-and-cash takeover of the transport broker by C.H. Robinson Worldwide, while C.H. Robinson itself lost 11.8%.

Bond yields also drew attention, with the 10-year US Treasury yield last at 5.296% amid worries over government finances, heavy debt sales and elevated energy costs. Traders assigned an 80% chance to the Federal Reserve keeping rates unchanged this month, according to CME FedWatch data. Brent crude hovered near $100 a barrel as worries about Gulf oil infrastructure disruptions during the US-Israel war continued.