Nasdaq Hits Record Close as Tech Giants and Lower Oil Prices Lift US Markets

The Nasdaq Composite reached a record high close on Monday, led by gains in tech giants Nvidia and Microsoft. This marked the second straight day of strong gains for the index, following weaker-than-expected jobs data released on Friday. That jobs report showed job growth in the US slowed more than expected in September. As a result, traders now see a twenty-four percent chance of an interest rate hike at the Federal Reserve meeting this month, down from a seventy percent chance a week earlier. Oil prices fell after crude exports from the Middle East went up and the Group of Seven nations promised to increase supplies. Art Hogan, chief market strategist at B. Riley Wealth, noted that investors are looking for positive factors and focusing on lower energy costs while waiting for corporate earnings. The S&P 500 earnings season begins next week with reports from major US banks. Analysts expect S&P 500 earnings to jump over thirty percent year over year, driven largely by artificial intelligence stocks based on LSEG data. Corporate dealmaking also drove stock movements. PTC shares surged after France's Schneider Electric agreed to buy the software firm in a twenty-two point six billion dollar all-cash deal. RXO jumped after freight forwarder C.H. Robinson Worldwide agreed to buy the transportation broker for five point eight billion dollars in a stock-and-cash transaction, though C.H. Robinson shares fell. Cerebras Systems rose after OpenAI CEO Sam Altman posted on social media that the chip designer is a close partner working together on speed. Preliminary data showed the S&P 500 gained fifty-one point fifty points, or zero point sixty-seven percent, to end at seven thousand seven hundred seventy-four point twenty-two points. The Nasdaq Composite rose two hundred eighty-nine point forty-two points, or one point zero six percent, to twenty-seven thousand four hundred eighty point twenty-eight. The Dow Jones Industrial Average added ninety-four point fifty-nine points, or zero point eighteen percent, to fifty-one thousand two hundred seventy-four point thirty-two. The Nasdaq's previous record high close was on September 22.

Context

Major stock indexes often react strongly to shifts in central bank interest rate expectations and energy prices, as these factors directly influence corporate borrowing costs and consumer spending power. Quarterly earnings seasons give investors a clear look at corporate financial health, making upcoming bank reports a key focus for the broader market.