The S&P 500 and Nasdaq indices achieved record closing highs today, 6 October 2026. This surge followed a rally among AI chipmakers and a dip in US treasury yields.
At the close of trading, the S&P 500 was up 0.58%, surpassing 7,800 for the first time in its history. The tech-focused Nasdaq index saw a 0.45% increase, while the Dow climbed 0.49%, although it is still slightly below its August record high.
Investor optimism appeared to be fuelled by recent developments for chipmakers such as Marvell Technology, Advanced Micro Devices, and Broadcom, which indicated growth in the market for AI-powering chips. Additionally, Wall Street has become more optimistic that the US Federal Reserve may keep interest rates unchanged at its upcoming October meeting, following September job figures that showed underwhelming growth in the labour market.
This stock market optimism, largely attributed to ongoing investment in AI, has occurred despite other indicators of instability within the US economy and global political landscape. The US bond market has experienced recent turmoil, with 10-year US treasury bond yields reaching 5.349% on Monday, their highest since April 2022, before declining today.