The Nasdaq Composite closed at a record high on Monday, driven by investor enthusiasm for artificial intelligence-related technology companies.
The 10-year U.S. Treasury yield climbed to its highest level since 2002, a move that typically pressures growth-oriented tech stocks.
Gains were concentrated in a handful of megacap companies. Nvidia, Microsoft, Meta Platforms, and Tesla shares all rose as investors bet that AI-driven growth could produce earnings strong enough to offset higher borrowing costs.
The rally underscored how heavily the market is relying on confidence in the AI sector to withstand broader economic headwinds.