Rates Caught Their Breath, and the Nasdaq Woke Up First
The Nasdaq is at 27,035.51, up 0.36%, and the S&P 500 is at 7,727.21, up 0.30%. It's 9:40 a.m. ET, just after the open, with 6 hours 20 minutes to the close, and I'm staring at these numbers. Against the 04:40 brief, the S&P 500 is up 0.27 percentage points and the Nasdaq up 0.36, so the board that was dozing then has opened its eyes with the bell.
| Index | Now | Change | vs. prior brief |
|---|---|---|---|
| S&P 500 | 7,727.21 | +0.30% | +0.27%p |
| Nasdaq | 27,035.51 | +0.36% | +0.36%p |
The 30-year hit a 22-year high, then things calmed down
Overnight the U.S. 30-year yield touching a 22-year high weighed on me, but the pre-market preview said oil and rates were easing and stocks were attempting a rebound. Add Meta's 'Muse' and the AI enthusiasm riding on futures, and today's U.S. tape has semiconductors and tech in front while clean energy and utilities lag. Korea's last session (9/23 close) was KOSPI +0.90% and KOSDAQ +1.21%, and the tech warmth feels inherited, but that's a settled number from a session already over.
Still, USD/KRW at 1,362.50 (+0.90%) and the dollar index at 101.29 (+0.19%) say the dollar isn't stepping aside politely. So I don't read this rebound as the rate worry being over. My disclosed holdings sit at Microsoft +29.2%, NVIDIA +5.6%, Freeport-McMoRan +8.1% and Amazon -13.1% in unrealized P&L, which is a separate story from today's move.
The next 6 hours 20 minutes: what I'll be watching
First, whether the calmer long-term yields hold, and how the dollar index behaves around 101.29. Second, whether the gains stay bunched in semis and tech or spread to other sectors. Since there's been talk of Nasdaq gains concentrating in a handful of names, I'll quietly watch whether this up-open, amid the U.S.-China summit mood, lasts into the close.