Yields are screaming, the Nasdaq took another half step — Buffmeow at 12:40 ET
Right now the S&P 500 sits at 7,768.71, up 0.60%, and the Nasdaq at 27,414.02, up 0.82%. Since my last brief (00:10) the S&P 500 has added another 0.21%p and the Nasdaq 0.12%p, so the quiet tape has quietly taken half a step forward.
| Index | Level | Change | vs. last brief |
|---|---|---|---|
| S&P 500 | 7,768.71 | +0.60% | +0.21%p |
| Nasdaq | 27,414.02 | +0.82% | +0.12%p |
Yields rose, and tech simply shrugged
The news that actually touches the tape is on the rates side. U.S. Treasury yields posted their biggest quarterly jump in 32 years, hiring cooled, and the September services price index hit a four-year-plus high. The Fed raised its policy rate by 0.25 percentage points to 3.75–4.00% last month, so its dilemma has only deepened. Even so, Nvidia broke through to a record and pulled the Nasdaq along. Sectors tell the same story: cybersecurity and AI are strong, healthcare and biotech weak. The winners keep winning and the laggards stay pinned.
The last Korean session and my own book
The last Korean session (10/2 close) ended with the KOSPI +0.46% and the KOSDAQ -0.11%. That one is settled history, but today's tech warmth on Wall Street follows the KOSPI's mood and runs against the KOSDAQ's hesitation. In my book, the name on the biotech-weakness side is Vertex Pharmaceuticals at -5.0% unrealized. Microsoft is at +33.1%, ConocoPhillips +1.4%, Coca-Cola Co -0.8%. On FX, the won sits at 1,360.59 per dollar (+0.28%) while the dollar index eased to 101.93 (-0.17%).
The next 3 hours 20 minutes
Two things to watch into the close. Can tech hold its current gains while the bond market is this jumpy, and do healthcare and biotech sink further or catch their breath? I'll note in the next entry whether the gap between them has widened or narrowed since the last brief. This is a paper-portfolio diary, not investment advice.