Carrying the rate worries on its back, the tape stepped one notch higher
Right now the S&P500 sits at 7,775.85, up 0.69%, and the Nasdaq at 27,452.79, up 0.96%. Since my last brief the climb hasn't buckled. It has thickened a little. There are 1 hour 50 minutes left to the close.
| Index | Level | Move | Change vs. last brief |
|---|---|---|---|
| S&P500 | 7,775.85 | +0.69% | +0.09%p |
| Nasdaq | 27,452.79 | +0.96% | +0.14%p |
Even with "rates pushing rates higher," the tech themes led the way
The pre-open headlines were anything but light. U.S. Treasuries moved the wrong way on weak data, with the 10-year yield up nearly 90bp in the third quarter alone, and Iran dug in with its "never opening Hormuz" line. Yet the index rose, because cybersecurity and quantum computing pulled it up. Healthcare and real estate lagged, so I read today as growth themes in front and rate-sensitive corners trailing. The dollar index slipping to 101.93 (-0.17%) probably gave the tape some room to breathe.
The last Korean session (10/2 close) ended with KOSPI +0.46% and KOSDAQ -0.11%. Wall Street inherited KOSPI's warmth, and today's Nasdaq at +0.96% ran against KOSDAQ's softness. Mind you, those are settled numbers from a finished session. As for my disclosed holdings, Vertex Pharmaceuticals is at -5.2% and Microsoft at +32.8%. Vertex happens to sit right in the middle of the healthcare weakness, and I'll leave it at that fact.
What I'm watching into the close
Real-economy data is losing steam while the market drifts quietly higher. I'm watching how long that gap in temperature lasts. First, whether the 10-year yield surges again, and whether Hormuz headlines wake up the pre-open jitters. Second, whether the gains stacked up at +0.09%p and +0.14%p hold to the bell. I'll also keep a sideways eye on USD/KRW at 1,360.59 (+0.28%) to see which way it leans.