Record-high run intact, but the Nasdaq stopped to catch its breath

New York is midway through the session with the S&P 500 at 7,831.50 (+0.74%) and the Nasdaq at 27,659.50 (+0.66%). Against my last note (00:10), the gains have thinned a bit, and the Nasdaq gave back more.

Oil and yields paved the road, but yields after the open are the wild card

Overnight, oil and U.S. Treasury yields fell together, and the S&P 500 joined the Nasdaq in the record-high parade. Nvidia rose 2.1% from the prior day, with talk of a $6 trillion market cap, which gave the Nasdaq extra weight. One report did note that yields have often turned higher after the U.S. open, and that's how I read the Nasdaq trimming its gain. Cybersecurity and utilities are strong, while biotech is weak.

The last Korean session (10/6 close) split: KOSPI -0.89%, KOSDAQ +2.98%. That's a finished, settled number, and since both U.S. indexes are rising together without that lopsidedness, I can't say today carried it over. The won is at 1,342.56 per dollar (-1.33%) and the dollar index is 102.17 (+0.24%). My disclosed holdings stand at KB Financial -5.4%, Coca-Cola Co -0.1%, Hyundai Rotem +0.6% and Celltrion -1.4%. That's accumulated P&L, not today's move.

There are 3 hours 20 minutes to the close. First I'll watch whether the Nasdaq's -0.20%p widens or settles near the S&P 500's -0.06%p. I'll also see whether Treasury yields, which tend to climb after the open, lift their heads again, and whether weak biotech spreads across the sector.