Big tech refuses to sit down
The Nasdaq is doing what the Nasdaq does best: acting like the market’s favorite overachiever. It hit a fresh record high as megacap AI stocks kept flexing and software deal flow gave bulls another excuse to buy the dip that never really came.
Bonds tried to crash the party
Normally, rising Treasury yields would make growth stocks flinch a little. But today, the AI trade looked strong enough to shrug it off. That’s the tell here: investors are still willing to pay up for companies tied to the AI buildout and software consolidation story, even with the bond market turning up the volume.
Why investors should care
This isn’t just a scoreboard update. When the Nasdaq pushes to new highs while yields rise, it usually means:
- the market is still betting on earnings power in big tech
- AI remains the cleanest crowd-pleasing trade on Wall Street
- software M&A chatter is keeping valuation optimism from melting
The S&P 500 is also creeping toward its own record, which is Wall Street’s version of a shrug-and-keep-going moment. Big picture: the market is saying, “Yes, rates are annoying. No, we’re not leaving the AI trade just yet.”