Nasdaq - a record close in the worst month of a midterm year, right after the bulls gave up
The Nasdaq Composite closed on Monday at 27,122.09, up 2.26%, clearing the record it set on 2 June by 28.19 points. The June consolidation, three and a half months of it, has been resolved upwards.
Nasdaq - a record close in the worst month of a midterm year, right after the bulls gave up
1 Nasdaq Composite 27,122.09, +2.26%, the first record close since 2 June (27,093.90), clearing it by 28.19 points; Monday's intraday high 27,183.93 against an all-time intraday high of 27,190.21
2 The turn came six days after the bulls capitulated: Yardeni cut his year-end S&P 500 target to 7,900 from 8,400 on 16 September and said proceed with caution; the index has risen 2.82% since and is 1.71% from that reduced target
3 The leadership ladder: cyber 0.04% below its 52-week high and cloud 1.2% below, against software 9.2%, the semiconductor funds 11.3% and 14.7%, and the memory basket 24.3% below theirs
4 The weakness is not in technology: the Nasdaq 100 ex-technology cut fell 0.11% on the week and sits 7.07% below its high, the equal-weight S&P fell 0.60% and the Dow 0.28%, all while the Nasdaq 100 gained more than five percent
5 Meta +11.34% to $741.25, its best day in thirteen months, after the Muse agent reached No. 1 on Apple's US App Store and Wells Fargo raised its target to $796 from $640; Meta Connect opens Wednesday
6 The tilt to watch is the agentic end leading the complex: ARKK 2.08% below its 52-week high after an 8.66% week, against robotics 14.12% below and memory 24.3% below - unconfirmed, and the thing to test rather than assume
7 The CPU complex led the single-stock tape: Arm +17.19% to $322.97 and about a third on the week, Intel +12.40% to $122.07, AMD +10.04% to $615.95 and within a fifth of a percent of its 52-week high, Qualcomm +9.22% to $194.12
8 Our reading that the rate increase may have preserved the bull market by keeping the yen carry trade alive is so far holding: the Bank of Japan raised on Friday and the yen weakened again anyway, to 157.59 from 157.05
9 Asia would not follow: Seoul opened 2.20% higher at 7,161.61 on a 350.7% memory export print, traded down to 6,986.27 and closed at 7,051.26 (+0.62%); the Taiex rose 0.17% with TSMC down 0.81%; Tokyo is shut for the second of three days
10 No follow-through overnight: S&P futures 7,835.75 and Nasdaq futures 30,796.50 are within a rounding error of Monday's close; bitcoin 85,281 is 1.7% below its Monday close and gold down a second day; Meta Connect and Cintas Wednesday, BlackBerry, Costco and Trump-Xi Thursday, Micron on the 30th
Nasdaq — a record print at 27,272, chips extend, software sold from its highs; AMD joins the trillion club
1 Nasdaq Composite 27,203.80 (+0.30%) after a 27,272.73 print — 82 points above the June intraday record and the first record trade since then; Nasdaq 100 30,619.68 (+0.45%), S&P 500 7,759.13 (−0.07%), Dow 51,741.35 (−0.59%), Russell 2000 2,885.93 (+0.37%)
2 AMD $619.63 (+0.60%), a $1.01 trillion company on 1,632,475,042 shares — the $1T line is $612.57, Monday's $615.95 close was the first above it, today's $622.00 high is a new 52-week high; the T1 Index admits AMD from Monday and SpaceX from its June listing, eighteen members
Google's leaked 2024 ranking documents contain contentEffort — a language-model estimate of the human effort in a page — and the search trade has concluded that owning facts a machine cannot generate is the way to be cited. The tape ran that experiment with money and reached a different verdict. S&P Global is 22.6% below its 52-week high and 19.0% lower on the year after guiding 2026 earnings under consensus; Verisk is 32.1% below, Thomson Reuters and Wolters Kluwer 41.9%, Moody's 14.6%, MSCI 13.3% — the owners of proprietary data are being repriced on the fear that the terminal around the facts can be rebuilt by a model with an API key. The SEO web went first: Chegg, which sued Google over AI Overviews after non-subscriber traffic fell 49%, is $0.72 and 62.1% below its high; TripAdvisor is 54.5% below, Yelp 43.7%. Getting paid has not meant getting re-rated: Reddit collects about $60 million a year from Google and $70 million from OpenAI and sits 39.8% below its high; Wiley booked $49 million of AI licensing and is up 51.4% year-to-date yet 17.7% under its peak. Only Meta, 3.8% below its high after an 11.3% month, and Alphabet own every link in the chain — the content, the moat and the answer box. Being uncopyable is the entry ticket, not the prize.