Finance

Nvidia paced the broader technology sector's advance, closing at a new record closing high for the first time since May. Investor enthusiasm for enterprise artificial intelligence implementation and infrastructure spending remains a core driver for megacap tech equities heading into the corporate earnings season.

The benchmark U.S. 10-year Treasury yield edged upward to settle around 5.31%, holding firm near multi-decade highs not witnessed since 2002. Elevated borrowing costs continue to exert term premium pressures on the broader economy, presenting an unusual divergence as growth stocks rally despite high risk-free rates.

A weaker-than-expected September nonfarm payrolls report showed the U.S. economy added only 29,000 jobs, significantly undershooting consensus forecasts. This labor slowdown, paired with an ticks up in unemployment to 4.2%, led market participants to sharply lower the implied probability of a Federal Reserve interest rate hike at the upcoming October meeting.