Nasdaq reaches record high on tech strength

The Nasdaq index rose to a new record high at the start of trading, supported by a rebound in major technology stocks such as Nvidia, Microsoft, and Meta. However, investor caution continued due to the rising U.S. Treasury bond yields, which reached around 5.3%. Technology stocks performed strongly, with shares in the communications services and utilities sectors also rising, while chip companies' shares declined. Trading was also focused on weak data from the service sector and expectations that interest rates will continue to rise until the end of the year. Oil prices remained stable around $100 per barrel amid geopolitical concerns in the Gulf region. Overall, the Nasdaq hit a record high, while corporate earnings reports boosted market optimism despite worries that rising yields could impact the market.

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