As of 11:41 AM ET, the Dow Jones Industrial Average (^DJI +0.80%) is up 0.35% to 51,531, the Nasdaq Composite (^IXIC +0.54%) is up 0.11% to 26,969, and the S&P 500 (^GSPC +0.48%) is up 0.12% to 7,713 as artificial intelligence (AI) momentum helps the market withstand rising Treasury yields.
Today’s Change
Index Level
7,741.16
Gold is down 0.07% to $4,275.45, and the 10-Year Treasury yield is climbing 5 basis points to 5.21%. Technology and utilities are the top-gaining sectors, while energy and communication stocks fell the most.
Today’s biggest moves
Akamai Technologies surged 15% in after-market trading yesterday following an $11.6 billion cloud services deal with AI developer Anthropic. The stock pared gains this morning, but the agreement establishes its place as a serious infrastructure provider. Moderna extended yesterday’s gains on growing optimism about its cancer vaccine. Zscaler tumbled 9% on news of management changes.
What this means for investors
Tech strength outweighed yield jitters this morning, despite growing analyst predictions that 10-year Treasury yields could reach 6% if bond turbulence continues. Data shows consumer sentiment slipped in September as high living costs ate into people’s budgets.
Akamai’s Anthropic deal kept AI development in the spotlight, and some argue that AI growth and earning strength could help markets weather the bond storm. However, as storm clouds gather, keep The Motley Fool investing philosophy in mind. Pick quality stocks that you plan to hold long term, as a rising tide is unlikely to lift all boats.
Emma Newbery has positions in Zscaler. The Motley Fool has positions in and recommends Akamai Technologies, Meta Platforms, Moderna, and Zscaler. The Motley Fool has a disclosure policy.
