Nasdaq rises to fresh record high led by tech; traders eye oil and yields: Live updates

JUST IN: Nasdaq climbs to a fresh record high led by tech, shrugging off surging Treasury yields as AI stocks like Nvidia, Meta and Microsoft power the rally.

The Nasdaq just hit a record high with the ten year yield above five percent.

That's not supposed to happen. The index touched 27,478 today, up about one percent, while the ten year Treasury climbed to 5.34 and the thirty year neared 5.7. You can see the mood on the floor here, and it's not fear. The S&P added 0.7, the Dow around 155 points, and the usual suspects did the lifting. SpaceX jumped nearly six percent, Meta up more than two, Tesla two, Nvidia and Microsoft grinding higher.

One fund manager put it bluntly, it's buy tech, sell everything else. His argument is that demand for compute is so strong these companies barely care what debt costs. Which is either a new paradigm or famous last words.

The real test comes with the Fed minutes, because somebody has to explain why rates went up last month and stocks didn't notice. Right now, the bond market is screaming and the Nasdaq has its headphones on.

This is Sara White, reporting for HIT.