Nasdaq closes at a new record, 10-year Treasury yield at its highest since 2002

The Nasdaq index closed on Monday up 1.1% at a new all-time record, while the yield on 10-year U.S. government bonds reached 5.31%, its highest closing level since April 2002, as The Wall Street Journal reports.

Monday’s session began with small fluctuations but became more decisive in afternoon trading. Artificial intelligence companies benefited in part from French engineering firm Schneider Electric’s deal to buy U.S. software maker PTC, an acquisition aimed at preparing its portfolio for industrial AI. PTC shares rose 33%, making it the best performer in the S&P 500.

Chip giant Nvidia, the world’s largest company by market capitalization, also reached an all-time high.

In the bond market, the 10-year yield was supported by strong economic data, persistent inflation concerns and upcoming Treasury auctions later in the week.

The dollar rose slightly on Monday, staying near its highest level of the last 18 months against a basket of currencies. In Brazil, stocks rose and the real strengthened by more than 4% against the dollar, after Senator Flávio Bolsonaro defeated President Luiz Inácio Lula da Silva in the first round.

Oil prices fell after Friday’s G7 agreement to release oil and diesel reserves; Brent futures dropped 1.9%, to $100.32 a barrel.