U.S. stock index futures saw little change, following the Nasdaq Composite Index reaching a record high on October 5th. This index, which carries a heavy weight of technology stocks, soared to a historic high despite investors ignoring the rise in U.S. Treasury yields and the decline in crude oil prices on that day. The Nasdaq rose by 1.05% to close at 27,477.31 points, with a intraday high of 27,544.07 points.

Blue-chip stocks on the Dow Jones Industrial Average rose by 90.94 points, or 0.18%, closing at 51,267.90 points. The benchmark S&P 500 Index rose by 0.66%, closing at 7,773.95 points. On that day, many stocks related to the construction of artificial intelligence ( AI ) saw significant gains, with SpaceX ( SPCX ) performing particularly well, jumping up by 7.63%. Meta Platforms ( META ), Microsoft ( MSFT ), NVIDIA ( NVDA ), and Tesla ( TSLA ) all rose by about 2%.

In futures trading, the Dow Jones futures rose by 0.09%, the S&P 500 futures rose by 0.10%, and the Nasdaq futures rose by 0.14%.

Key Performance Indicators for SpaceX. Source: TipRanks

U.S. Treasury yields continue to rise

The rebound in tech stocks has ignored the bond market, as the yield on U.S. Treasury bonds continues to climb. The yield on the benchmark 10-year U.S. Treasury bond has risen by 3 basis points to 5.311%; the yield on the 30-year U.S. Treasury bond has also risen by 3 basis points to 5.664%. Due to traders' concerns that inflation will prompt the Federal Reserve to continue raising interest rates, both yields have reached multi-year highs in recent weeks.

However, unlike in the previous weeks, the market did not react significantly to the rise in U.S. Treasury yields on October 5th. Current market pricing indicates that the probability of the Federal Reserve raising interest rates at its policy meeting on October 28th is only 18%. This probability has dropped significantly from 70% a week ago, following the release of a weak employment report in the United States.

In terms of economic data, the September Services Purchasing Managers Index (PMI) was 54.9%, in line with expectations. However, this figure is slightly lower than the growth rate of the previous month. Investors will now be focusing on the minutes from the Federal Reserve's September meeting, which may provide more clues regarding its decision to raise interest rates by 25 basis points last month. This was the first time in three years that the U.S. central bank has raised interest rates.

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