The Nasdaq Composite rose about 0.75% in Monday's session to a fresh all-time high, while the S&P 500 gained roughly 0.5% to move closer to its own record. The Dow lagged behind, underscoring how narrowly technology — and AI infrastructure in particular — is driving the rally.
Nvidia hit its first all-time high since May, reaching $237.88, after Morgan Stanley reinstated the chipmaker as its Top Pick with a $300 price target; its board also approved a $150 billion share repurchase plan. AMD, CrowdStrike and Palo Alto Networks set record highs as well, reflecting sustained investor demand for AI infrastructure and cybersecurity, while HPE surged more than 7% after raising its fiscal 2027 networking revenue forecast.
The catalyst was Friday's soft September jobs report: the U.S. added just 29,000 jobs versus 84,000 expected, unemployment ticked up to 4.2%, and July–August gains were revised down by a combined 60,000. Markets now price only about a 23% chance of a Fed rate hike at the late-October meeting.
The Nasdaq is on track for its third straight winning week even as wage growth slowed to its weakest pace since May 2021 — a dynamic strategists describe as "not too hot, not too cold" for equities.
