S&P 500 and Nasdaq hit fresh all-time highs Tuesday as 10-year yield pulls back from 24-year high; Mag 7 on pace to close above $25T
What happened
The S&P 500 and Nasdaq Composite both set new all-time highs on Tuesday, Oct 6, 2026, as the benchmark 10-year Treasury yield retreated from Monday's 24-year high above 5.35% to about 5.26%, and crude oil prices fell. The S&P 500 gained 0.9%, the Nasdaq 0.9% and the Dow Jones roughly 0.7% (~400 points) in recent trading. The Mag 7 were on pace Tuesday to close above a combined $25 trillion market cap for the first time on record, with Nvidia rising 1% to its third straight intraday record as it closed in on a $6 trillion valuation. Meta, Tesla and Amazon each climbed about 0.6%, while chip names Intel and Micron were marginally lower. Oil fell more than 1% as tanker shipments through the Strait of Hormuz increased and the G7's 100-million-barrel emergency stockpile release eased supply concerns after last week's Houthi strikes on Saudi Aramco sites.
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- S&P 500 (new all-time high, first since mid-August; +0.9% in recent trading)
- Nasdaq Composite (fresh intraday and closing record)
- Mag 7 (on pace to close above $25T combined for the first time; larger than the GDP of every country except the U.S. and larger than the EU combined, per FactSet)
- Nvidia NVDA (+1% to third straight intraday record, closing in on $6T market cap)
- Dow Jones (+0.7%, ~400 points); MAGS Mag-7 ETF +0.7%
- Duration-sensitive sectors (real estate, consumer discretionary, small caps) get relief as 10-year yield falls to 5.26% from 5.35%
- Energy: WTI -1.7% to ~$88, Brent -2% to ~$98.30 on eased supply fears — mild drag on oil majors