Stock Futures Stable After Nasdaq Reaches New High

During regular trading, the Nasdaq Composite climbed approximately 1% to achieve an all-time high and record closing figure. The Dow Industrials gained about 90 points, or 0.2%, while the S&P 500 rose by 0.7%. Notable movements were seen in stocks related to artificial intelligence, with SpaceX surging over 7%, Nvidia and Tesla rising more than 2% each, and Meta Platforms and Microsoft both increasing by over 1%.

In Asia, Japan's Nikkei 225 saw a gain of 0.29% on Tuesday, whereas South Korea's Kospi dipped by 0.23%. Australia's S&P/ASX 200 increased by 0.53%, and Hong Kong's Hang Seng Index rose by 0.95%. Meanwhile, mainland China's markets remained closed for the Golden Week holiday. Oil prices experienced a decline, with Brent crude futures falling 1.9% to $100.32 per barrel, while West Texas Intermediate crude dropped about 1.8% to $89.43 per barrel.

Treasury yields were a point of interest, with the 10-year note yield reaching heights not seen since 2002, exceeding 5.3%, and the 30-year yield surpassing 5.7%, marking the highest level in 24 years. Morgan Stanley Wealth Management Chief Investment Officer Lisa Shalett noted in a client memo that bonds have shown volatility over the past six weeks, influenced by potential shifts in Federal Reserve policy, economic growth, high oil prices, and ongoing Middle East conflicts. She emphasized that while volatility has increased intraday, it has not reached levels that led to the 2022 equity bear market.

Traders are looking ahead to the Federal Reserve's September meeting minutes, expected to be released on Wednesday, which may provide insights into the central bank's decision to raise interest rates.

In corporate news, Foxconn shares increased by as much as 4% on Tuesday after reporting record revenue of 1.16 trillion New Taiwan dollars ($36.5 billion) for September, the first time surpassing NT$1 trillion. Their third-quarter revenue was NT$3.03 trillion, up 47.12% year-over-year, attributed to growth in its consumer electronics and computing sectors.

Asian markets opened mostly higher following Wall Street's gains, with Japan's Nikkei 225 rising 0.22% and Australia’s S&P/ASX 200 advancing 0.36%. However, mainland China markets remained closed for the holiday. The tech sector of the S&P 500 ended Monday's trading with a record close, driven by a 0.7% rise in information technology stocks related to artificial intelligence.