Nasdaq Closes at Record as Tech Shares Lead Gains

The Nasdaq closed at a record on October 5, as gains in major technology shares and lower oil prices helped lift U.S. stocks. The Nasdaq Composite rose 1.05% to 27,477.31, while the S&P 500 gained 0.66% to 7,773.95, remaining about 0.3% below its August 13 record close. The Dow Jones Industrial Average added 0.18% to 51,267.90. Nvidia and Microsoft were among the stocks supporting the advance. Nvidia rose 2.1% and also set a record closing high, with its market value reported at $5.76 trillion. Microsoft gained 1.5%, while Meta Platforms and Tesla each rose about 2%. Ten of the S&P 500’s 11 sectors ended higher, led by materials and communication services. Investors were also looking ahead to quarterly results, with earnings season expected to begin the following week with reports from large U.S. banks. Analysts surveyed by LSEG expected S&P 500 earnings to rise more than 30% year over year, a projection attributed largely to AI-related companies. That is an estimate, not a reported result. Market accounts linked the day’s gains in part to a September jobs report that showed slower-than-expected U.S. job growth.