Nasdaq closes at record, 10-year yield hits 24-year high as stocks and bonds rise together

The Nasdaq composite closed at a record 27,477, the S&P 500 rose 0.7%, and the Dow added 91 points. The 10-year Treasury yield touched 5.34%, closing at 5.310%. Nvidia hit a new all-time high. The Magnificent Seven market cap reached $24.8 trillion. The yield curve steepened as short-term yields fell. No clear catalyst for the bond selloff. All S&P sectors except one closed green.