Nasdaq hits record as 10-year yield climbs to 5.3%; futures edge up
Monday, October 5, 2026 · as of Oct 5, 8:52 PM ET · covers the prior trading session
Tech pushed the Nasdaq to a record and the S&P 500 up 0.66% on Monday, even as the 10-year Treasury yield rose to a 52-week high of 5.315%. Friday's weak payroll number kept pressure off the Fed, while the dollar firmed on a weaker euro. For dairy, Class III milk edged up to $15.63, but corn near $5 and diesel above $6 keep margins tight.
Key numbers
What mattered yesterday
- Nasdaq set a record. The Nasdaq Composite rose 1.05% to 27,477.31 on Monday, Oct. 5, led by megacap tech (Nvidia +2.1%, Microsoft +1.5%), while the S&P 500 gained 0.66%. TheStreet
- The 10-year yield hit a 52-week high. It rose 3.8 bp to 5.315% while the 2-year held near 4.82%, steepening the curve. TheStreet
- Soft jobs data still supported stocks. Friday's report showed September payrolls up just 29,000, easing pressure on the Fed. TheStreet
- Deals and downgrades. PTC jumped 33% on Schneider Electric's $22 billion all-cash takeover, while Nike fell after S&P cut its credit rating, citing weak China results. TheStreet
- The euro slid and the dollar firmed. Political uncertainty in Spain and French fiscal worries pushed EUR/USD down 0.35%; the DXY rose 0.22%. Trading Economics
Market snapshot
Snapshot taken ~8:50pm ET Oct 5. Europe's Oct 6 session had not opened; FTSE, KOSPI and Shanghai could not be confirmed. Changes are vs prior close unless noted.
Why it mattered
Reported: Stocks rose even as long-term Treasury yields reached a 52-week high. Tech led, and Friday's weak payroll figure eased fears that the Fed would tighten further (TheStreet). Copper gained on the jobs data and on supply worries in Chile (Trading Economics).
Our read: (commentary, not investment advice) A 10-year yield above 5.3% alongside record tech shares points to a narrow rally that depends on a few large stocks. If long-term rates keep climbing while the short end stays flat, borrowing costs for businesses and households stay high even if the Fed eases. Wednesday's FOMC minutes are the next test.
Today's calendar
- Tue Oct 6: US trade balance (Aug), 8:30; Eurozone retail sales (Aug), time TBD; Constellation Brands earnings after the close.
- Wed Oct 7: FOMC minutes, 14:00; consumer credit, 15:00; Levi Strauss after the close.
- Thu Oct 8: PepsiCo before the open; jobless claims (time TBD); wholesale inventories, 10:00.
- Fri Oct 9: Delta Air Lines earnings call, 10:00; UMich sentiment (prelim, time TBD).
Source: TradingKey. All times ET.
Business lens
- Dairy: November Class III milk settled at $15.63, up 7¢. CME spot cheese blocks were $1.3250 (+1¢), barrels $1.4525 (unchanged), butter $1.3150 (−2.5¢), nonfat dry milk $2.22 (unchanged) and dry whey $0.8350 (+1¢), all on Oct 5 (Brownfield, Brownfield). Class IV: unavailable.
- Feed: December corn closed at $4.97¼ (−½¢), November soybeans $12.80¾ (+2½¢), December soymeal $347.10 (−40¢) and December wheat $6.92¼ (+9¼¢) on Oct 5 (Brownfield).
- Fuel: The US average for on-highway diesel was $6.382/gal for the week of Sept 28, down 14.7¢ from the week before. The Oct 5 reading is unavailable (WeeklyDiesel/EIA).
- Freight/trucking: unavailable.
- Rates: The 10-year at 5.315% keeps loans for equipment and real estate expensive.
Our read: With Class III in the mid-teens, corn near $5 and diesel above $6, milk margins stay tight. Soymeal's slight dip is the one bit of relief on the cost side.