Stock Market Today, Oct. 5: Tech Momentum Lifts Nasdaq as Treasury Yields Surge

Tech led Wall Street higher on Oct. 5. The Nasdaq gained 1.05% to 27,477, outpacing the S&P 500 (+0.66%) and the Dow (+0.18%), even as Treasury yields surged.

Softer-than-expected jobs data drove the risk appetite. Investors read the report as reducing the odds of further Fed rate hikes, which supported equities despite the move in yields.

NVDA rose 2.12% amid speculation about a run to a $6 trillion market cap. Interpretation: the chip leader is setting the tone for Nasdaq strength, and the Nasdaq's outperformance of the Dow suggests the rally was concentrated in growth names rather than broad cyclicals.

Biotech and deal-driven names delivered the sharpest single-stock moves:

• ▸PCVX jumped 30% on vaccine success.
• ▸GMAB climbed 11% on lymphoma drug data.
• ▸PTCT drew attention after a $22.6B buyout offer.

TSM is also on the radar as part of the semiconductor and AI-linked complex that NVDA's momentum highlights.

Interpretation: the day paired a macro catalyst (cooler labor data) with company-specific events, a combination that tends to reward both index-level longs and event-driven positions.