Nasdaq hits intraday record high, approaching 27,400 points
In short
The Nasdaq Composite set a new intraday record on 5 October, at one point approaching 27,400 points, according to CLS, Yicai and Jiemian. CLS and Jiemian said SpaceX rose more than 5%, Meta gained over 2%, Tesla and Microsoft rose nearly 2% and Nvidia rose over 1%, nearing its own record high. On the same day, TMTPost reported that Hong Kong's Hang Seng Tech index hit a one-year low and that more than 70% of AI hardware listings in the city had broken their issue price.
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The Nasdaq Composite set a new intraday record on 5 October, at one point approaching 27,400 points, according to reports from CLS, Yicai and Jiemian. CLS and Jiemian said SpaceX extended gains to more than 5%, Meta rose over 2%, Tesla and Microsoft rose nearly 2%, and Nvidia rose over 1%, nearing its own record high. Yicai's report consisted of a single line stating the index had reached a new intraday high. [ 2 , 3 , 4 ]
On the same day, the tech outlet TMTPost reported that Hong Kong's Hang Seng Tech index had fallen to a one-year low, that more than 70% of AI hardware listings in Hong Kong had broken their issue price, and that A-share hard-tech companies were queuing to raise funds at the Hong Kong exchange. TMTPost presented the US record and the Hong Kong weakness as a contrast; no other document in the set covers the Hong Kong figures. [ 1 ]
The documents report the US record as an intraday level only and give no closing figure for the Nasdaq, nor any explanation from the outlets for the divergence between the two markets. [ 1 , 2 , 3 , 4 ]
Why it matters
A record on the main US technology index is being reported alongside weakness in Hong Kong-listed technology shares, where TMTPost said most AI hardware listings have fallen below their issue price and A-share hard-tech companies are queuing to raise funds in Hong Kong. The documents give no closing level for the US index, so it is not clear from them whether the intraday record held through the session.
Key facts
- The Nasdaq hit an intraday record high, at one point approaching 27,400 points. [ 2 , 3 , 4 ]
- SpaceX rose more than 5% and Meta rose over 2% among Nasdaq constituents, per CLS and Jiemian. [ 2 , 4 ]
- Tesla and Microsoft rose nearly 2%, and Nvidia rose over 1%, nearing its own record high. [ 2 , 4 ]
- TMTPost reported that the Hang Seng Tech index hit a one-year low on the same day. [ 1 ]
- TMTPost reported that more than 70% of AI hardware listings in Hong Kong broke their issue price. [ 1 ]
- TMTPost reported that A-share hard-tech companies are queuing to raise funds at the Hong Kong exchange. [ 1 ]
Confirmed by several sources
Still unclear
- Whether the Nasdaq record held until the close, and the closing level. CLS, Yicai and Jiemian all describe an intraday record only; none of the documents gives a closing figure.
- Why Hong Kong-listed technology shares were weak while the US index set a record. TMTPost reports the divergence but the documents give no explanation beyond the fundraising and issue-price data it cites.
- The reported break-issue rate of more than 70% for AI hardware listings in Hong Kong. This figure appears only in TMTPost and no other document in the set confirms it.
What local media are saying
Timeline, local time
- TMTPost publishes its report contrasting the Nasdaq record with a one-year low for Hang Seng Tech and a wave of AI hardware fundraising in Hong Kong. [ 1 ]
- CLS reports the Nasdaq hit an intraday record near 27,400 points, with SpaceX up more than 5%. [ 2 ]
- Yicai publishes a one-line report that the Nasdaq set a new intraday record. [ 3 ]
- Jiemian reports the same intraday record and the constituent gainers. [ 4 ]