The Nasdaq closed at a record high on Monday, rising 1.1% to 27,477 as mega-cap tech and M&A activity defied a historic bond sell-off. The US 10-year yield touched 5.35% — its highest since 2002 — while BMO warned the 30-year is headed to 6%. Oil fell 2% and the euro slumped to a 17-month low on French fiscal contagion. ASX futures point firmer ahead of the Firmus IPO.
Bond yields exploded, the Nasdaq hit a record, and nobody can explain both at once. The 10-year surged 25 basis points to 5.21% in a single week while Meta’s Muse app drove AI stocks to new highs. Oil whipsawed on Hormuz diplomacy before Houthi missiles pushed Brent back to $106.60. With the RBA set to hike Monday, diesel at record highs, and 924 Australian construction companies in external administration, we break down what matters and where the risks are hiding. Stance: bearish.