By Noel Randewich and Tharuniyaa Lakshmi
Oct 5 (Reuters) - The Nasdaq hit an all-time high on Monday, lifted by Nvidia and Microsoft, as investors focused on a dip in oil prices and looked ahead to quarterly earnings reports.
It was the Nasdaq's second straight intraday record high after weaker-than-expected jobs data on Friday dampened expectations for an interest rate hike from the Federal Reserve at its policy meeting this month.
The S&P 500 climbed and was about 0.5% below its intraday record high
on August 13.
AI heavyweight Nvidia rose 1.6%, while Microsoft added 1.5%.
Meta Platforms added 2.1% and Tesla climbed 2.5%.
Oil prices slipped after crude exports from the Middle East increased and the Group of Seven nations pledged to boost supplies.
"With the economic data calendar being light and earnings about a week away, investors are really groping for anything positive to glom onto, and clearly they're looking at lower energy prices," said Art Hogan, chief market strategist at B. Riley Wealth.
BANKS KICK OFF THIRD-QUARTER RESULTS
Third-quarter earnings season kicks off next week with reports from large US banks.
Analysts on average see S&P 500 earnings jumping over 30% year over year, thanks largely to AI-related stocks, according to LSEG data.
Following jobs data on Friday that showed US job growth slowed more than expected in September, traders see a 24% chance of an interest rate hike at the Fed's October meeting, down from a 70% chance a week ago, according to CME's FedWatch tool.
PTC surged 34% after France's Schneider Electric agreed to acquire the software firm in a $22.6 billion all-cash deal.
The S&P 500 was up 0.68% at 7,775.33 points, lifting its 2026 gain to almost 14%.
The Nasdaq rose 0.98% to 27,458.40 points, while the Dow Jones Industrial Average was up 0.25% at 51,306.65 points.
Ten of the 11 S&P 500 sector indexes rose, led by materials, up 1.46%, followed by a 1.22% gain in energy.
Optimism about robust corporate earnings has helped US stocks outperform global rivals in the last six months, despite rising Treasury yields and higher oil prices related to the US war with Iran.
RXO jumped 29% after freight forwarding firm C.H. Robinson Worldwide agreed to buy the transportation broker in a stock-and-cash transaction for $5.8 billion. C.H. Robinson fell 12%.
Cerebras Systems rose 8% after OpenAI CEO Sam Altman said the chip designer is a "close partner" and that the companies have "deep engagement pushing on the frontiers of speed."
Advancing issues outnumbered falling ones within the S&P 500 by a 2.4-to-1 ratio.
The S&P 500 posted 12 new highs and 19 new lows; the Nasdaq recorded 47 new highs and 216 new lows.
(Reporting by Tharuniyaa Lakshmi and Shashwat Chauhan in Bengaluru and by Noel Randewich in San Francisco; Editing by Devika Syamnath and Rod Nickel)
