Stocks Garner Support from Lower Bond Yields and Tesla Strength

Market Overview - The S&P 500 and Nasdaq 100 have reached new all-time highs, supported by falling bond yields and expectations of a 25 basis point interest rate cut by the Federal Reserve [2][5] - Major US stock indexes, including the S&P 500, Dow Jones, and Nasdaq 100, posted record highs last week due to expectations of Fed interest rate cuts [5] Economic Indicators - The September Empire manufacturing survey showed a significant decline in general business conditions, falling by 20.6 to a three-month low of -8.7, which was worse than the expected 5.0 [4][10] - China's economic data indicated weaker growth, with industrial production rising 5.2% year-on-year, below the expected 5.6%, and retail sales increasing 3.4% year-on-year, below the expected 3.8% [6] Company Performance - Tesla's stock rose over 5% after Elon Musk purchased nearly $1 billion in shares, leading gains in megacap technology stocks [2][14] - Nvidia's stock fell more than 1% following a ruling by China that the company violated anti-monopoly laws related to its acquisition of Mellanox Technologies [3][16] - Texas Instruments saw a decline of over 2% after China announced an anti-dumping investigation targeting its semiconductor products [3][16] Upcoming Events - The market is focused on upcoming economic data releases, including retail sales and manufacturing production, as well as the FOMC meeting where a rate cut is expected [7][8] - The FOMC is anticipated to cut the federal funds rate target by 25 basis points, with markets pricing in a total of 70 basis points of cuts by year-end [8]