US stocks closed higher on Monday, with the Nasdaq Composite setting a record high as traders shrugged off rising Treasury yields and digested new economic data, according to Sina Finance. The Dow rose 90.93 points, or 0.18%, to 51,267.89; the S&P 500 gained 51.23 points, or 0.66%, to 7,773.95; and the Nasdaq added 286.44 points, or 1.05%, to 27,477.31, a record close. Most of the "Magnificent Seven" advanced, with Nvidia up 2.12% to a record high, lifting its market value to 5.76 trillion US dollars. Tesla rose more than 2%, while Google, Meta and Microsoft gained more than 1%; Amazon and Apple slipped slightly. Crypto, oil and gas, and pharmaceutical retail led gains, with Novavax up more than 20%, Moderna up nearly 7%, and Circle up more than 2%. Vaxcyte closed up 30% after its pneumococcal vaccine met late-stage clinical trial goals. SpaceX rose more than 7%. Jay Hatfield, founder and CEO of Infrastructure Capital Advisors, said tech stocks were "a bit like a reverse bond trade," describing the pattern as buying tech and selling everything else. He added that tech has been a safe-haven asset since the pandemic, citing the sector's earnings-linked high growth and relatively low sensitivity to interest rates. "It really doesn't matter how much interest they pay on debt, and demand for computing power is so strong, so tech is not really affected by rates," Hatfield said. As tech rose, bond yields climbed as well. The benchmark 10-year US Treasury yield rose more than 3 basis points to 5.311%, and the 30-year yield rose more than 3 basis points to 5.664%, both near multi-year highs amid concerns that inflation will keep the Federal Reserve's rates higher for longer. Stocks and bonds fluctuated as traders digested the Institute for Supply Management's latest report, which showed the September services PMI at 54.9%, roughly in line with expectations but slightly below the prior month. Investors now turn to the Fed, which will release minutes from its September meeting that may reveal the thinking behind its 25-basis-point rate hike. International oil prices fell on the 5th: NYMEX November light crude settled down 1.68 US dollars at 89.43 US dollars per barrel, off 1.84%, while London Brent December crude settled down 1.93 US dollars at 100.32 US dollars per barrel, off 1.89%. The third-quarter earnings season begins next week with results from large US banks; analysts on average expect S&P 500 earnings to grow more than 30% year over year, driven mainly by AI-related stocks. According to the CME FedWatch tool, traders put the probability of an October rate hike at 24%, down from 70% a week earlier, after Friday's jobs data showed US September job growth slowing more than expected.