US Stocks Open October Higher as Tech Buying Offsets Rising Treasury Yields

Major US equity indexes opened higher on Oct. 1, the first trading day of October, as software and AI-linked shares drew buyers and offset pressure from rising Treasury yields and elevated oil prices. The Dow Jones Industrial Average rose 0.4% to 51,102.84, the Nasdaq Composite gained 0.5% to 26,986.01, the S&P 500 added 0.3% to 7,672.95, and the Philadelphia Semiconductor Index climbed 0.7% to 12,711.95. The 10-year Treasury yield touched 5.32%, its highest since 2002, as inflation and fiscal-debt concerns weighed on most sectors. Investors now see the Fed potentially raising rates as many as four more times over the next 12 months. BNP Paribas' Florian Roger said a 5.5% 10-year yield would significantly pressure equities. Micron (MU) rose after upbeat guidance reinforced AI-driven memory demand, with the stock up more than 270% this year. Synopsys (SNPS) jumped 9.4% on long-term targets and an OpenAI partnership. Alphabet (GOOGL) gained 1.4%. Brent crude briefly topped $100 a barrel, while gold rose 0.4% to $4,201.80 an ounce.