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MAG7 and Nasdaq100 gain over 3% as mortgage rates surge

  • MAG7 Index and Nasdaq100 each gained more than 3% this week.
  • 30-year fixed mortgage rates reached their highest level since January 2025.
  • Services PMI recorded its strongest reading since October 2021.

The MAG7 Index and Nasdaq100 each gained more than 3% this week after the Services PMI (Purchasing Managers' Index) reached its strongest reading since October 2021. At the same time, mortgage rates rose sharply, with the 30-year fixed rate reaching its highest level since January 2025.

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