Nasdaq Today: Up 1.05% on SpaceX and Super Micro AI Trade

The Nasdaq led a risk-on close on Oct 21, but the tape underneath the index gain told a narrower, more cautious story. The Composite rose 1.05% and the S&P 500 added 0.58% to settle at 7,757.17, roughly 0.8% below its record, per The Closing Print’s end-of-session data, as SpaceX (SPCX) jumped 7.8% and Super Micro Computer (SMCI) strength re-lit the AI trade. The advance was real, yet it concentrated in the names that powered it. Communication services fell 1.11%, real estate dropped 0.76%, small caps trailed by a wide margin, and the 10-year Treasury held near 5.13% ahead of the Federal Reserve's Oct 28 decision. This is an index versus breadth divergence that matters more than the closing…