Nasdaq Closes at a Record as Oil Slides, Yields Climb and PTC Soars 33% on a $22.6 Billion Deal

The Nasdaq Composite closed at a record 27,477.31 on Monday, up 1.05%, as technology stocks led the market higher even though Treasury yields kept climbing. The S&P 500 gained 0.66% to 7,773.95, roughly 0.3% below its August 13 record close, the Russell 2000 rose 0.54% and the Dow added 0.18%.

Two forces framed the session. The ISM services report landed close to expectations, and oil fell about 2% after Saudi Arabia cut prices to Asian buyers and the Group of Seven agreed to tap emergency reserves. Even so, the 10-year Treasury yield rose three basis points to 5.31%, a reminder that the bond market is worried about more than the Federal Reserve.

Participation improved, too. The equal-weight Nasdaq-100 ETF (QQEW) rose 1.19%, ahead of the cap-weighted QQQ's 0.88%, a sign that gains reached beyond the biggest names.

The numbers, by the close

Sector and asset ETF scoreboard

All figures are closing prices and changes from the prior close.

The QQQ and QQEW pair is the one to notice. The equal-weight fund, which gives every Nasdaq-100 company the same say, outran the cap-weighted fund, the reverse of the pattern that has defined much of this year's rally. One day does not make a trend, but it fits the idea of a market broadening beyond a handful of mega-caps. The two semiconductor funds also diverged, with SMH up 0.52% and SOXX up just 0.10%, mostly a reflection of differences in what the funds hold and how much of each they own.

Market temperature and volatility

A slightly higher VIX alongside a record index is a common pattern when yields are the main worry rather than earnings. It suggests investors are comfortable owning stocks while still paying for some protection against a bond-market surprise, with Wednesday's Fed minutes and a Treasury auction ahead.

Rates, oil, gold and crypto

Treasury yields moved up again. The 10-year rose three basis points to 5.31%, after touching 5.342% last Thursday, its highest level since 2002. One strategist noted that the long end of the curve is selling off for reasons that go beyond Fed policy: heavy government borrowing, elevated real yields and competition for capital are all demanding a higher premium for lending money for ten years. That helps explain why long Treasuries (TLT) fell 0.48% even after a soft jobs report cut hike odds.

Oil moved the other way. West Texas Intermediate for November delivery fell $1.85, or 2.03%, to $89.26 a barrel. Gold edged up while crypto was mixed.

Sectors: leaders and laggards

Leadership leaned toward technology-adjacent and growth areas, with cybersecurity the standout, while rate-sensitive and haven assets lagged. Energy rose even though crude fell, a divergence worth watching.

The day's market-moving stories

1. The Nasdaq closes at a record

The Nasdaq Composite finished at 27,477.31, up 1.05%, adding to the record it set on Friday. Technology led, with the Nasdaq-100 ETF (QQQ) up 0.88% and the equal-weight version up 1.19%. The S&P 500 finished at 7,773.95, about 0.3% below its August 13 record close. It was a day of steady buying rather than a sharp reversal, helped by a calmer oil market.

2. ISM services comes in about as expected

The Institute for Supply Management's services index read 54.9 for September, down half a point from August and essentially in line with the consensus estimate near 55. Readings above 50 signal expansion, so the report pointed to a services economy still growing at a solid pace. The price and employment components rose, which kept some inflation concern alive, but the headline did not change the story. Traders had been waiting for it as a test of whether Friday's weak jobs report was an outlier.

3. Treasury yields rise again

The 10-year yield rose to 5.31% from 5.28% on Friday, with long-dated bonds under pressure. Strategists point to forces beyond monetary policy: heavy Treasury supply, elevated real yields and corporate borrowing tied to AI investment. That is why yields can rise even when the data soften and rate-hike odds fall. A 10-year Treasury auction on Wednesday will test demand.

4. Oil falls on easing supply worries

WTI crude settled near $89 for the November contract, down about 2%. Saudi Aramco cut the price of its benchmark crude for Asian buyers by $5 a barrel, the lowest since 2020, which was contrary to what traders had expected. The Group of Seven agreed to release 100 million barrels from emergency reserves, OPEC+ left its November production quota unchanged, and reports said crude flows through the Strait of Hormuz had returned to pre-war levels. Fighting in Yemen and a warning from Aramco's chief executive that global inventories are “scarily thin” limited the decline.

5. The Fed minutes and speakers loom

Wednesday's release of the minutes from the Fed's September meeting is the main macro event of the week. That meeting delivered a quarter-point hike, but markets now put the odds of another one at the October 27–28 meeting at only about 17% after the weak jobs report. Fed officials Bowman, Logan and Williams speak on Tuesday. Investors will look for any sign that policymakers are leaning toward a pause.

6. Schneider Electric bids $22.6 billion for PTC

French electrical-equipment maker Schneider Electric agreed to buy PTC for $205 a share in cash, a 42.3% premium to its prior close and the largest deal in Schneider's history. PTC closed up 33.5%, about 6% below the offer price, reflecting the time until the deal is expected to close in the third quarter of 2027. Schneider shares fell more than 7% in Paris on financing plans of roughly €5 billion to €6 billion in new shares and €16 billion to €17 billion in new debt. Jefferies noted that AI-disruption fears have depressed software valuations, which let Schneider buy at a low price.

7. Cerebras and SpaceX jump on AI and chip headlines

Cerebras rose 9.1% after OpenAI chief executive Sam Altman called the chipmaker a close partner, pushing back on speculation that OpenAI was shifting work away from it. SpaceX rose 7.6%, extending Friday's 7.4% gain after three launches in under 13 hours, and Elon Musk confirmed talks with TSMC about helping run the Texas factories of his Terafab chip venture. Intel, also part of the project, slid about 2% during the session. Both moves show how sensitive AI-related names are to partnership news.

8. Micron stalls despite rising memory prices

Micron fell 1.1% to $1,063.32, extending a muted reaction to last week's blowout quarter as investors fear that memory profits are close to a cyclical peak. Industry data point the other way: global memory sales rose 36% in August, according to figures cited by Barron's, and analysts expect further price increases in the fourth quarter. The result is a stock that looks inexpensive on current earnings but that investors hesitate to buy until they see prices turn.

9. Qualcomm fades after a patent deal with Huawei

Qualcomm fell 2.2% to $180.79 after an early lift on news of a multi-year patent license with Huawei. The agreement reverses a 25-year pattern: Huawei had paid Qualcomm royalties, and now Qualcomm will also pay to license Huawei's patents and buy some of its U.S. patents. Selling stockholders also registered up to 25 million shares for resale on Friday, with Qualcomm receiving no proceeds, which adds supply. Qualcomm's trial against Arm over royalties opened in Delaware the same day.

10. Breadth improves while energy and cybersecurity lead

Beyond the Nasdaq headline, participation was healthier than it has been. The equal-weight Nasdaq-100 outperformed the cap-weighted index, small caps matched the S&P 500, and cybersecurity ETFs rose 1.25% to 1.54%. Microsoft rose about 1% on a Melius Research upgrade that cited its position in AI security. Energy shares gained 1.0% despite lower crude, a divergence that will need confirmation from the oil market over the next few sessions.

Movers below the headlines

The biggest single-stock moves came from a takeover bid and AI-related news rather than from the macro data.

Key market and macro risks to watch

What to watch next

The takeaway

• Records without the usual crowd. The Nasdaq set a new high, but the broader participation, with equal-weight, small caps and cybersecurity all rising, was the more encouraging sign.
• Oil helped, yields did not. Cheaper crude eased inflation worries, yet the 10-year still rose to 5.31%, so bonds remain the main constraint on stocks.
• Deals and AI headlines drove single stocks. PTC, Cerebras and SpaceX jumped on specific news, while Micron and Qualcomm slipped despite positive headlines, showing how selective the AI trade has become.