The Wall Street Wrap: October 5, 2026

Nasdaq closes at a record as tech surges despite the highest Treasury yields since 2002; Schneider's $22.6 billion bid sends PTC up 33% and Brazil's markets soar

Welcome to Wall Street Wrap, your quick end-of-day rundown of what moved US markets today, plus what's shaping global sentiment overnight.

MARKETS TODAY

US stocks rose on Monday as a rally in heavyweight technology shares outweighed concerns over still-elevated oil prices and bond yields, sending the Nasdaq Composite to a record close. The Nasdaq climbed 1.05% to 27,477.31, topping its previous record from September 22, while the S&P 500 gained 0.66% to 7,773.95, the Dow Jones Industrial Average added 90.94 points, or 0.18%, to 51,267.90, and the Nasdaq 100 rose 0.87% to a record 31,076.441. The 10-year Treasury yield jumped as high as 5.349%, its highest since April 2002, before settling near 5.307%. Materials, communication services, and energy led the sectors, while real estate was the only sector to decline.

ANALYTICAL VIEW

Stocks and bonds spent Monday moving in the same direction, an unusual pairing that says a lot about where the market's attention lies. The Nasdaq Composite and Nasdaq 100 closed at records as megacap tech surged, while the 10-year Treasury yield jumped as high as 5.349% and the 30-year touched 5.703%, a level not seen since May 2002, before both pared their gains to close near 5.307% and 5.661%. One strategist described tech as the inverse of the bond trade, with investors buying tech and selling everything else because demand for compute is so strong that the sector barely notices what it pays for debt, and called the bond move a momentum selloff.

Beneath the headline, only real estate fell among the 11 S&P 500 sectors, while the transportation index slid 1.09% as higher yields weighed on rate-sensitive groups. Fed funds futures price roughly an 82% chance that the central bank holds rates this month after Friday's weak jobs report, so attention shifts to Wednesday's minutes of the September meeting, when the Fed raised rates for the first time in three years, and to an earnings season in which Goldman Sachs expects S&P 500 profits to grow 27% from a year earlier, down from 33% in the second quarter.

What could change the picture: Whether Wednesday's Fed minutes confirm that policymakers are leaning against an October hike despite services input prices at their highest since July 2022, and whether the 10-year yield's brush with 5.35% turns into a sustained break higher that finally weighs on tech's record run.

SECTOR PERFORMANCE

WINNERS & LOSERS

Top 5 Gainers (across S&P, Nasdaq, Dow):

• PTC Inc. (NASDAQ:PTC): +33.486%
• MercadoLibre, Inc. (NASDAQ:MELI): +9.67%
• Space Exploration Technologies Corp. (NASDAQ:SPCX): +7.631%
• Illumina, Inc. (NASDAQ:ILMN): +7.563%
• Charles River Laboratories International, Inc. (NYSE:CRL): +7.092%

Top 5 Decliners:

• C.H. Robinson Worldwide, Inc. (NASDAQ:CHRW): -10.848%
• Lennar Corporation (NYSE:LEN): -6.729%
• Chipotle Mexican Grill, Inc. (NYSE:CMG): -4.666%
• Nebius Group N.V. (NASDAQ:NBIS): -4.217%
• Bristol-Myers Squibb Company (NYSE:BMY): -3.827%

Note: A takeover offer sent PTC up more than 33%, with SpaceX and life sciences names also rallying, while C.H. Robinson fell more than 10% after agreeing to buy RXO and homebuilder Lennar and Chipotle also dropped.

AFTER-HOURS MOVERS

Gainers:

• Option Care Health, Inc. (NASDAQ:OPCH), +20.67% after hours: Shares surged after the Financial Times reported that McKesson and Clayton, Dubilier & Rice are nearing a deal worth more than $5 billion to buy an infusion services provider, widely read as referring to Option Care, which has not confirmed the report. The stock had closed 3.22% higher at $23.37 in a healthcare sector that has lagged, and the after-hours price sits near the $29.92 average analyst target, well below its 52-week high of $36.80.
• RXO, Inc. (NYSE:RXO), +0.52% after hours: Shares were little changed in extended trading after surging 22.54% to $28.65 on volume about 11 times average, following C.H. Robinson's agreement to acquire the truckload brokerage for about $5.8 billion in cash and stock. RXO holders will receive $17.25 in cash plus 0.0856 C.H. Robinson shares per share, an implied $30.25 and a 29% premium to Friday's close, with the stock trading below that value, as is typical for a deal with a long closing timeline. C.H. Robinson expects $300 million of run-rate synergies within two years and a close in the first half of 2027, subject to regulatory and RXO shareholder approval, and RXO's 17% holder, MFN Partners, has agreed to vote in favor.

Decliners:

• Spyre Therapeutics, Inc. (NASDAQ:SYRE), -4.01% after hours: Shares fell after the biotech announced an underwritten public offering of common stock, with a 30-day option for underwriters to buy up to an additional 15%, to fund its gastroenterology, rheumatology, and dermatology programs plus general corporate purposes. The offering follows a Form 4 filing showing its CFO sold roughly $2.3 million of shares on September 30, and the stock had closed 0.50% lower at $92.72 after rallying about 7% on that date.
• NeoGenomics, Inc. (NASDAQ:NEO), -3.82% after hours: Shares reversed lower in extended trading after the cancer diagnostics company announced a planned succession in which President and COO Warren Stone will become CEO on January 4, 2027, with current CEO Tony Zook moving to executive chairman. NeoGenomics also said it expects third-quarter revenue of about $209 million, including roughly 28% growth in next-generation sequencing revenue, and an increase to full-year revenue guidance, and the stock had closed 3.57% higher at $19.13.
• Vaxcyte, Inc. (NASDAQ:PCVX), -3.67% after hours: Shares slipped after a 30.70% regular-session surge to $73.82 on positive pivotal Phase 3 data for VAX-31, its 31-valent pneumococcal vaccine candidate, which met noninferiority on all 28 shared serotypes versus Pfizer's Prevnar 20 and Merck's Capvaxive, showed superiority on three unique serotypes plus 20B, and had a similar safety profile. The stock spiked as high as $90.75 intraday before most of the early gain faded, and the company expects data from two further trials in the first half of 2027 and plans a BLA filing in the first half of 2028.

COMMODITIES & RATES

US TREASURY YIELDS

TOP STORIES: US

Schneider Electric agrees to buy PTC for about $22.6 billion, its biggest deal ever, sending PTC up 33%. The French engineering group is paying $205 per share, a 42.3% premium to PTC's last close and an enterprise value of $23.7 billion, to add the Boston-based company's product-design and lifecycle-management software to its fast-growing data-center business. Schneider will fund the deal with €5 billion to €6 billion of new shares and €16 billion to €17 billion of new debt, and expects €250 million in annual run-rate cost savings by the third year plus about €800 million in revenue synergies, with a close targeted by the third quarter of 2027. Schneider's shares fell nearly 10% in Paris as investors weighed the size of the deal, the premium, and the outlook for software valuations amid AI-related uncertainty, wiping close to €15 billion from its market value.

SpaceX jumps nearly 8% to its highest since mid-June, making Elon Musk a trillionaire again on paper. The shares closed up 7.6% at $171.09 after a major bank called the stock cheap in a Sunday note with a $300 price target, about 75% above Monday's close, and on reports of possible cooperation between Taiwan Semiconductor Manufacturing and Musk's Terafab initiative. The rally leaves SpaceX up about 58% from its early-August low, though still below its record close of $201.80 on June 16, and puts Musk's net worth at about $1.03 trillion, according to Forbes. The company flew multiple missions last week, including a crewed NASA flight to the International Space Station, and Musk was named co-lead of the Pentagon's Project Meridian on Wednesday.

Services growth slows in September, but prices paid jump to their highest level in more than four years. The Institute for Supply Management's services PMI slipped to 54.9 from 55.4 in August, roughly in line with expectations, while its prices-paid gauge rose 1.4 points to 74.0, the highest since July 2022, and order backlogs grew for an eighth straight month to their highest level since July 2022. Fuel costs were mentioned twice as often as any other issue affecting supply chains, supplier deliveries slowed further, and new export orders plunged 9.4 points to 46.9, contracting for the first time in eight months, while the employment index climbed back above 50 to 50.1 from 47.8.

Cerebras jumps about 9% after OpenAI's Sam Altman calls it "a close partner." The AI chipmaker, which plunged 20% to its lowest price last week after it emerged that OpenAI would power an ultrafast mode of its latest model with Nvidia chips instead of Cerebras', rebounded after Altman wrote that the two companies have a deep engagement on speed. Cerebras, which listed in a monster IPO in May, is now valued at about $43 billion, down from $95 billion at its debut, and has a $10 billion deal with OpenAI to supply 750 megawatts of computing power through 2028.

US commodities regulator proposes a federal framework for crypto exchanges offering leveraged trading. The CFTC's proposal would create a new category of regulated venues called "crypto asset markets" for exchanges that offer leveraged or margined trading to retail customers, letting them opt into federal oversight instead of relying on a patchwork of state money-transmitter licenses. Platforms would face anti-manipulation controls and a "proof of reserves" obligation, and any exchange offering a leveraged product would have to clear it with CFTC staff, though no specific leverage limits are set. The move comes after Congress failed to advance the Clarity Act, which would have given the agency explicit authority over the spot crypto market, leaving the onus on the SEC and CFTC to provide regulatory clarity.

Also today: Two former Groq engineers sued in Delaware alleging that Nvidia's $20 billion deal for the AI chip designer's assets "squeezed out" stockholders at a lowball price, a claim Groq called meritless; the Wikimedia Foundation said OpenAI's rogue agents were possibly tied to a May partial outage of its Wikidata Query Service and made potentially malicious edits to a citation tool; Goldman Sachs expects S&P 500 earnings per share to grow 27% in the third quarter, down from 33% in the second; and OKXICE, the joint venture of OKX and Intercontinental Exchange, filed with the SEC to launch a tokenized securities platform for around-the-clock trading of more than 60 US-listed stocks.

TOP STORIES: GLOBAL

Brazilian assets surge after right-wing Senator Flavio Bolsonaro tops the first round of the presidential election. Bolsonaro won 47% of the vote against about 45% for incumbent Luiz Inacio Lula da Silva, who polls had forecast to lead by around three points, setting up an October 25 runoff, and the Bovespa jumped more than 8%, its best day since March 2020, while the real strengthened more than 4% to below 5.00 per dollar from around 5.22. Bolsonaro's Liberal Party lifted its Senate seats from 15 to 28, which would give him room for tighter spending, privatizations, and tax cuts if elected, and the cost of insuring Brazilian government debt fell 20 basis points. US-traded Brazilian shares soared, with brokerage XP up 33%, Nu Holdings up 13%, and StoneCo and PagBank each up more than 20%, while a major bank upgraded Brazilian equities to overweight and Ambev rose about 10%.

Saudi-backed Yemeni forces retake the Bab el-Mandeb coast as far as Mocha, the government says. Government forces, backed by heavy Saudi air strikes, reached the outskirts of Mocha late Monday, with the Defense Ministry saying the city had fallen and Houthi fighters retreating into the highlands, pushing the Iran-backed group out of most of the areas it seized last month, though Reuters could not independently verify the extent of the gains and the Houthis called the claims baseless. The Houthis meanwhile advanced near Taiz, leaving government forces there besieged, and threatened to attack air traffic in Saudi airspace, while Saudi Arabia, Turkey, and Pakistan agreed to rapidly deploy military forces in the kingdom under their Mecca defence pact. The fighting, which has pushed up global energy prices with Gulf exports already restricted by the closure of the Strait of Hormuz, has displaced 184,000 people since the war resumed, according to the UN migration agency.

Saudi Aramco's chief executive warns it could take up to two years to rebuild global oil inventories. Amin Nasser said nearly 3 billion barrels of supply have been lost since the US and Israel struck Iran in late February while 1 billion barrels have been released from stocks, mostly from commercial inventories, leaving about 6 billion barrels in storage that are "not practically available." His comments came days after the G7 agreed to release 100 million barrels of emergency reserves, and as Iran's Revolutionary Guard ordered a tanker transiting the Strait of Hormuz to turn back, which it did, even as oil prices fell about 2% on rising Middle East crude flows.

MANAGEMENT & FED SPEAK

Amin Nasser, CEO, Saudi Aramco, on oil inventories:

Nasser said "the system is already straining," adding that pressure at both ends of the barrel will intensify until the Strait of Hormuz fully reopens and confidence returns to energy markets.

Olivier Blum, CEO, Schneider Electric, on the PTC deal:

Blum said "data is becoming a very critical layer" for extracting value from AI, as the technology requires closer links between data and the software used to contextualize it.

Pascal Soriot, CEO, AstraZeneca, on Summit Therapeutics' cancer drug:

Soriot said Summit's ivonescimab could power combinations that are the "future of cancer care," particularly alongside AstraZeneca's antibody-drug conjugates, a week after the drugmaker announced a $2 billion equity investment in Summit.

CORPORATE ACTIONS & EARNINGS CALENDAR

Top Ex-Dividend Companies for Tuesday, October 6:

Upcoming Earnings (Tuesday, October 6):

Economic Calendar (Tuesday, October 6):

That is for today! Attention now turns to Wednesday's release of the Fed's September meeting minutes, which could show how close policymakers are to another hike, even as record tech valuations and multi-decade-high bond yields keep stocks and bonds locked in an uneasy standoff.