Wall St set for muted open as tech stocks take a breather
SPY•U.S. stock futures pointed to a subdued open, with Dow futures up 0.07%, S&P 500 futures up 0.02% and Nasdaq futures down 0.11% as technology shares eased from record highs. PTC jumped 35.7% after Schneider Electric agreed to buy it in an all-cash deal valuing its equity at about $22.6 billion.
1. Futures point to muted open
Wall Street’s main indexes were set for a subdued open Monday as technology stocks eased from record highs. Investors were looking for fresh clues on monetary policy, while Treasury yields and oil prices remained elevated. Traders saw an 80% chance the Federal Reserve would hold rates steady this month, though a December rate hike remained largely priced in.
2. PTC jumps on takeover deal
PTC shares rose 35.7% after Schneider Electric agreed to buy the software firm in an all-cash deal valuing its equity at about $22.6 billion. RXO advanced 24% after C.H. Robinson Worldwide agreed to buy the transportation broker in a stock-and-cash transaction for $5.8 billion.
3. Yields and oil remain elevated
The 10-year Treasury yield was last at 5.277%, near multi-year highs, amid concerns over government finances, debt issuance and energy costs. Brent crude hovered near $100 a barrel as concerns about Gulf oil infrastructure disruptions persisted. October earnings season was also coming into focus, with roughly 70% of the S&P 500’s market capitalization slated to have reported by month-end.
