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On Monday, the major indices in the U.S. finished higher, with equities supported by gains in major technology stocks and lower oil prices, while Friday’s weaker-than-expected jobs report continued to ease concerns over another near-term Federal Reserve rate hike.
The S&P 500 advanced 51pts (+0.66%) to 7,774.
The Nasdaq 100 gained 269pts (+0.87%) to 31,076.
The Dow rose 91pts (+0.18%) to 51,268.
On the sector front, Materials (XLB), Communication Services (XLC), and Energy (XLE) outperformed, while Real Estate (XLRE), Industrials (XLI), and Consumer Discretionary (XLY) underperformed the most.
Looking at the latest U.S. economic data, the ISM Services PMI fell to 54.9 in September from 55.4 previously, slightly below the 55.0 forecast, but remained firmly in expansion territory.
U.S. Equity News:
PTC (PTC), a product design and industrial software company, surged 33.49% after Schneider Electric agreed to acquire the company for $205 per share in cash, valuing PTC at approximately $22.6 billion. The offer represents a 42.3% premium to PTC’s previous closing price.
C.H. Robinson Worldwide (CHRW), a freight transportation and logistics company, tumbled 10.85% after agreeing to acquire RXO for $5.8 billion in cash and stock, raising concerns over integration risks and the financial burden of the transaction.
Chipotle Mexican Grill (CMG), a fast-casual restaurant chain, fell 4.67%, extending its recent decline amid continued pressure on restaurant margins from higher costs.
Lennar (LEN), a U.S. homebuilder, dropped 6.73% amid continued concerns over elevated mortgage rates, weaker housing demand, and margin pressure.
Charles River Laboratories (CRL), a drug research and laboratory services company, surged 7.12%.
Volatility & Commodities Snapshot:
The VIX index gained 0.21pt (+1.37%) to 15.52.
The U.S. 10-year Treasury yield rose approximately 3 basis points to 5.31%.
In the commodities market, gold slipped 1.96 dollars (-0.05%) to 4,140.38.
Silver gained 0.67 dollars (+1.11%) to 61.06.
WTI crude oil retreated 1.92 dollars (-2.11%) to 89.19.
Europe Market Overview:
At the European close, the major indices in the region finished mixed.
Germany's DAX edged higher 23pts (+0.09%) to 25,254.
France's CAC 40 declined 63pts (-0.8%) to 7,834.
The U.K.'s FTSE 100 gained 35pts (+0.34%) to 10,497.
On the economic and political front, France's CAC 40 underperformed, falling to a six-month low amid concerns over the country's fiscal outlook. Political uncertainty also increased in Spain after Prime Minister Pedro Sánchez called an early election for November 29 following the rejection of measures aimed at addressing the housing crisis. The euro fell to a 17-month low against the U.S. dollar amid fiscal concerns in France and political uncertainty in Spain. Eurozone producer prices jumped 8.2% year-on-year in August, accelerating from 5.8% in July.
Foreign Exchange & Crypto Wrap:
The dollar index gained 0.23pt (+0.22%) to 102.157.
EUR/USD declined 35pips (-0.31%) to 1.1218.
GBP/USD slipped 22pips (-0.17%) to 1.3219.
USD/JPY gained 16pips (+0.1%) to 157.99.
USD/CHF advanced 19pips (+0.23%) to 0.8305.
AUD/USD rose 16pips (+0.23%) to 0.6969.
USD/CAD advanced 13pips (+0.09%) to 1.4260.
Bitcoin fell/declined/dropped 22 dollars (-0.03%) to 85792.
Ethereum rose/gained/jumped 8 dollars (+0.32%) to 2714.
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