The Nasdaq closed at a record, and Schneider paid up for PTC

The Nasdaq Composite closed up 1.05% at 27,477.31, a record, and Nvidia rose 2.12% to a record close of $238.90. The S&P gained 0.66% and the Dow 0.18%. The bond market didn't join in: the ten-year rose 3bp to 5.31% and the thirty-year 3bp to 5.66%, the day after a 29,000 payrolls print took most of the October hike odds off the table.

ISM's services index slipped to 54.9 from 55.4, still a 27th month of expansion. Its prices index rose 1.4 points to 74.0, the highest since July 2022. Employment crept back to 50.1 after two months of contraction. Last week's manufacturing prices index was 77.9.

Schneider Electric agreed to buy PTC, the industrial design and product-lifecycle software company, for $205 a share in cash, valuing it at $22.6bn. That's a 42.3% premium to Friday's close and Schneider's biggest deal, ahead of the $11bn it paid for Aveva in 2023. Both boards have approved it, and it's expected to close by the third quarter of 2027. PTC rose 33.49% to $192.26, about 6% under the offer.

Flávio Bolsonaro took 47.0% in the first round of Brazil's presidential election against President Lula's 45.2%, sending the two to an October 25 runoff. Polls had mostly had Lula ahead. The Brazil ETF rose 12.54%, Itaú's US shares 15.48% and XP 30.93%.

Vaxcyte said VAX-31, its 31-strain pneumococcal vaccine, met its primary endpoints in the Phase 3 OPUS-1 trial, with a filing for approval planned in the first half of 2028. The stock rose 30.70% to $73.82, a 52-week high.