The Nasdaq closed at a record as the 10-year yield touched its highest since 2002. Schneider agreed to pay $205 a share for PTC. Strategy spent about six times as much on its own preferred stock as on bitcoin.
The Nasdaq set a record as the 10-year yield touched its highest since 2002.
Those two usually pull against each other.
The Nasdaq Composite rose 1.05% to a record close of 27,477.31. The S&P 500 gained 0.67% to 7,774.22. The Dow added 0.18% to 51,267.90.
The 10-year Treasury yield touched 5.349% in the afternoon.
Nvidia (NVDA) rose 2.1% to $238.90. Microsoft (MSFT) gained 1.5% and Meta Platforms (META) 1.9%. Real estate, the sector most tied to bond yields, was the only S&P 500 sector to fall.
New lows have beaten new highs on the Nasdaq for 26 straight sessions. By afternoon, 281 Nasdaq names had set 52-week lows against 87 new highs.
The Leaders Ignore the Long End
The largest technology stocks rose on the day long yields hit a 2002 high. Real estate fell, and most Nasdaq stocks sat nearer their lows than their highs. The market is treating the biggest names as if borrowing costs cannot reach them. This week's Treasury auctions test that view, and a record resting on so few stocks has little cushion if it fails.
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Aramco's chief put a size on the next squeeze.
It roughly matches what the world has already drawn.
Amin Nasser said refilling stocks would add 2 million barrels a day of demand for 18 months. That comes to roughly 1.1 billion barrels. Nasser said about 1 billion barrels have already been drawn from global stocks.
Nasser told a London forum that refilling while meeting demand could take up to two years.
Brent slipped about 2% to near $100 late Monday. It was the first full session since the G7 agreed to release reserves. The Energy Select Sector SPDR fund still rose about 1%.
Two Clocks on One Barrel
The planned release works on a clock of weeks. Nasser's refill runs on a clock of years, with governments buying rather than selling. Energy shares rose while crude fell, which fits investors pricing the longer clock. If crude keeps easing while energy shares hold, that reading gains weight.
The bond market charged more for time on Monday.
The Fed's end of the curve barely moved.
Long-bond yields rose more than twice as much as two-year yields. The 30-year touched about 5.70%. The 10-year closed near 5.31%. The two-year, the maturity most tied to the next few Fed decisions, was little changed.
Services prices gave the inflation case fresh support. The ISM services prices index rose to 74.0, its highest since July 2022. The headline index slipped to 54.9.
Supply arrives next. Treasury sells $119 billion of debt from Tuesday through Thursday, and $61 billion of it is 10-year and 30-year paper. Fed minutes land Wednesday.
Kalshi traders gave Flávio Bolsonaro about an 83% chance of winning Brazil's presidency. Polymarket sat within a point. He took 47.03% of Sunday's first round to 45.16% for President Lula. The runoff is Oct. 25.
The iShares MSCI Brazil ETF closed up 12.5%. In 2022, his father beat first-round polls, finished second and lost the runoff.
Where Waiting Costs More
The long end rose while the two-year held. Investors are charging for years of inflation and borrowing more than for the next Fed meeting. Strong bidding at Wednesday's 10-year and Thursday's 30-year sales would cap the move, and weak bidding would extend it.
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Schneider Electric agreed to pay a 42% premium for PTC.
The market is still charging to wait for it.
PTC (PTC) holders get $205 a share in cash, valuing the equity at about $22.6 billion. Closing is targeted by the third quarter of 2027. PTC closed up 33.5% at $192.26.
That leaves a 6.6% gap to the offer. Even if closing takes until the end of next September, the gap pays about 6.7% a year. That is roughly 1.9 points above the two-year Treasury yield of 4.84%.
Schneider's own holders paid the bill, and the shares closed down almost 10% in Paris. Schneider will pause buybacks in 2027 and 2028. It plans up to €6 billion of new shares and up to €17 billion of new debt.
Valon doubled its valuation to $2.3 billion in a $150 million Series D. Ribbit Capital joined as a new investor. Valon says servicers of one in six U.S. mortgages have signed on to its software.
Paid to Wait
PTC buyers are collecting nearly two points over Treasurys to wait a year or less for a cash deal. That premium reflects the shareholder vote and regulatory review still ahead. Schneider holders are giving up two years of buybacks to fund the purchase. A gap that narrows as approvals arrive would show that risk fading.
Strategy's weekly filing usually leads with bitcoin.
This week, the bigger check went to its own preferred stock.
Strategy bought 334 bitcoin for $28.7 million last week. It repurchased $176.3 million of its STRC preferred stock, about 6.1 times as much. Its holdings reached 848,000 bitcoin at an average cost of $75,441. In July, Strategy said it would keep buying STRC below $100, tapering as the price nears par.
It also drew $142.5 million from its dollar reserve to pay preferred dividends and interest. Strategy (MSTR) rose 2.8% to $164.43.
Strive (ASST) outbought it, adding 2,000 bitcoin for about $169 million. Bitcoin traded near $85,800 late Monday, down less than 1%.
The CFTC opened a rulemaking that would make platforms offering margined or financed crypto trades register. Plain cash purchases stay under a patchwork of state and federal rules until Congress acts.
A Standing Claim on the Cash
The buybacks follow a policy Strategy set in July, so they are a standing call on its cash. A smaller holder bought about six times as many coins last week. The buying tapers only as STRC nears $100. Until then, bitcoin competes with the preferred stock for the largest corporate holder's money.
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Monday put different prices on time.
Long-dated Treasurys charged more to wait. Brazil's runoff contracts treated a three-week wait as nearly settled. PTC's buyers still demanded a premium to wait for a signed deal. Strategy spent more on its preferred stock than on bitcoin.
This week's auctions put the first hard price on waiting.
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