Nasdaq hits record as 10-year yield climbs to 5.315%; PTC soars on Schneider deal
Tuesday, October 6, 2026 · as of Oct 6, 6:27 AM ET · covers the prior trading session
Tech pushed the Nasdaq to a record on Monday even as the 10-year Treasury yield rose to 5.315%, a 52-week high, after a soft jobs report and a slightly below-consensus ISM services print. Asia mostly followed Wall Street higher, Europe is up about half a percent this morning, and US futures are modestly higher. In dairy, butter slipped again at the CME while cheese and whey edged up.
Key numbers
What mattered yesterday
- The Nasdaq Composite rose 1.05% to a record 27,477.31 and the S&P 500 gained 0.66%, led by megacap tech. TheStreet
- The 10-year Treasury yield rose 3.8 bp to 5.315%, a 52-week high, while the 2-year held near 4.82%. TheStreet
- ISM services (Sep) printed 54.9 vs 55.0 consensus and 55.4 prior; input-cost pressure rose at its fastest pace in over four years. Trading Economics
- PTC jumped about 33% on Schneider Electric's $22.6B all-cash bid; C.H. Robinson fell 10.85% after agreeing to sell Global Forwarding to RXO for $5.8B. TheStreet
- November WTI settled down $1.68 at $89.43 on signs of more Middle East supply. Brownfield
Market snapshot
Why it mattered
Reported: Stocks rallied on Friday's soft jobs report (+29,000 payrolls, unemployment 4.2%), which eased rate expectations, while long-dated yields kept climbing amid a global bond selloff and fiscal worries in France and Spain (TheStreet; TE).
Our read: Commentary, not investment advice. Equities are pricing a slowing labor market as good news, but the bond market is pricing a higher term premium. A 10-year above 5.3% raises borrowing costs regardless of what the Fed does at the short end.
Today's calendar
- 8:30 ET – US trade balance (Aug); consensus −$102B, prior −$88.6B
- 9:05 ET – NY Fed's Williams speaks; 10:45 ET – Fed's Bowman speaks
- 1:00 pm ET – 3-year note auction
- Before open: Lamb Weston, RPM; after close: Constellation Brands, Neogen (24/7 Wall St)
- This week: FOMC minutes Wed 2:00 pm ET; jobless claims Thu 8:30 ET; Michigan sentiment Fri 10:00 ET; WASDE Fri 12:00 ET (times converted from TE)
Business lens
- Dairy (official): USDA weekly survey, week ending Sep 26: 40-lb blocks $1.4958/lb (vs $1.5435), butter $1.3871 (vs $1.4412), NDM $1.8727 (vs $1.7964), dry whey $0.6752 (vs $0.6692); barrels unavailable. September FMMO all-market average: Class III $16.04/cwt, Class IV $18.94 (USDA AMS).
- Dairy (CME, Oct 5): blocks +1¢ to $1.3250, barrels unchanged at $1.4525, butter −2.5¢ to $1.3150, NDM unchanged at $2.22, whey +1¢ to $0.8350 (Brownfield). Nov Class III futures +7¢ to $15.63; Class IV futures unavailable. Cheese and butter both sit well below the late-September survey averages, so the direction is still lower.
- Feed (Oct 5 settles): Dec corn $4.97¼ (−½¢), Nov soybeans $12.80¾ (+2½¢), Dec meal $347.10 (−40¢), Dec Chicago wheat $6.92¼ (+9¼¢) (Brownfield).
- Fuel: EIA US on-highway diesel $6.382/gal for the week of Sep 28, down 14.7¢ w/w but up $2.63 y/y; today's update is pending (EIA).
- Freight: Logistics Managers' Index (Sep) 70.2 vs 66.6 (TE calendar); spot truckload rates unavailable.
- Rates: SOFR 3.88%; 10Y at 5.315%.
Our read: Commentary, not advice. With butter near $1.32 and NDM firm, Class IV is leaning on powder, while sub-$1.35 blocks keep Class III futures in the mid-$15s. Corn near $5 and meal near $347 keep feed costs moderate, but at $15–16 milk the income-over-feed cushion is thin, and $6+ diesel and 5%+ long rates add pressure on hauling and equipment financing.