Mixed US Stock Open as Tech Eases and Yields Stay High

US stocks kicked off the week with mixed trading on Monday, as tech shares pulled back from recent gains. The Dow Jones Industrial Average dropped 98 points, while the S&P 500 and Nasdaq Composite managed modest gains of 0.2% and 0.43%, respectively. The market's cautious start followed a strong tech-driven rally on Friday, fueled by weaker-than-expected jobs data that eased expectations of a Fed rate hike in October.

Chip stocks weighed on the market, with Intel falling 2.4%, Micron Technology down 0.83%, and Nvidia edging up 1.28% after hitting a record high on Friday. Investors are also eyeing the upcoming earnings season, with around 70% of S&P 500 companies set to report results by the end of October. Recent corporate optimism has helped US stocks outperform global markets despite geopolitical risks and inflation concerns.

Key individual movers included PTC, which surged 35.7% after Schneider Electric announced an all-cash acquisition valuing the company at $22.6 billion. RXO climbed 23% following a $5.8 billion acquisition agreement with C.H. Robinson Worldwide. Cerebras Systems gained 4.4% after OpenAI CEO Sam Altman described the chip designer as a close partner.

Treasury yields remained elevated, with the 10-year yield around 5.30% and the 30-year yield near 5.66%. Investors are assessing inflation risks and government finances amid heavy debt issuance. The Federal Reserve raised rates by 25 basis points last month, and markets currently see an 80% chance of no change in October, though December rate hike expectations remain high.

Oil prices also remained in focus, with Brent crude futures down 0.3% to $101.88 and West Texas Intermediate trading around $89.32. Rising energy costs have added to concerns about sustained inflation pressures and the Fed's policy outlook. The market enters October following a volatile week marked by sharp yield rises and weaker jobs data, which provided some relief to equities.