U.S. equity markets advanced Monday, with the Nasdaq Composite up 0.9 percent and positioned for a record close. The S&P 500 increased 0.6 percent, while the Dow Jones Industrial Average added 0.2 percent.
Technology led the advance. Nvidia traded near all-time highs, while Taiwan Semiconductor Manufacturing Company (TSMC) touched intraday records after Elon Musk acknowledged early-stage discussions regarding a potential collaboration on his Terafab semiconductor initiative. According to a recent report, TSMC is exploring ways to assist in running new semiconductor factories in Texas.
The 10-year Treasury yield rose 5 basis points to 5.33 percent, near levels last seen in 2002. Brent crude oil futures traded above $100 per barrel.
Economic data released Monday showed mixed signals. The Institute of Supply Management's services index reached 54.9 in September, down from 55.4 in August. The ISM prices index climbed to 74 from 72.6, signaling fresh inflationary pressure.
Brazilian stocks surged following the first round of the country's general election. Flávio Bolsonaro took a narrow lead over President Luiz Inácio Lula da Silva, with neither candidate securing a majority. A runoff is set for later this month.
Brazilian fintech PicS rose as much as 26 percent. Nu Holdings, parent company of Nubank, and energy giant Petrobras each climbed over 13 percent. MercadoLibre, Latin America's largest e-commerce company, rose 9 percent.
JPMorgan upgraded Brazilian stocks to "overweight" Monday, citing a more favorable political backdrop.
Q3 earnings season begins in earnest mid-October. Levi Strauss, Applied Digital, PepsiCo and Delta Air Lines are scheduled to report results this week.
