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Wall Street stocks advanced on Monday as gains in mega-cap technology shares offset pressure from elevated Treasury yields, while the US dollar strengthened and oil prices declined.
The Dow Jones Industrial Average gained 0.18%, while the S&P 500 climbed about 0.7%. The Nasdaq Composite rose roughly 1%, reaching a fresh record high as Nvidia, Meta Platforms and Microsoft helped drive the technology sector higher.
European markets also finished mostly positive. The STOXX 600 gained 0.4%, recovering from a four-month low reached last week amid rising global bond yields and fiscal concerns. French stocks underperformed, falling to a six-month low as investors worried about the country's debt outlook and political uncertainty.
Global equities received another boost from Latin America. Brazilian stocks and the real rallied after Senator Flavio Bolsonaro performed better than polls predicted in the first round of Brazil's presidential election, advancing to an October 25 runoff against President Luiz Inacio Lula da Silva. MSCI's global stock index rose 0.7%.
Currency markets remained focused on France's fiscal risks. The euro traded around $1.122 after earlier falling as much as 0.8% to a 17-month low of $1.1160. The dollar index gained 0.2%, supported by higher US Treasury yields. Benchmark 10-year Treasury yields increased 3.4 basis points to 5.31%.
Expectations for Federal Reserve policy also shifted after September US employment data showed weaker-than-expected job growth and downward revisions to previous payroll figures. Markets now see about a 24% probability of a Fed rate hike this month, compared with 64% a week earlier, according to CME FedWatch.
Asian equities strengthened, with Japan's Nikkei gaining 2.4% and MSCI's Asia-Pacific index excluding Japan rising 1.3%.
Meanwhile, oil prices retreated as Middle East crude exports recovered and G7 countries pledged additional supplies. Brent crude dropped 1.89% to $100.32 a barrel, while West Texas Intermediate fell 1.84% to $89.43. Spot gold remained steady near $4,143 an ounce.
