U.S. stock futures are slightly lower Monday morning as investors assess elevated Treasury yields, oil prices and renewed concerns over European fiscal conditions. The stronger dollar and rising uncertainty in global bond markets are keeping risk sentiment cautious, while investors also digest the impact of the weaker September jobs report on Federal Reserve rate expectations. Market Snapshot Dow Futures: 51,465 | -0.02% S&P 500 Futures: 7,774.75 | -0.03% Nasdaq 100 Futures: 31,027.25 | -0.11% 10-Year Treasury: ~5.28% VIX: ~16.1 Gold: ~$4,189 Bitcoin: ~$86.1K Brent Crude: ~$102 Dollar Index: ~97.46 Key Market Drivers Fed Rate Expectations The weaker September employment data has increased expectations for the Federal Reserve to hold rates steady at its October meeting, with markets pricing roughly an 80% probability of no hike. However, December expectations remain less certain, keeping upcoming economic data and Fed commentary in focus. Treasury Yields Remain Elevated The 10-year Treasury yield remains around 5.28%, keeping borrowing costs elevated and creating pressure for growth-oriented and technology stocks. Investors will continue watching yields closely for signals about the Fed's future policy path. Oil Prices Remain Elevated Brent crude is trading around $102 per barrel, keeping inflation concerns elevated despite recent declines. Energy prices remain an important factor for inflation expectations and monetary policy. European Fiscal Concerns Investors are increasingly focused on France's fiscal position, with rising French government bond yields weighing on European markets and supporting demand for safer assets such as the U.S. dollar. AI & Semiconductor Stocks in Focus Semiconductor and AI infrastructure stocks remain highly sensitive to interest-rate expectations and developments across the chip supply chain. Stocks to Watch $INTC — Intel fell more than 4% premarket after Elon Musk confirmed that TSMC is in talks involving Terafab/Texas manufacturing, raising attention around competition in advanced semiconductor manufacturing. $PTC — PTC surged roughly 35%–37% premarket after Schneider Electric agreed to acquire the company in a deal valued at approximately $22.6B. $NU — Nu Holdings jumped around 10% premarket following Brazil's weekend election results. $CBRS — Cerebras gained after OpenAI CEO Sam Altman described the chipmaker as a close partner, keeping AI infrastructure in focus. Today's Economic Events PMI Composite Final — 9:45 AM ET ISM Services Index — 10:00 AM ET Treasury Buyback Announcement (Preliminary) — 11:00 AM ET 3-Month Bill Auction — 11:30 AM ET 6-Month Bill Auction — 11:30 AM ET Global Markets Global markets remain focused on interest rates, government bond yields, energy prices and fiscal conditions. European markets are under pressure as concerns over France's public finances push government bond yields higher. Japan's Nikkei gained more than 2%, while mainland Chinese markets remain closed for the Golden Week holiday. The stronger U.S. dollar is also reflecting increased demand for safer assets amid the renewed global bond-market concerns. Market Outlook The major themes heading into today's session are: Fed Rate Expectations + Treasury Yields + Oil + Inflation + European Fiscal Risks + AI Infrastructure + Semiconductors + Bitcoin The ISM Services Index at 10:00 AM ET is today's key economic release. A stronger-than-expected reading could push Treasury yields higher and influence expectations for future Fed policy. Bottom Line U.S. futures are slightly lower as investors balance softer labor-market data against elevated Treasury yields, oil prices and global fiscal concerns. Markets will closely watch ISM Services, Treasury yields and Fed expectations, while $INTC, $PTC, $NU and $CBRS remain key stocks to watch during the session.