Morning BriefNo. 4
10-year yield climbs to 4.96%, highest since October 2023; oil slides 2.4%
In Friday's session, the Nasdaq Composite added 1.0%, the Dow rose 1.0%, and gold held at $4,408.90 an ounce.
This archive edition was compiled from official historical data on September 23, 2026, when Diurna began publishing.
- S&P 5007,656.98▲ +0.86%
- Nasdaq26,333.04▲ +0.96%
- Dow52,573.29▲ +0.98%
- 10-yr yield4.96%▲ +1 bp
- EUR/USD$1.1592▼ −0.21%
- Gold$4,408.90▲ +0.04%
- WTI crude$100.05▼ −2.37%
- Bitcoin$77,277▲ +0.80%
Stocks
The broad S&P 500 jumped 0.86% to 7,656.98. The Nasdaq Composite jumped 0.96%, and the Dow Jones Industrial Average advanced 0.98% to 52,573.29.
The S&P 500 has gained 11.9% so far in 2026 and stands 1.8% below its record close of 7,798.99, set on August 13, 2026. It also crossed above its 50-day moving average, now at 7,607.34. The Cboe Volatility Index, which tracks expected swings in the S&P 500 over the next 30 days, tumbled to 15.84, below its long-run average of about 19.4.
Rates
The 10-year Treasury yield edged up 1 basis point to 4.96%, its highest level since October 2023. The 2-year yield, which tracks expectations for the Fed's policy path more closely, climbed 7 basis points to 4.63%.
That left the 10-year yield 33 basis points above the 2-year, a flatter curve than a day earlier. In the inflation-protected market, the 10-year real yield was 2.60% and the 10-year breakeven rate — a market-implied gauge of expected inflation — was 2.36%, as of Friday. Freddie Mac's latest weekly survey put the average 30-year fixed mortgage rate at 6.76% (September 10).
Source: U.S. Department of the Treasury, Federal Reserve Bank of St. Louis.
Currencies
The euro eased 0.21% to $1.1592 in the European Central Bank's daily reference rates, while the dollar dipped 0.09% against the yen to ¥154.04 and the British pound slipped to $1.3508. Overall, the dollar strengthened against eight of the nine major currencies we track. The biggest move came from the Swiss franc, which fell 0.41% against the dollar.
Commodities and bitcoin
U.S. crude oil (WTI) fell 2.4% to $100.05 a barrel, while Brent, the international benchmark, slid 2.8% to $104.61 a barrel.
Gold was little changed at $4,408.90 an ounce, and silver edged up 0.4% to $64.55 an ounce. Copper, often watched as a barometer of industrial demand, held at $6.470 a pound.
Bitcoin gained 0.8% to $77,277.
On the calendar
No major U.S. economic releases are scheduled today.
Coming up
- Wed Sep 162 p.m.Fed policy decision + economic projectionsFederal Reserve (FOMC)
- Tue Sep 2910 a.m.Job openings (JOLTS)Bureau of Labor Statistics
- Wed Sep 308:30 a.m.GDP (third estimate)Bureau of Economic Analysis
Chart of the day
Source: ICE Data Indices via FRED.
High-yield corporate bond spread declined to 2.65 percentage points in September 11 from 2.70 percentage points in the prior session. That is down from 2.79 percentage points a year earlier. Over the past 3 years it has ranged from 2.59 percentage points (January 2025) to 4.61 percentage points (April 2025).
What it measures. The extra yield investors demand to hold below-investment-grade corporate bonds rather than Treasuries, measured by the ICE BofA US High Yield Index option-adjusted spread.
Why it matters. Credit spreads widen when investors worry about defaults and narrow when appetite for risk is strong, making them a real-time gauge of financial stress.
The numbers
| Instrument | Last | Chg | % | ||
|---|---|---|---|---|---|
| Stocks | |||||
| S&P 500 | 7,656.98 | +65.28 | +0.86% | ||
| Nasdaq Composite | 26,333.04 | +251.32 | +0.96% | ||
| Dow Jones Industrial Average | 52,573.29 | +509.19 | +0.98% | ||
| Russell 2000 | 2,903.94 | +12.99 | +0.45% | ||
| Cboe Volatility Index | 15.84 | −2.00 | −11.21% | ||
| Treasury yields | |||||
| 3-month Treasury bill | 4.07% | +7 bp | — | ||
| 2-year Treasury | 4.63% | +7 bp | — | ||
| 5-year Treasury | 4.78% | +3 bp | — | ||
| 10-year Treasury | 4.96% | +1 bp | — | ||
| 30-year Treasury | 5.35% | −2 bp | — | ||
| Currencies | |||||
| Euro (EUR/USD) | $1.1592 | −0.0024 | −0.21% | ||
| Japanese yen (USD/JPY) | ¥154.04 | −0.14 | −0.09% | ||
| British pound (GBP/USD) | $1.3508 | −0.0012 | −0.09% | ||
| Chinese yuan (USD/CNY) | 6.7082 | +0.0019 | +0.03% | ||
| Canadian dollar (USD/CAD) | 1.3858 | +0.0042 | +0.30% | ||
| Swiss franc (USD/CHF) | 0.8153 | +0.0033 | +0.41% | ||
| Australian dollar (AUD/USD) | $0.7173 | −0.0012 | −0.17% | ||
| Mexican peso (USD/MXN) | 16.9771 | +0.0336 | +0.20% | ||
| Commodities | |||||
| WTI crude oil | $100.05 | −2.43 | −2.37% | ||
| Brent crude oil | $104.61 | −3.02 | −2.81% | ||
| Natural gas | $2.831 | −0.003 | −0.11% | ||
| Gold | $4,408.90 | +1.60 | +0.04% | ||
| Silver | $64.55 | +0.27 | +0.42% | ||
| Copper | $6.470 | +0.003 | +0.04% | ||
| Digital assets | |||||
| Bitcoin | $77,277 | +612 | +0.80% | ||
Closing levels for September 11, 2026. Yields in percent; changes in basis points (bp). Currencies are ECB reference rates. Commodities are front-month futures settlements.
Diurna briefs are compiled from official and exchange data by our publishing system using fixed editorial rules; they describe market moves and do not speculate about causes. This is not investment advice. How we produce the Daily Brief.