Morning BriefNo. 7
10-year yield climbs to 4.97%, highest since October 2023; stocks fall broadly
In Monday's session, the Nasdaq Composite lost 0.6%, the Dow fell 0.3%, gold settled at $4,351.90 an ounce, and WTI crude rose to $101.39 a barrel.
This archive edition was compiled from official historical data on September 23, 2026, when Diurna began publishing.
- S&P 5007,619.98▼ −0.48%
- Nasdaq26,186.41▼ −0.56%
- Dow52,421.20▼ −0.29%
- 10-yr yield4.97%▲ +1 bp
- EUR/USD$1.1551▼ −0.35%
- Gold$4,351.90▼ −1.29%
- WTI crude$101.39▲ +1.34%
- Bitcoin$78,200▲ +1.82%
Stocks
The S&P 500 fell 0.48% to 7,619.98. The Nasdaq Composite lost ground 0.56%, and the Dow Jones Industrial Average edged down 0.29% to 52,421.20.
The S&P 500 has gained 11.3% so far in 2026 and stands 2.3% below its record close of 7,798.99, set on August 13, 2026. The Cboe Volatility Index, which tracks expected swings in the S&P 500 over the next 30 days, surged to 17.10, below its long-run average of about 19.4.
Rates
The 10-year Treasury yield inched higher 1 basis point to 4.97%, its highest level since October 2023. The 2-year yield, which is more sensitive to expectations for Federal Reserve policy, edged up 2 basis points to 4.65%.
That left the 10-year yield 32 basis points above the 2-year. The effective federal funds rate — the Fed's main policy rate — stood at 3.63%. 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 2.37%, as of Monday.
Source: U.S. Department of the Treasury, Federal Reserve Bank of St. Louis.
Currencies
The euro lost ground 0.35% to $1.1551 in the European Central Bank's daily reference rates, while the dollar advanced 0.33% against the yen to ¥154.55 and the British pound slipped to $1.3495. Overall, the dollar strengthened against seven of the nine major currencies we track. The biggest move came from the Australian dollar, which fell 0.60% against the dollar.
Commodities and bitcoin
U.S. crude oil (WTI) gained 1.3% to $101.39 a barrel, while Brent, the international benchmark, advanced 1.0% to $105.68 a barrel.
U.S. natural gas futures advanced 2.3% to $2.896 per million British thermal units. Gold lost ground 1.3% to $4,351.90 an ounce, and silver fell 1.6% to $63.51 an ounce. Copper, often watched as a barometer of industrial demand, dropped 2.2% to $6.330 a pound.
Bitcoin rallied 1.8% to $78,200.
On the calendar
The Federal Reserve's policy committee begins a two-day meeting; its decision is due Wednesday at 2 p.m. ET.
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: U.S. Bureau of Labor Statistics.
Employers added 162,000 jobs in August, according to the latest report, after a gain of 21,000 in July. Over the past 12 months, payroll growth has averaged 50,250 a month. Over the past 3 years it has ranged from 156,000 (February 2026) to 237,000 (December 2024).
What it measures. The month-to-month change in the number of payroll jobs at U.S. businesses and government agencies, from the BLS survey of employers.
Why it matters. Payroll growth is the headline number of the monthly jobs report and one of the most market-moving releases on the calendar. It is also revised as more survey responses arrive, so the first print is only a first draft.
The numbers
| Instrument | Last | Chg | % | ||
|---|---|---|---|---|---|
| Stocks | |||||
| S&P 500 | 7,619.98 | −37.00 | −0.48% | ||
| Nasdaq Composite | 26,186.41 | −146.63 | −0.56% | ||
| Dow Jones Industrial Average | 52,421.20 | −152.09 | −0.29% | ||
| Russell 2000 | 2,892.24 | −11.70 | −0.40% | ||
| Cboe Volatility Index | 17.10 | +1.26 | +7.95% | ||
| Treasury yields | |||||
| 3-month Treasury bill | 4.11% | +4 bp | — | ||
| 2-year Treasury | 4.65% | +2 bp | — | ||
| 5-year Treasury | 4.80% | +2 bp | — | ||
| 10-year Treasury | 4.97% | +1 bp | — | ||
| 30-year Treasury | 5.34% | −1 bp | — | ||
| Currencies | |||||
| Euro (EUR/USD) | $1.1551 | −0.0041 | −0.35% | ||
| Japanese yen (USD/JPY) | ¥154.55 | +0.51 | +0.33% | ||
| British pound (GBP/USD) | $1.3495 | −0.0013 | −0.10% | ||
| Chinese yuan (USD/CNY) | 6.7084 | +0.0002 | 0.00% | ||
| Canadian dollar (USD/CAD) | 1.3887 | +0.0029 | +0.21% | ||
| Swiss franc (USD/CHF) | 0.8165 | +0.0012 | +0.14% | ||
| Australian dollar (AUD/USD) | $0.7130 | −0.0043 | −0.60% | ||
| Mexican peso (USD/MXN) | 17.0721 | +0.0950 | +0.56% | ||
| Commodities | |||||
| WTI crude oil | $101.39 | +1.34 | +1.34% | ||
| Brent crude oil | $105.68 | +1.07 | +1.02% | ||
| Natural gas | $2.896 | +0.065 | +2.30% | ||
| Gold | $4,351.90 | −57.00 | −1.29% | ||
| Silver | $63.51 | −1.04 | −1.61% | ||
| Copper | $6.330 | −0.140 | −2.16% | ||
| Digital assets | |||||
| Bitcoin | $78,200 | +1,395 | +1.82% | ||
Closing levels for September 14, 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.