Morning BriefNo. 15
Nasdaq gains 0.5% to a record; 10-year yield holds at 4.96%
In Tuesday's session, the Dow fell 0.4%, gold settled at $4,376.40 an ounce, and WTI crude fell to $94.59 a barrel.
- S&P 5007,764.64■ 0.00%
- Nasdaq27,244.28▲ +0.45%
- Dow51,863.69▼ −0.36%
- 10-yr yield4.96%■ 0 bp
- EUR/USD$1.1463▼ −0.23%
- Gold$4,376.40▼ −0.17%
- WTI crude$94.59▼ −1.24%
- Bitcoin$86,250▼ −0.17%
Stocks
The S&P 500 was little changed at 7,764.64. The Nasdaq Composite gained 0.45% to a record 27,244.28, while the Dow Jones Industrial Average declined 0.36% to 51,863.69.
The S&P 500 has gained 13.4% so far in 2026. The Cboe Volatility Index, which tracks expected swings in the S&P 500 over the next 30 days, tumbled to 14.21, below its long-run average of about 19.4.
Rates
The 10-year Treasury yield was essentially flat at 4.96%. The 2-year yield, which tracks expectations for the Fed's policy path more closely, eased 5 basis points to 4.71%.
That left the 10-year yield 25 basis points above the 2-year, a steeper curve than a day earlier. The effective federal funds rate — the Fed's main policy rate — stood at 3.88% as of September 21. In the inflation-protected market, the 10-year real yield was 2.62% and the 10-year breakeven rate — a market-implied gauge of expected inflation — was 2.33%, as of Monday.
Source: U.S. Department of the Treasury, Federal Reserve Bank of St. Louis.
Currencies
The euro edged down 0.23% to $1.1463 in the European Central Bank's daily reference rates, while the dollar slipped 0.06% against the yen to ¥157.18 and the British pound edged down to $1.3363. Overall, the dollar strengthened against six of the nine major currencies we track. The euro has lost 2.4% against the dollar this year.
Commodities and bitcoin
WTI crude retreated 1.2% to $94.59 a barrel, while Brent, the international benchmark, retreated 1.1% to $99.25 a barrel.
U.S. natural gas futures jumped 4.5% to $2.965 per million British thermal units. Gold dipped 0.2% to $4,376.40 an ounce, and silver ticked up 0.2% to $65.93 an ounce. Copper, often watched as a barometer of industrial demand, rose 1.1% to $6.760 a pound.
Bitcoin slipped 0.2% to $86,250.
On the calendar
No major U.S. economic releases are scheduled today.
Coming up
- 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
- Wed Sep 308:30 a.m.Personal income and spending (PCE inflation)Bureau of Economic Analysis
Chart of the day
Source: U.S. Bureau of Labor Statistics.
Core CPI inflation declined to 2.4% in August from 2.5% in the prior month. That is down from 3.1% a year earlier. That is the lowest level since March 2021.
What it measures. Consumer price inflation over the past 12 months, excluding food and energy, whose prices can swing sharply from month to month.
Why it matters. Setting aside the most volatile components gives a clearer read on underlying price pressures, which is why policymakers and investors pay close attention to core inflation.
The numbers
| Instrument | Last | Chg | % | ||
|---|---|---|---|---|---|
| Stocks | |||||
| S&P 500 | 7,764.64 | −0.06 | 0.00% | ||
| Nasdaq Composite | 27,244.28 | +122.19 | +0.45% | ||
| Dow Jones Industrial Average | 51,863.69 | −185.14 | −0.36% | ||
| Russell 2000as of September 21, 2026 | 2,875.36 | +14.96 | +0.52% | ||
| Cboe Volatility Index | 14.21 | −0.66 | −4.44% | ||
| Treasury yields | |||||
| 3-month Treasury bill | 4.16% | −1 bp | — | ||
| 2-year Treasury | 4.71% | −5 bp | — | ||
| 5-year Treasury | 4.83% | 0 bp | — | ||
| 10-year Treasury | 4.96% | 0 bp | — | ||
| 30-year Treasury | 5.29% | 0 bp | — | ||
| Currencies | |||||
| Euro (EUR/USD) | $1.1463 | −0.0027 | −0.23% | ||
| Japanese yen (USD/JPY) | ¥157.18 | −0.09 | −0.06% | ||
| British pound (GBP/USD) | $1.3363 | −0.0032 | −0.24% | ||
| Chinese yuan (USD/CNY) | 6.7001 | +0.0047 | +0.07% | ||
| Canadian dollar (USD/CAD) | 1.4044 | +0.0040 | +0.29% | ||
| Swiss franc (USD/CHF) | 0.8194 | −0.0020 | −0.24% | ||
| Australian dollar (AUD/USD) | $0.7110 | −0.0027 | −0.38% | ||
| Mexican peso (USD/MXN) | 17.2491 | +0.0574 | +0.33% | ||
| Commodities | |||||
| WTI crude oil | $94.59 | −1.19 | −1.24% | ||
| Brent crude oil | $99.25 | −1.09 | −1.09% | ||
| Natural gas | $2.965 | +0.129 | +4.55% | ||
| Gold | $4,376.40 | −7.50 | −0.17% | ||
| Silver | $65.93 | +0.11 | +0.16% | ||
| Copper | $6.760 | +0.073 | +1.09% | ||
| Digital assets | |||||
| Bitcoin | $86,250 | −147 | −0.17% | ||
Closing levels for September 22, 2026. Yields in percent; changes in basis points (bp). Currencies are ECB reference rates. Commodities are front-month futures settlements.
Worth reading
Selected coverage from other publishers, chosen for relevance to today's markets.
- Stock market today: Dow, S&P 500, Nasdaq fall as 10-year yield surges, markets eye looming Trump-Xi meeting
- Surging yields and big bond losses may offer sizable tax savings opportunity to investors right now
- 10-year Treasury yield leaps to fresh 19-year high after hot economic readings
- Morocco stocks higher at close of trade; Moroccan All Shares up 0.32%
- US stocks fall as 10-year Treasury yield hits highest since 2007
- UK warned over ballooning debt costs and slower growth ahead of Budget
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.