Morning BriefNo. 18
Oil slides 2.3%; stocks rise, led by the Dow
In Friday's session, the Nasdaq Composite added 0.5%, the 10-year Treasury yield held at 5.17%, and gold settled at $4,321.20 an ounce.
- S&P 5007,743.41▲ +0.51%
- Nasdaq27,068.72▲ +0.48%
- Dow51,828.62▲ +0.93%
- 10-yr yield5.17%▼ −1 bp
- EUR/USD$1.1403▲ +0.32%
- Gold$4,321.20▲ +0.54%
- WTI crude$92.41▼ −2.33%
- Bitcoin$84,048▼ −0.50%
Stocks
The broad S&P 500 rose 0.51% to 7,743.41. The tech-heavy Nasdaq Composite advanced 0.48%, and the Dow Jones Industrial Average climbed 0.93% to 51,828.62.
The S&P 500 has gained 13.1% so far in 2026 and stands 0.7% 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, slumped to 14.87, below its long-run average of about 19.4.
Rates
The 10-year Treasury yield ticked lower 1 basis point to 5.17%. The 2-year yield, which tracks expectations for the Fed's policy path more closely, eased 6 basis points to 4.81%.
That left the 10-year yield 36 basis points above the 2-year, a steeper curve than a day earlier. The 3-month Treasury bill yielded 4.24%. The effective federal funds rate — the Fed's main policy rate — stood at 3.88% as of September 24.
Source: U.S. Department of the Treasury, Federal Reserve Bank of St. Louis.
Currencies
The euro climbed 0.32% to $1.1403 in the European Central Bank's daily reference rates, while the dollar dropped 0.79% against the yen to ¥157.59 and the British pound crept higher to $1.3252. Overall, the dollar weakened against five of the nine major currencies we track. The euro has lost 3.0% against the dollar this year.
Commodities and bitcoin
West Texas Intermediate crude slid 2.3% to $92.41 a barrel, while Brent, the international benchmark, sank 2.1% to $104.32 a barrel.
U.S. natural gas futures slid 3.1% to $3.196 per million British thermal units. Gold inched higher 0.5% to $4,321.20 an ounce, and silver gained 1.2% to $64.80 an ounce.
Bitcoin slipped 0.5% to $84,048.
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 Economic Analysis.
Real GDP growth declined to 1.5% in the second quarter from 2.1% in the prior quarter. That is down from 3.8% a year earlier. Over the past 8 years it has ranged from -28.0% (April 2020) to 34.9% (July 2020).
What it measures. The quarterly change in inflation-adjusted gross domestic product, expressed at a seasonally adjusted annual rate.
Why it matters. GDP is the broadest measure of economic output. Two straight negative quarters is a popular rule of thumb for recession, but in the United States the official call is made by the National Bureau of Economic Research using a wider set of indicators.
The numbers
| Instrument | Last | Chg | % | ||
|---|---|---|---|---|---|
| Stocks | |||||
| S&P 500 | 7,743.41 | +39.28 | +0.51% | ||
| Nasdaq Composite | 27,068.72 | +129.35 | +0.48% | ||
| Dow Jones Industrial Average | 51,828.62 | +478.64 | +0.93% | ||
| Russell 2000 | 2,837.55 | +1.98 | +0.07% | ||
| Cboe Volatility Index | 14.87 | −0.80 | −5.11% | ||
| Treasury yields | |||||
| 3-month Treasury bill | 4.24% | 0 bp | — | ||
| 2-year Treasury | 4.81% | −6 bp | — | ||
| 5-year Treasury | 4.98% | −5 bp | — | ||
| 10-year Treasury | 5.17% | −1 bp | — | ||
| 30-year Treasury | 5.49% | +2 bp | — | ||
| Currencies | |||||
| Euro (EUR/USD) | $1.1403 | +0.0036 | +0.32% | ||
| Japanese yen (USD/JPY) | ¥157.59 | −1.26 | −0.79% | ||
| British pound (GBP/USD) | $1.3252 | +0.0033 | +0.25% | ||
| Chinese yuan (USD/CNY) | 6.7132 | +0.0006 | +0.01% | ||
| Canadian dollar (USD/CAD) | 1.4143 | +0.0026 | +0.18% | ||
| Swiss franc (USD/CHF) | 0.8283 | +0.0005 | +0.07% | ||
| Australian dollar (AUD/USD) | $0.7030 | +0.0004 | +0.06% | ||
| Mexican peso (USD/MXN) | 17.6989 | +0.1148 | +0.65% | ||
| Commodities | |||||
| WTI crude oil | $92.41 | −2.20 | −2.33% | ||
| Brent crude oil | $104.32 | −2.28 | −2.14% | ||
| Natural gas | $3.196 | −0.101 | −3.06% | ||
| Gold | $4,321.20 | +23.20 | +0.54% | ||
| Silver | $64.80 | +0.80 | +1.25% | ||
| Copper | $6.766 | −0.024 | −0.35% | ||
| Digital assets | |||||
| Bitcoin | $84,048 | −423 | −0.50% | ||
Closing levels for September 25, 2026. Yields in percent; changes in basis points (bp). Currencies are ECB reference rates. Commodities are front-month futures settlements.
Worth reading
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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.