Morning BriefNo. 37
S&P 500 slides 1.1%; 10-year yield slips to 5.19%
In Wednesday's session, the Nasdaq Composite lost 1.9%, the Dow fell 0.1%, gold settled at $4,107.90 an ounce, and WTI crude rose to $95.09 a barrel.
- S&P 5007,718.94▼ −1.11%
- Nasdaq26,692.87▼ −1.88%
- Dow51,621.48▼ −0.09%
- 10-yr yield5.19%▼ −2 bp
- EUR/USD$1.1195▲ +0.06%
- Gold$4,107.90▼ −1.66%
- WTI crude$95.09▲ +1.01%
- Bitcoin$81,694▼ −1.76%
Stocks
The S&P 500 fell 1.11% to 7,718.94, its third straight decline and its biggest one-day drop since July 29, 2026. The tech-heavy Nasdaq Composite slumped 1.88%, and the Dow Jones Industrial Average dipped 0.09% to 51,621.48. Smaller companies lagged: the Russell 2000 sank 1.93%.
The S&P 500 has gained 12.8% so far in 2026 and stands 1.3% below its record close of 7,818.93, set on October 6, 2026. The Cboe Volatility Index, which tracks expected swings in the S&P 500 over the next 30 days, soared to 16.87, below its long-run average of about 19.4.
Rates
The 10-year Treasury yield slipped 2 basis points to 5.19%. The 2-year yield, which tracks expectations for the Fed's policy path more closely, climbed 3 basis points to 4.82%. At the long end, the 30-year yield fell to 5.52%.
That left the 10-year yield 37 basis points above the 2-year, a flatter curve than a day earlier. Freddie Mac's latest weekly survey put the average 30-year fixed mortgage rate at 7.40% (October 8). The 3-month Treasury bill yielded 4.28%.
Source: U.S. Department of the Treasury, Federal Reserve Bank of St. Louis.
Currencies
The euro inched higher 0.06% to $1.1195 in the European Central Bank's daily reference rates, while the dollar crept higher 0.21% against the yen to ¥158.45 and the British pound edged up to $1.3267. Overall, the dollar weakened against five of the nine major currencies we track. The biggest move came from the Australian dollar, which rose 0.46% against the dollar.
Commodities and bitcoin
U.S. crude oil (WTI) climbed 1.0% to $95.09 a barrel, while Brent, the international benchmark, inched higher 0.4% to $106.06 a barrel.
U.S. natural gas futures fell 2.6% to $3.198 per million British thermal units. Gold fell 1.7% to $4,107.90 an ounce, and silver plunged 6.1% to $55.88 an ounce. Copper, often watched as a barometer of industrial demand, declined 1.0% to $6.661 a pound.
Bitcoin lost ground 1.8% to $81,694.
On the calendar
The Bureau of Labor Statistics publishes the Producer Price Index at 8:30 a.m. ET.
Coming up
- Wed Oct 282 p.m.Fed policy decisionFederal Reserve (FOMC)
- Thu Oct 298:30 a.m.GDP (advance estimate)Bureau of Economic Analysis
- Thu Oct 298:30 a.m.Personal income and spending (PCE inflation)Bureau of Economic Analysis
Chart of the day
Source: Federal Reserve Bank of St. Louis.
10-year breakeven inflation rate rose to 2.35% in October 14 from 2.33% in the prior session. That is up from 2.27% a year earlier. Over the past 10 years it has ranged from 0.50% (March 2020) to 3.02% (April 2022).
What it measures. The difference between the 10-year nominal Treasury yield and the 10-year TIPS yield.
Why it matters. It is a market-based estimate of average inflation over the next decade. Investors watch it to judge whether inflation expectations remain anchored near the Federal Reserve's 2% goal.
The numbers
| Instrument | Last | Chg | % | ||
|---|---|---|---|---|---|
| Stocks | |||||
| S&P 500 | 7,718.94 | −86.51 | −1.11% | ||
| Nasdaq Composite | 26,692.87 | −511.51 | −1.88% | ||
| Dow Jones Industrial Average | 51,621.48 | −48.62 | −0.09% | ||
| Russell 2000 | 2,729.53 | −53.84 | −1.93% | ||
| Cboe Volatility Index | 16.87 | +1.60 | +10.48% | ||
| Treasury yields | |||||
| 3-month Treasury bill | 4.28% | +2 bp | — | ||
| 2-year Treasury | 4.82% | +3 bp | — | ||
| 5-year Treasury | 5.00% | 0 bp | — | ||
| 10-year Treasury | 5.19% | −2 bp | — | ||
| 30-year Treasury | 5.52% | −4 bp | — | ||
| Currencies | |||||
| Euro (EUR/USD) | $1.1195 | +0.0007 | +0.06% | ||
| Japanese yen (USD/JPY) | ¥158.45 | +0.33 | +0.21% | ||
| British pound (GBP/USD) | $1.3267 | +0.0020 | +0.15% | ||
| Chinese yuan (USD/CNY) | 6.6927 | −0.0011 | −0.02% | ||
| Canadian dollar (USD/CAD) | 1.4219 | −0.0022 | −0.15% | ||
| Swiss franc (USD/CHF) | 0.8334 | +0.0011 | +0.13% | ||
| Australian dollar (AUD/USD) | $0.7010 | +0.0032 | +0.46% | ||
| Mexican peso (USD/MXN) | 18.3653 | +0.0305 | +0.17% | ||
| Commodities | |||||
| WTI crude oil | $95.09 | +0.95 | +1.01% | ||
| Brent crude oil | $106.06 | +0.37 | +0.35% | ||
| Natural gas | $3.198 | −0.085 | −2.59% | ||
| Gold | $4,107.90 | −69.40 | −1.66% | ||
| Silver | $55.88 | −3.65 | −6.13% | ||
| Copper | $6.661 | −0.066 | −0.97% | ||
| Digital assets | |||||
| Bitcoin | $81,694 | −1,466 | −1.76% | ||
Closing levels for October 14, 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.
- Morocco stocks lower at close of trade; Moroccan All Shares down 0.01%
- Treasury yields slide as investors flee to safety of bonds amid tech rout
- Analysis: Why a $2 trillion deficit and 5% Treasury yields are becoming America's biggest economic challenge
- Homeownership Drifts Further Out of Reach as Mortgage Rates Rise
- Traders pile into bonds and defensive stocks as the ‘tech wreck’ picks up steam
- U.S. stocks mixed as tech softness and hot PPI offset by slide in Treasury yields
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.