Morning BriefNo. 53
S&P 500 falls 1.8%; gold slides 3.3%
In Friday's session, the Nasdaq Composite lost 2.9%, the Dow fell 1.1%, the 10-year Treasury yield fell to 4.94%, and WTI crude rose to $104.12 a barrel.
- S&P 5007,580.07▼ −1.82%
- Nasdaq25,437.00▼ −2.86%
- Dow51,770.31▼ −1.09%
- 10-yr yield4.94%▼ −4 bp
- EUR/USD$1.1172▲ +0.38%
- Gold$3,898.90▼ −3.29%
- WTI crude$104.12▲ +2.08%
- Bitcoin$77,191▼ −0.96%
Stocks
The S&P 500 sank 1.82% to 7,580.07, its biggest one-day drop since June 5, 2026. The Nasdaq Composite tumbled 2.86%, and the Dow Jones Industrial Average slid 1.09% to 51,770.31. Smaller companies fared better: the Russell 2000 slumped 1.66%.
The S&P 500 has gained 10.7% so far in 2026 and stands 3.1% below its record close of 7,818.93, set on October 6, 2026. It also crossed below its 50-day moving average, now at 7,697.08. The Cboe Volatility Index, which tracks expected swings in the S&P 500 over the next 30 days, surged to 19.42, close to its long-run average of about 19.4.
Rates
The 10-year Treasury yield fell 4 basis points to 4.94%. The 2-year yield, which tracks expectations for the Fed's policy path more closely, fell 5 basis points to 4.56%.
That left the 10-year yield 38 basis points above the 2-year. Freddie Mac's latest weekly survey put the average 30-year fixed mortgage rate at 7.24% (October 29). The 3-month Treasury bill yielded 4.16%.
Source: U.S. Department of the Treasury, Federal Reserve Bank of St. Louis.
Currencies
The euro climbed 0.38% to $1.1172 in the European Central Bank's daily reference rates, while the dollar fell 0.51% against the yen to ¥157.25 and the British pound rallied to $1.3399. Overall, the dollar weakened against seven of the nine major currencies we track. The biggest move came from the Mexican peso, which fell 0.85% against the dollar.
Commodities and bitcoin
U.S. crude oil (WTI) rallied 2.1% to $104.12 a barrel, while Brent, the international benchmark, rallied 2.4% to $113.43 a barrel.
U.S. natural gas futures sank 1.8% to $2.898 per million British thermal units. Gold sank 3.3% to $3,898.90 an ounce, and silver slumped 5.9% to $49.28 an ounce. Copper, often watched as a barometer of industrial demand, dropped 1.8% to $6.482 a pound.
Bitcoin retreated 1.0% to $77,191.
On the calendar
No major U.S. economic releases are scheduled today.
Coming up
- Tue Nov 310 a.m.Job openings (JOLTS)Bureau of Labor Statistics
- Fri Nov 68:30 a.m.Jobs report (Employment Situation)Bureau of Labor Statistics
- Tue Nov 108:30 a.m.Consumer Price Index (CPI)Bureau of Labor Statistics
Chart of the day
Source: Freddie Mac.
30-year fixed mortgage rate moved down to 7.24% in the week of October 29 from 7.32% in the week before. That is up from 6.17% a year earlier. Over the past 10 years it has ranged from 2.65% (January 2021) to 7.79% (October 2023).
What it measures. The average rate on a 30-year fixed-rate home loan, from Freddie Mac's weekly Primary Mortgage Market Survey.
Why it matters. Mortgage rates drive housing affordability and demand. They tend to track the 10-year Treasury yield plus a spread that reflects lenders' costs and risks.
The numbers
| Instrument | Last | Chg | % | ||
|---|---|---|---|---|---|
| Stocks | |||||
| S&P 500 | 7,580.07 | −140.32 | −1.82% | ||
| Nasdaq Composite | 25,437.00 | −747.72 | −2.86% | ||
| Dow Jones Industrial Average | 51,770.31 | −572.25 | −1.09% | ||
| Russell 2000 | 2,811.84 | −47.38 | −1.66% | ||
| Cboe Volatility Index | 19.42 | +2.22 | +12.91% | ||
| Treasury yields | |||||
| 3-month Treasury bill | 4.16% | −2 bp | — | ||
| 2-year Treasury | 4.56% | −5 bp | — | ||
| 5-year Treasury | 4.71% | −7 bp | — | ||
| 10-year Treasury | 4.94% | −4 bp | — | ||
| 30-year Treasury | 5.31% | −1 bp | — | ||
| Currencies | |||||
| Euro (EUR/USD) | $1.1172 | +0.0042 | +0.38% | ||
| Japanese yen (USD/JPY) | ¥157.25 | −0.81 | −0.51% | ||
| British pound (GBP/USD) | $1.3399 | +0.0082 | +0.62% | ||
| Chinese yuan (USD/CNY) | 6.6529 | −0.0087 | −0.13% | ||
| Canadian dollar (USD/CAD) | 1.3969 | −0.0027 | −0.19% | ||
| Swiss franc (USD/CHF) | 0.8230 | −0.0056 | −0.68% | ||
| Australian dollar (AUD/USD) | $0.7024 | −0.0001 | −0.01% | ||
| Mexican peso (USD/MXN) | 18.9080 | +0.1605 | +0.86% | ||
| Commodities | |||||
| WTI crude oil | $104.12 | +2.12 | +2.08% | ||
| Brent crude oil | $113.43 | +2.63 | +2.37% | ||
| Natural gas | $2.898 | −0.054 | −1.83% | ||
| Gold | $3,898.90 | −132.50 | −3.29% | ||
| Silver | $49.28 | −3.10 | −5.93% | ||
| Copper | $6.482 | −0.120 | −1.83% | ||
| Digital assets | |||||
| Bitcoin | $77,191 | −748 | −0.96% | ||
Closing levels for October 30, 2026. Yields in percent; changes in basis points (bp). Currencies are ECB reference rates. Commodities are front-month futures settlements.
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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.