Week in ReviewNo. 54
Week in review: S&P 500 falls 0.6%, its third straight weekly decline
A look back at the week of October 26 across stocks, bonds, currencies and commodities — plus the economic calendar for the week ahead.
- S&P 5007,580.07▼ −0.57%
- Nasdaq25,437.00▼ −2.00%
- Dow51,770.31▼ −0.85%
- 10-yr yield4.94%▼ −6 bp
- EUR/USD$1.1172▼ −0.19%
- Gold$3,898.90▼ −2.72%
- WTI crude$104.12▲ +0.82%
- Bitcoin$77,191▼ −4.73%
Stocks
The S&P 500 fell 0.57% over the five sessions ended Friday, closing at 7,580.07 — its third consecutive weekly loss. Elsewhere, the Nasdaq Composite lost 2.00%, the Dow shed 0.85%, and the small-cap Russell 2000 rose 1.29%. The week's best day for the S&P 500 was Monday (+0.70%); its worst was Friday (−1.82%). For 2026, it is up 10.7%.
Rates
The 10-year Treasury yield fell 6 basis points on the week at 4.94%. The 2-year yield declined 13 basis points to 4.56%. The gap between the two stood at 38 basis points, with the curve upward-sloping.
Currencies and commodities
The euro lost 0.19% against the dollar for the week, to $1.1172, while the dollar rose 0.29% against the yen. In commodities, WTI crude rose 0.8% to $104.12 a barrel and gold lost 2.7% to $3,898.90 an ounce. Bitcoin fell 4.7% over the seven days to $77,191.
One month at a glance
S&P 500
7,580.07
−1.2% 1 mo
Nasdaq
25,437.00
−5.1% 1 mo
10-yr
4.94%
−32 bp 1 mo
Euro
$1.1172
−1.6% 1 mo
WTI crude oil
$104.12
+16.5% 1 mo
Gold
$3,898.90
−6.7% 1 mo
The week in numbers
| Instrument | Last | Week chg | Week % | ||
|---|---|---|---|---|---|
| Stocks | |||||
| S&P 500 | 7,580.07 | −43.61 | −0.57% | ||
| Nasdaq Composite | 25,437.00 | −518.34 | −2.00% | ||
| Dow Jones Industrial Average | 51,770.31 | −444.85 | −0.85% | ||
| Russell 2000 | 2,811.84 | +35.94 | +1.29% | ||
| Cboe Volatility Index | 19.42 | −0.03 | −0.15% | ||
| Treasury yields | |||||
| 3-month Treasury bill | 4.16% | −6 bp | — | ||
| 2-year Treasury | 4.56% | −13 bp | — | ||
| 5-year Treasury | 4.71% | −11 bp | — | ||
| 10-year Treasury | 4.94% | −6 bp | — | ||
| 30-year Treasury | 5.31% | −2 bp | — | ||
| Currencies | |||||
| Euro (EUR/USD) | $1.1172 | −0.0021 | −0.19% | ||
| Japanese yen (USD/JPY) | ¥157.25 | +0.45 | +0.29% | ||
| British pound (GBP/USD) | $1.3399 | +0.0031 | +0.23% | ||
| Chinese yuan (USD/CNY) | 6.6529 | −0.0173 | −0.26% | ||
| Canadian dollar (USD/CAD) | 1.3969 | −0.0026 | −0.19% | ||
| Swiss franc (USD/CHF) | 0.8230 | −0.0014 | −0.17% | ||
| Australian dollar (AUD/USD) | $0.7024 | +0.0002 | +0.03% | ||
| Mexican peso (USD/MXN) | 18.9080 | +0.1257 | +0.67% | ||
| Commodities | |||||
| WTI crude oil | $104.12 | — | +0.82% | ||
| Brent crude oil | $113.43 | — | +0.76% | ||
| Natural gas | $2.898 | — | −1.45% | ||
| Gold | $3,898.90 | — | −2.72% | ||
| Silver | $49.28 | — | −8.66% | ||
| Copper | $6.482 | — | −0.39% | ||
| Digital assets | |||||
| Bitcoin | $77,191 | −3,835 | −4.73% | ||
Weekly changes from the prior Friday's close. Yields in percent; changes in basis points (bp). Currencies are ECB reference rates. Commodities are front-month futures settlements.
The week ahead
- Tue Nov 310 a.m.Job openings (JOLTS)Bureau of Labor Statistics
- Wed Nov 48:30 a.m.Trade balanceBureau of Economic Analysis
- Thu Nov 58:30 a.m.Productivity and costsBureau of Labor Statistics
- Fri Nov 68:30 a.m.Jobs report (Employment Situation)Bureau of Labor Statistics
Times are Eastern. Schedules from the BLS, BEA and Federal Reserve; see the full economic calendar.
Chart of the week
Source: Board of Governors of the Federal Reserve System.
Federal Reserve balance sheet moved down to $6.75 trillion in the week of October 28 from $6.75 trillion in the week before. That is up from $6.59 trillion a year earlier. Over the past 12 years it has ranged from $3.76 trillion (August 2019) to $8.97 trillion (April 2022).
What it measures. The total assets held by the Federal Reserve, reported weekly — mostly Treasury securities and mortgage-backed securities.
Why it matters. The balance sheet grows when the Fed buys bonds (quantitative easing) and shrinks when it lets them mature without replacement (quantitative tightening), which influences long-term interest rates and liquidity across markets.
Worth reading
Selected coverage from other publishers, chosen for relevance to today's markets.
- Everything changed for the oil, AI and bond trades over the past month
- You should pick your credit card perks like Warren Buffett picks his stocks, TD Bank exec says
- Saudi Arabia stocks lower at close of trade; Tadawul All Share down 0.84%
- The midterm election could reshape the muni bond market. Here’s what investors need to know
- China’s BYD extends sales growth streak on strong exports
- Anthropic’s potential $2 trillion IPO could turn staff into millionaires—but the AI firm is asking candidates what they’d do if stock fell to zero
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.