Morning BriefNo. 58
Oil tumbles 8.3%; S&P 500 rallies 1.6%
In Wednesday's session, the Nasdaq Composite added 1.4%, the Dow rose 3.0%, the 10-year Treasury yield fell to 4.90%, and gold settled at $4,073.00 an ounce.
- S&P 5007,688.62▲ +1.58%
- Nasdaq25,736.51▲ +1.44%
- Dow53,356.12▲ +3.03%
- 10-yr yield4.90%▼ −5 bp
- EUR/USD$1.1267▲ +0.79%
- Gold$4,073.00▲ +3.37%
- WTI crude$88.12▼ −8.29%
- Bitcoin$80,420▲ +4.53%
Stocks
The S&P 500 climbed 1.58% to 7,688.62, its biggest one-day gain since August 4, 2026. The tech-heavy Nasdaq Composite advanced 1.44%, and the Dow Jones Industrial Average surged 3.03% to 53,356.12. Smaller companies fared better: the Russell 2000 rallied 1.58%.
The S&P 500 has gained 12.3% so far in 2026 and stands 1.7% 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, plunged to 16.61, below its long-run average of about 19.4.
Rates
The 10-year Treasury yield fell 5 basis points to 4.90%. The 2-year yield, which tracks expectations for the Fed's policy path more closely, declined 3 basis points to 4.58%. At the long end, the 30-year yield eased to 5.28%.
That left the 10-year yield 32 basis points above the 2-year. The 3-month Treasury bill yielded 4.21%. The effective federal funds rate — the Fed's main policy rate — stood at 3.88% as of November 3.
Source: U.S. Department of the Treasury, Federal Reserve Bank of St. Louis.
Currencies
The euro jumped 0.79% to $1.1267 in the European Central Bank's daily reference rates, while the dollar was steady against the yen at ¥158.25 and the British pound rallied to $1.3500. Overall, the dollar weakened against seven of the nine major currencies we track.
Commodities and bitcoin
WTI crude tumbled 8.3% to $88.12 a barrel, while Brent, the international benchmark, tumbled 8.7% to $94.62 a barrel.
U.S. natural gas futures rallied 2.2% to $2.959 per million British thermal units. Gold advanced 3.4% to $4,073.00 an ounce, and silver jumped 5.1% to $52.28 an ounce. Copper, often watched as a barometer of industrial demand, edged up 0.4% to $6.429 a pound.
Bitcoin surged 4.5% to $80,420.
On the calendar
The Bureau of Labor Statistics publishes productivity and labor-cost data at 8:30 a.m. ET.
Coming up
- 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
- Fri Nov 138:30 a.m.Producer Price Index (PPI)Bureau of Labor Statistics
Chart of the day
Source: Board of Governors of the Federal Reserve System.
Broad trade-weighted U.S. dollar index climbed to 121.7 in October 27 from 121.6 in the prior session. That is about the same as 121.4 a year earlier. Over the past 10 years it has ranged from 106.5 (February 2018) to 130.0 (January 2025).
What it measures. The Federal Reserve's index of the dollar's value against the currencies of a broad group of U.S. trading partners, weighted by trade.
Why it matters. A stronger dollar makes imports cheaper and U.S. exports less competitive, and it tightens financial conditions for companies and governments abroad that borrow in dollars.
The numbers
| Instrument | Last | Chg | % | ||
|---|---|---|---|---|---|
| Stocks | |||||
| S&P 500 | 7,688.62 | +119.70 | +1.58% | ||
| Nasdaq Composite | 25,736.51 | +364.50 | +1.44% | ||
| Dow Jones Industrial Average | 53,356.12 | +1,569.40 | +3.03% | ||
| Russell 2000 | 2,856.95 | +44.50 | +1.58% | ||
| Cboe Volatility Index | 16.61 | −4.22 | −20.26% | ||
| Treasury yields | |||||
| 3-month Treasury bill | 4.21% | 0 bp | — | ||
| 2-year Treasury | 4.58% | −3 bp | — | ||
| 5-year Treasury | 4.69% | −5 bp | — | ||
| 10-year Treasury | 4.90% | −5 bp | — | ||
| 30-year Treasury | 5.28% | −4 bp | — | ||
| Currencies | |||||
| Euro (EUR/USD) | $1.1267 | +0.0088 | +0.79% | ||
| Japanese yen (USD/JPY) | ¥158.25 | −0.04 | −0.03% | ||
| British pound (GBP/USD) | $1.3500 | +0.0089 | +0.66% | ||
| Chinese yuan (USD/CNY) | 6.6723 | 0.0000 | 0.00% | ||
| Canadian dollar (USD/CAD) | 1.3935 | −0.0040 | −0.29% | ||
| Swiss franc (USD/CHF) | 0.8155 | −0.0045 | −0.54% | ||
| Australian dollar (AUD/USD) | $0.7015 | +0.0031 | +0.45% | ||
| Mexican peso (USD/MXN) | 18.6465 | +0.0491 | +0.26% | ||
| Commodities | |||||
| WTI crude oil | $88.12 | −7.97 | −8.29% | ||
| Brent crude oil | $94.62 | −8.98 | −8.67% | ||
| Natural gas | $2.959 | +0.064 | +2.21% | ||
| Gold | $4,073.00 | +132.60 | +3.37% | ||
| Silver | $52.28 | +2.53 | +5.08% | ||
| Copper | $6.429 | +0.027 | +0.42% | ||
| Digital assets | |||||
| Bitcoin | $80,420 | +3,486 | +4.53% | ||
Closing levels for November 4, 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.