Morning BriefNo. 9
10-year yield climbs to 5.01%, highest since July 2007; oil slides 3.2%
In Wednesday's session, the Nasdaq Composite was little changed, the Dow fell 1.2%, and gold settled at $4,387.50 an ounce.
This archive edition was compiled from official historical data on September 23, 2026, when Diurna began publishing.
- S&P 5007,551.81▼ −0.45%
- Nasdaq25,978.42▼ −0.01%
- Dow51,461.90▼ −1.21%
- 10-yr yield5.01%▲ +1 bp
- EUR/USD$1.1537▼ −0.02%
- Gold$4,387.50▲ +1.26%
- WTI crude$102.43▼ −3.21%
- Bitcoin$76,209▲ +0.73%
Stocks
The benchmark S&P 500 declined 0.45% to 7,551.81, its third straight decline. The tech-heavy Nasdaq Composite barely moved, and the Dow Jones Industrial Average dropped 1.21% to 51,461.90.
The S&P 500 has gained 10.3% so far in 2026 and stands 3.2% 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, climbed to 17.71, below its long-run average of about 19.4.
Rates
The 10-year Treasury yield inched higher 1 basis point to 5.01%, its highest level since July 2007. The 2-year yield, which is more sensitive to expectations for Federal Reserve policy, climbed 7 basis points to 4.74%.
That left the 10-year yield 27 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 6.76% (September 10). The 3-month Treasury bill yielded 4.14%.
Source: U.S. Department of the Treasury, Federal Reserve Bank of St. Louis.
Currencies
The euro was little changed at $1.1537 in the European Central Bank's daily reference rates, while the dollar was steady against the yen at ¥155.05 and the British pound edged down to $1.3456. Overall, the dollar strengthened against four of the nine major currencies we track. The euro has lost 1.8% against the dollar this year.
Commodities and bitcoin
West Texas Intermediate crude sank 3.2% to $102.43 a barrel, while Brent, the international benchmark, fell 2.7% to $105.83 a barrel.
U.S. natural gas futures declined 1.0% to $2.891 per million British thermal units. Gold gained 1.3% to $4,387.50 an ounce, and silver advanced 1.7% to $64.29 an ounce.
Bitcoin climbed 0.7% to $76,209.
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: Board of Governors of the Federal Reserve System.
Industrial production growth climbed to 1.4% in August from 1.1% in the prior month. That is up from 1.2% a year earlier. Over the past 10 years it has ranged from -17.3% (April 2020) to 16.6% (April 2021).
What it measures. The 12-month change in the Federal Reserve's index of output at U.S. factories, mines, and utilities.
Why it matters. Industrial output is sensitive to the business cycle and to global demand, so turning points often show up here early.
The numbers
| Instrument | Last | Chg | % | ||
|---|---|---|---|---|---|
| Stocks | |||||
| S&P 500 | 7,551.81 | −33.92 | −0.45% | ||
| Nasdaq Composite | 25,978.42 | −3.15 | −0.01% | ||
| Dow Jones Industrial Average | 51,461.90 | −631.21 | −1.21% | ||
| Russell 2000 | 2,858.81 | −11.48 | −0.40% | ||
| Cboe Volatility Index | 17.71 | +0.51 | +2.97% | ||
| Treasury yields | |||||
| 3-month Treasury bill | 4.14% | +3 bp | — | ||
| 2-year Treasury | 4.74% | +7 bp | — | ||
| 5-year Treasury | 4.86% | +3 bp | — | ||
| 10-year Treasury | 5.01% | +1 bp | — | ||
| 30-year Treasury | 5.35% | −1 bp | — | ||
| Currencies | |||||
| Euro (EUR/USD) | $1.1537 | −0.0002 | −0.02% | ||
| Japanese yen (USD/JPY) | ¥155.05 | +0.05 | +0.03% | ||
| British pound (GBP/USD) | $1.3456 | −0.0027 | −0.20% | ||
| Chinese yuan (USD/CNY) | 6.7071 | −0.0044 | −0.07% | ||
| Canadian dollar (USD/CAD) | 1.3939 | +0.0019 | +0.14% | ||
| Swiss franc (USD/CHF) | 0.8190 | +0.0008 | +0.10% | ||
| Australian dollar (AUD/USD) | $0.7132 | +0.0007 | +0.09% | ||
| Mexican peso (USD/MXN) | 17.1382 | −0.0186 | −0.11% | ||
| Commodities | |||||
| WTI crude oil | $102.43 | −3.40 | −3.21% | ||
| Brent crude oil | $105.83 | −2.92 | −2.69% | ||
| Natural gas | $2.891 | −0.028 | −0.96% | ||
| Gold | $4,387.50 | +54.70 | +1.26% | ||
| Silver | $64.29 | +1.05 | +1.66% | ||
| Copper | $6.431 | +0.063 | +0.99% | ||
| Digital assets | |||||
| Bitcoin | $76,209 | +553 | +0.73% | ||
Closing levels for September 16, 2026. Yields in percent; changes in basis points (bp). Currencies are ECB reference rates. Commodities are front-month futures settlements.
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.