Morning BriefNo. 2
10-year yield climbs to 4.83%, highest since October 2023; oil climbs 3.2%
In Wednesday's session, the Nasdaq Composite lost 0.6%, the Dow fell 0.8%, and gold settled at $4,460.70 an ounce.
This archive edition was compiled from official historical data on September 23, 2026, when Diurna began publishing.
- S&P 5007,636.36▼ −0.48%
- Nasdaq26,253.34▼ −0.64%
- Dow52,380.66▼ −0.77%
- 10-yr yield4.83%▲ +3 bp
- EUR/USD$1.1652▲ +0.33%
- Gold$4,460.70▲ +0.49%
- WTI crude$96.05▲ +3.25%
- Bitcoin$78,304▼ −0.31%
Stocks
The S&P 500 declined 0.48% to 7,636.36, its third straight decline. The tech-heavy Nasdaq Composite fell 0.64%, and the Dow Jones Industrial Average retreated 0.77% to 52,380.66. Smaller companies lagged: the Russell 2000 slid 1.32%.
The S&P 500 has gained 11.6% so far in 2026 and stands 2.1% 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, soared to 16.46, below its long-run average of about 19.4.
Rates
The 10-year Treasury yield moved up 3 basis points to 4.83%, its highest level since October 2023. The 2-year yield rose 4 basis points to 4.43%. At the long end, the 30-year yield climbed to 5.28%.
That left the 10-year yield 40 basis points above the 2-year. The 3-month Treasury bill yielded 3.95%. The effective federal funds rate — the Fed's main policy rate — stood at 3.63%.
Source: U.S. Department of the Treasury, Federal Reserve Bank of St. Louis.
Currencies
The euro advanced 0.33% to $1.1652 in the European Central Bank's daily reference rates, while the dollar dropped 0.67% against the yen to ¥153.27 and the British pound crept higher to $1.3565. Overall, the dollar weakened against eight of the nine major currencies we track.
Commodities and bitcoin
U.S. crude oil (WTI) advanced 3.2% to $96.05 a barrel, while Brent, the international benchmark, jumped 3.4% to $101.21 a barrel.
U.S. natural gas futures dropped 3.2% to $2.822 per million British thermal units. Gold crept higher 0.5% to $4,460.70 an ounce, and silver climbed 2.5% to $67.94 an ounce.
Bitcoin edged down 0.3% to $78,304.
On the calendar
The Bureau of Labor Statistics publishes the Producer Price Index at 8:30 a.m. ET.
Coming up
- Fri Sep 118:30 a.m.Consumer Price Index (CPI)Bureau of Labor Statistics
- Wed Sep 162 p.m.Fed policy decision + economic projectionsFederal Reserve (FOMC)
- Tue Sep 2910 a.m.Job openings (JOLTS)Bureau of Labor Statistics
Chart of the day
Source: Board of Governors of the Federal Reserve System. Shaded areas indicate U.S. recessions.
Effective federal funds rate was 3.63% in September 9, essentially unchanged from the prior day. That is down from 4.33% a year earlier. Over the past 20 years it has ranged from 0.04% (December 2011) to 5.41% (February 2007).
What it measures. The average interest rate at which banks lend reserves to one another overnight — the rate the Federal Reserve targets with its policy decisions.
Why it matters. Changes in the fed funds rate ripple through to rates on credit cards, auto loans, savings accounts, and bonds, making it the central lever of U.S. monetary policy.
The numbers
| Instrument | Last | Chg | % | ||
|---|---|---|---|---|---|
| Stocks | |||||
| S&P 500 | 7,636.36 | −37.16 | −0.48% | ||
| Nasdaq Composite | 26,253.34 | −168.07 | −0.64% | ||
| Dow Jones Industrial Average | 52,380.66 | −405.41 | −0.77% | ||
| Russell 2000 | 2,921.24 | −38.96 | −1.32% | ||
| Cboe Volatility Index | 16.46 | +0.74 | +4.71% | ||
| Treasury yields | |||||
| 3-month Treasury bill | 3.95% | +1 bp | — | ||
| 2-year Treasury | 4.43% | +4 bp | — | ||
| 5-year Treasury | 4.61% | +4 bp | — | ||
| 10-year Treasury | 4.83% | +3 bp | — | ||
| 30-year Treasury | 5.28% | +3 bp | — | ||
| Currencies | |||||
| Euro (EUR/USD) | $1.1652 | +0.0038 | +0.33% | ||
| Japanese yen (USD/JPY) | ¥153.27 | −1.03 | −0.67% | ||
| British pound (GBP/USD) | $1.3565 | +0.0019 | +0.14% | ||
| Chinese yuan (USD/CNY) | 6.7078 | −0.0027 | −0.04% | ||
| Canadian dollar (USD/CAD) | 1.3768 | −0.0037 | −0.27% | ||
| Swiss franc (USD/CHF) | 0.8071 | −0.0045 | −0.55% | ||
| Australian dollar (AUD/USD) | $0.7225 | +0.0010 | +0.14% | ||
| Mexican peso (USD/MXN) | 16.9025 | −0.0485 | −0.29% | ||
| Commodities | |||||
| WTI crude oil | $96.05 | +3.02 | +3.25% | ||
| Brent crude oil | $101.21 | +3.29 | +3.36% | ||
| Natural gas | $2.822 | −0.094 | −3.22% | ||
| Gold | $4,460.70 | +21.70 | +0.49% | ||
| Silver | $67.94 | +1.65 | +2.48% | ||
| Copper | $6.804 | +0.065 | +0.96% | ||
| Digital assets | |||||
| Bitcoin | $78,304 | −245 | −0.31% | ||
Closing levels for September 9, 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.