Morning BriefNo. 3
Oil tops $100 a barrel; 10-year yield climbs to 4.95%, highest since October 2023
In Thursday's session, the Nasdaq Composite lost 0.7%, the Dow fell 0.6%, and gold settled at $4,407.30 an ounce.
This archive edition was compiled from official historical data on September 23, 2026, when Diurna began publishing.
- S&P 5007,591.70▼ −0.58%
- Nasdaq26,081.72▼ −0.65%
- Dow52,064.10▼ −0.60%
- 10-yr yield4.95%▲ +12 bp
- EUR/USD$1.1616▼ −0.31%
- Gold$4,407.30▼ −1.20%
- WTI crude$102.48▲ +6.69%
- Bitcoin$76,665▼ −2.09%
Stocks
The broad S&P 500 fell 0.58% to 7,591.70, its fourth straight decline. The tech-heavy Nasdaq Composite declined 0.65%, and the Dow Jones Industrial Average lost ground 0.60% to 52,064.10.
The S&P 500 has gained 10.9% so far in 2026 and stands 2.7% below its record close of 7,798.99, set on August 13, 2026. It also crossed below its 50-day moving average, now at 7,603.86. The Cboe Volatility Index, which tracks expected swings in the S&P 500 over the next 30 days, surged to 17.84, below its long-run average of about 19.4.
Rates
The 10-year Treasury yield rose 12 basis points to 4.95%, its highest level since October 2023. The 2-year yield climbed 13 basis points to 4.56%. At the long end, the 30-year yield rose to 5.37%.
That left the 10-year yield 39 basis points above the 2-year. The effective federal funds rate — the Fed's main policy rate — stood at 3.63%. In the inflation-protected market, the 10-year real yield was 2.55% and the 10-year breakeven rate — a market-implied gauge of expected inflation — was 2.40%, as of Thursday.
Source: U.S. Department of the Treasury, Federal Reserve Bank of St. Louis.
Currencies
The euro retreated 0.31% to $1.1616 in the European Central Bank's daily reference rates, while the dollar gained 0.59% against the yen to ¥154.18 and the British pound fell to $1.3520. Overall, the dollar strengthened against eight of the nine major currencies we track. The biggest move came from the Swiss franc, which fell 0.60% against the dollar. The euro has lost 1.1% against the dollar this year.
Commodities and bitcoin
WTI crude surged 6.7% to $102.48 a barrel, while Brent, the international benchmark, rocketed 6.3% to $107.63 a barrel.
U.S. natural gas futures inched higher 0.4% to $2.834 per million British thermal units. Gold retreated 1.2% to $4,407.30 an ounce, and silver sank 5.4% to $64.28 an ounce. Copper, often watched as a barometer of industrial demand, tumbled 4.9% to $6.467 a pound.
Bitcoin sank 2.1% to $76,665.
On the calendar
The Bureau of Labor Statistics publishes its real earnings report at 8:30 a.m. ET.
The Bureau of Labor Statistics publishes the Consumer Price Index at 8:30 a.m. ET.
Coming up
- Wed Sep 162 p.m.Fed policy decision + economic projectionsFederal Reserve (FOMC)
- 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
Chart of the day
Source: U.S. Department of Labor.
Initial jobless claims moved down to 206,000 in the week ending September 5 from 207,000 in the week before. That is down from 259,000 a year earlier. Over the past 5 years it has ranged from 189,000 (July 2026) to 375,000 (September 2021).
What it measures. The number of people filing a first claim for state unemployment insurance each week, seasonally adjusted.
Why it matters. Because it arrives every week, claims data is one of the earliest signals that layoffs are picking up or easing — well before the monthly jobs report.
The numbers
| Instrument | Last | Chg | % | ||
|---|---|---|---|---|---|
| Stocks | |||||
| S&P 500 | 7,591.70 | −44.66 | −0.58% | ||
| Nasdaq Composite | 26,081.72 | −171.62 | −0.65% | ||
| Dow Jones Industrial Average | 52,064.10 | −316.56 | −0.60% | ||
| Russell 2000 | 2,890.95 | −30.29 | −1.04% | ||
| Cboe Volatility Index | 17.84 | +1.38 | +8.38% | ||
| Treasury yields | |||||
| 3-month Treasury bill | 4.00% | +5 bp | — | ||
| 2-year Treasury | 4.56% | +13 bp | — | ||
| 5-year Treasury | 4.75% | +14 bp | — | ||
| 10-year Treasury | 4.95% | +12 bp | — | ||
| 30-year Treasury | 5.37% | +9 bp | — | ||
| Currencies | |||||
| Euro (EUR/USD) | $1.1616 | −0.0036 | −0.31% | ||
| Japanese yen (USD/JPY) | ¥154.18 | +0.91 | +0.59% | ||
| British pound (GBP/USD) | $1.3520 | −0.0045 | −0.33% | ||
| Chinese yuan (USD/CNY) | 6.7063 | −0.0015 | −0.02% | ||
| Canadian dollar (USD/CAD) | 1.3816 | +0.0048 | +0.35% | ||
| Swiss franc (USD/CHF) | 0.8120 | +0.0049 | +0.61% | ||
| Australian dollar (AUD/USD) | $0.7185 | −0.0040 | −0.55% | ||
| Mexican peso (USD/MXN) | 16.9435 | +0.0410 | +0.24% | ||
| Commodities | |||||
| WTI crude oil | $102.48 | +6.43 | +6.69% | ||
| Brent crude oil | $107.63 | +6.42 | +6.34% | ||
| Natural gas | $2.834 | +0.012 | +0.43% | ||
| Gold | $4,407.30 | −53.40 | −1.20% | ||
| Silver | $64.28 | −3.66 | −5.38% | ||
| Copper | $6.467 | −0.337 | −4.95% | ||
| Digital assets | |||||
| Bitcoin | $76,665 | −1,639 | −2.09% | ||
Closing levels for September 10, 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.