No. 14

Latest close: Tue, Sep 22

DiurnaFinance

The daily record of markets & money

Morning BriefNo. 4

10-year yield climbs to 4.96%, highest since October 2023; oil slides 2.4%

In Friday's session, the Nasdaq Composite added 1.0%, the Dow rose 1.0%, and gold held at $4,408.90 an ounce.

This archive edition was compiled from official historical data on September 23, 2026, when Diurna began publishing.

Stocks

The broad S&P 500 jumped 0.86% to 7,656.98. The Nasdaq Composite jumped 0.96%, and the Dow Jones Industrial Average advanced 0.98% to 52,573.29.

The S&P 500 has gained 11.9% so far in 2026 and stands 1.8% below its record close of 7,798.99, set on August 13, 2026. It also crossed above its 50-day moving average, now at 7,607.34. The Cboe Volatility Index, which tracks expected swings in the S&P 500 over the next 30 days, tumbled to 15.84, below its long-run average of about 19.4.

Rates

The 10-year Treasury yield edged up 1 basis point to 4.96%, its highest level since October 2023. The 2-year yield, which tracks expectations for the Fed's policy path more closely, climbed 7 basis points to 4.63%.

That left the 10-year yield 33 basis points above the 2-year, a flatter curve than a day earlier. In the inflation-protected market, the 10-year real yield was 2.60% and the 10-year breakeven rate — a market-implied gauge of expected inflation — was 2.36%, as of Friday. Freddie Mac's latest weekly survey put the average 30-year fixed mortgage rate at 6.76% (September 10).

U.S. Treasury yield curveYield by maturity
September 11, 2026One month earlier (Aug 12)One year earlier (Sep 11)

Source: U.S. Department of the Treasury, Federal Reserve Bank of St. Louis.

Currencies

The euro eased 0.21% to $1.1592 in the European Central Bank's daily reference rates, while the dollar dipped 0.09% against the yen to ¥154.04 and the British pound slipped to $1.3508. Overall, the dollar strengthened against eight of the nine major currencies we track. The biggest move came from the Swiss franc, which fell 0.41% against the dollar.

Commodities and bitcoin

U.S. crude oil (WTI) fell 2.4% to $100.05 a barrel, while Brent, the international benchmark, slid 2.8% to $104.61 a barrel.

Gold was little changed at $4,408.90 an ounce, and silver edged up 0.4% to $64.55 an ounce. Copper, often watched as a barometer of industrial demand, held at $6.470 a pound.

Bitcoin gained 0.8% to $77,277.

On the calendar

No major U.S. economic releases are scheduled today.

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

High-yield corporate bond spread2.65 percentage points · September 11

Source: ICE Data Indices via FRED.

High-yield corporate bond spread declined to 2.65 percentage points in September 11 from 2.70 percentage points in the prior session. That is down from 2.79 percentage points a year earlier. Over the past 3 years it has ranged from 2.59 percentage points (January 2025) to 4.61 percentage points (April 2025).

What it measures. The extra yield investors demand to hold below-investment-grade corporate bonds rather than Treasuries, measured by the ICE BofA US High Yield Index option-adjusted spread.

Why it matters. Credit spreads widen when investors worry about defaults and narrow when appetite for risk is strong, making them a real-time gauge of financial stress.

The numbers

InstrumentLastChg%YTD52-wk range
Stocks
S&P 500 7,656.98 +65.28 +0.86% +11.9%
Nasdaq Composite 26,333.04 +251.32 +0.96% +13.3%
Dow Jones Industrial Average 52,573.29 +509.19 +0.98% +9.4%
Russell 2000 2,903.94 +12.99 +0.45% +17.0%
Cboe Volatility Index 15.84 −2.00 −11.21% +6.0%
Treasury yields
3-month Treasury bill 4.07% +7 bp +40 bp
2-year Treasury 4.63% +7 bp +116 bp
5-year Treasury 4.78% +3 bp +105 bp
10-year Treasury 4.96% +1 bp +78 bp
30-year Treasury 5.35% −2 bp +51 bp
Currencies
Euro (EUR/USD) $1.1592 −0.0024 −0.21% −1.3%
Japanese yen (USD/JPY) ¥154.04 −0.14 −0.09% −1.7%
British pound (GBP/USD) $1.3508 −0.0012 −0.09% +0.3%
Chinese yuan (USD/CNY) 6.7082 +0.0019 +0.03% −4.2%
Canadian dollar (USD/CAD) 1.3858 +0.0042 +0.30% +1.2%
Swiss franc (USD/CHF) 0.8153 +0.0033 +0.41% +2.9%
Australian dollar (AUD/USD) $0.7173 −0.0012 −0.17% +7.3%
Mexican peso (USD/MXN) 16.9771 +0.0336 +0.20% −5.5%
Commodities
WTI crude oil $100.05 −2.43 −2.37% +74.2%
Brent crude oil $104.61 −3.02 −2.81% +71.9%
Natural gas $2.831 −0.003 −0.11% −23.2%
Gold $4,408.90 +1.60 +0.04% +1.6%
Silver $64.55 +0.27 +0.42% −8.0%
Copper $6.470 +0.003 +0.04% +14.9%
Digital assets
Bitcoin $77,277 +612 +0.80% −11.9%

Closing levels for September 11, 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.