US Market Wrap 10 September: Nasdaq 100 Falls 1.08 Percent as Brent Tops 108 and Yields Jump

By The Edge Research Team

Wall Street fell again on Thursday, the Dow and the S&P 500 for a fourth consecutive session, as crude oil rose about 7 percent, the Treasury curve jumped along its length and producer prices accelerated. The Nasdaq 100 was the weakest major, down 1.08 percent to 29,103.51, its deepest fall of the 3 day decline, on our calculation against our published closes, while the Dow Jones Industrial Average lost 316.56 points, or 0.60 percent, to 52,064.10, the S&P 500 fell 0.58 percent to 7,591.70 and the Nasdaq Composite 0.65 percent to 26,081.73; the small cap Russell 2000 closed 1.04 percent lower at 2,890.95. Brent for November traded at 108.27 dollars a barrel at our 20:20 GMT capture, 6.98 percent above Wednesday’s settlement on our calculation, after settling at 107.63 dollars, the highest close since 19 May, per CNBC, and the Treasury’s official 10 year par yield rose 12 basis points to 4.95 percent, with the 2 year up 13 basis points to 4.56 percent, moves larger than any in our published Treasury tables, which begin on 2 September. Only 2 of the 11 S&P 500 sectors rose, and energy was not among them.

4 straight losses, and 1,350 Dow points since 4 September

The Dow’s 316.56 point decline follows falls of 628.18 and 405.41 points on Tuesday and Wednesday, so the average has lost 1,350.15 points, or 2.53 percent, over the 3 sessions since its 4 September close of 53,414.25, on our calculation against our published closes, and Thursday was its fourth consecutive decline counting the 0.51 percent fall on 4 September itself. The S&P 500 has also fallen 4 sessions running, Thursday’s 0.58 percent matching Tuesday’s, and is 1.64 percent below its 4 September close, on our count and calculation from our published closes; CNBC’s live coverage noted that consumer staples was the best performing sector in early trading. The technology end of the tape, which had held up best on Tuesday and Wednesday, gave way: the Nasdaq 100 fell 1.08 percent after slips of 0.12 and 0.29 percent, its deepest fall in a 3 session decline that followed a 0.21 percent gain on 4 September, and is 1.49 percent below that 4 September close of 29,544.16, on our calculation. One large cap went the other way: Apple rose 3.56 percent to 326.57 dollars on the vendor’s quote, the day after it priced the iPhone Duo at 1,999 dollars, per our article of 9 September, a starting price the same coverage said analysts liked because it came in below estimates that ran as high as 2,500 dollars.

2 sectors rose, and energy fell with oil at 108

Communication services rose 0.25 percent and consumer staples 0.24 percent; the other 9 sectors fell. Materials led the decline at minus 1.48 percent, with copper miners weak, Freeport-McMoRan down 6.59 percent on the vendor’s quote after copper prices fell, per the same coverage, which had flagged the miners before the open. Utilities lost 1.00 percent, information technology 0.94 percent and real estate 0.87 percent, the rate sensitive groups again among the weakest as the curve rose. Energy fell 0.42 percent on a day Brent gained about 7 percent, a divergence we report as a price fact without attributing a cause; the energy group had risen 1.09 percent on Wednesday and 1.01 percent on Tuesday, per our published sector tables, so Thursday’s slip came after 2 sessions of gains.

The curve jumps as producer prices accelerate

The Treasury’s official par curve for 10 September rose by double digit basis points at every coupon maturity except the 30 year: the 2 year to 4.56 percent, up 13 basis points from Wednesday, the 3 year to 4.63, up 14, the 5 year to 4.75, up 14, the 10 year to 4.95, up 12, and the 30 year to 5.37, up 9, on our comparison of the 10 and 9 September rows. The 1 year rose 11 basis points to 4.28 percent, the 7 year 13 to 4.84 and the 20 year 11 to 5.39, the highest point on the curve, and the 1 month bill rose 10 basis points to 3.91 percent. Over the 3 sessions since the 4 September close, the 2 year is up 19 basis points, the 5 year 21, the 10 year 17 and the 30 year 13, on our calculation. Earlier in the session the same coverage reported the 10 year at 4.867 percent, its highest since November 2023, and the 2 year at 4.449 percent, its highest since July 2024, on the vendor’s intraday quotes, which are a different series from the Treasury’s par curve. The Bureau of Labor Statistics’ producer price index for final demand rose 0.4 percent in August, seasonally adjusted, after 0.1 percent in July, and 5.4 percent over 12 months on an unadjusted basis, with final demand goods up 1.1 percent on a 4.2 percent rise in energy prices, diesel fuel alone up 24.1 percent, and services up 0.1 percent; the index excluding foods, energy and trade services rose 0.3 percent on the month and 4.7 percent on the year, per the release. The Treasury bought back 5.19 billion dollars of long dated securities on Thursday in an operation capped at 6 billion dollars, per the same coverage, and the long end still rose.

Oil, gold, the dollar and volatility

Brent for November traded at 108.27 dollars at 20:20 GMT and West Texas Intermediate for October at 102.94 dollars, 6.98 and 7.17 percent above Wednesday’s settlements on our calculation, post close snapshots above the 107.74 and 102.58 dollar captures in our commodities wrap of 10 September, which attributed the rally to concern over a possible supply disruption through the Strait of Hormuz. Gold for December fell 2.16 percent to 4,364.20 dollars against Wednesday’s settlement, part of a metals rout in which silver lost 6.4 percent, per the same wrap. The dollar index rose 0.29 percent to 99.10 on the vendor’s daily basis and bitcoin fell 1.15 percent to 77,313 dollars. The Cboe Volatility Index closed at 17.84, up 8.38 percent, its fourth consecutive rise on our count from our published wraps, and 22.8 percent above the 14.53 close of 4 September, on our calculation. Elsewhere on Thursday, 7 of the 10 Asian benchmarks fell with the Hang Seng down 1.27 percent, 10 of the 11 European benchmarks fell after the European Central Bank’s 25 basis point increase with none down as much as 1 percent, and the Gulf and Egypt were mixed with 8 of 13 benchmarks higher, per our Asia, Europe and Middle East wraps of 10 September.

Closes for Thursday 10 September 2026, ranked by change, from the vendor’s reads at 20:09 and 20:20 GMT after the 20:00 GMT cash close; the Dow, S&P 500, Nasdaq Composite and Nasdaq 100 are identical across the 2 reads, and the Russell 2000 carries the 20:20 GMT value, unchanged on a 20:21 GMT repeat read. Every change reconciles against our own published closes of 9 September.

The 11 S&P 500 sectors ranked continuously, gainers then decliners, from the 20:20 GMT read, identical to the 20:09 GMT read. 2 rose and 9 fell.

The Treasury’s official daily par yield curve for 10 and 9 September 2026, read at 20:11 GMT; the Treasury derives the curve from indicative bid side quotations at about 19:30 GMT in US summer time, and the changes are ours. Omitted maturities on 10 September: 1 month 3.91 percent, 1 year 4.28, 7 year 4.84 and 20 year 5.39.

Intraday quotes captured at 20:20 GMT, ranked by change. Brent, WTI and gold are post settlement snapshots measured against Wednesday’s exchange settlements (101.21, 96.05 and 4,460.70 dollars); the ICE Brent settlement for Thursday was 107.63 dollars, per the vendor’s report, and our commodities wrap of 10 September carries the settlement window captures. The VIX carries its 20:15 GMT final print; the dollar index and bitcoin are on the vendor’s daily basis.

Why it matters: Thursday was the first of the 3 sessions in which the technology end of the market fell hardest, and it coincided with the day the curve moved most: the Nasdaq 100’s 1.08 percent decline came with 12 to 14 basis point rises across the 2 to 10 year maturities and a 10 year par yield of 4.95 percent, the highest in our published tables, whereas Tuesday’s decline was led by the Dow and Wednesday’s by the Russell 2000, with the growth index barely moving on either day. The producer price report gave the bond market a reason, on our reading: a 0.4 percent monthly rise with energy up 4.2 percent and diesel up 24.1 percent shows the energy shock already in August’s pipeline of prices, before this week’s further jump in crude, which is a September story; Friday’s consumer price index is also an August reading. The equity board contained 2 signals that the shock is not being priced as an energy trade alone: energy fell despite Brent’s rise, and consumer staples, a defensive group, and communication services were the only risers. On our reading, the board is consistent with rate and risk pressure across the market outweighing the direct support that a 7 percent oil rally would otherwise give the energy sector, and the volatility index’s fourth straight rise, to 17.84, points the same way.

Outlook: Friday’s consumer price index is the last inflation print before the Federal Reserve meets on 15 and 16 September, and Thursday’s producer prices, with the energy component visible in the goods index, set the frame for it; both are August readings, so this week’s rise in crude is a question for the September data rather than for Friday’s. The curve enters the print with the 2 year at 4.56 percent and the 10 year at 4.95, up 19 and 17 basis points on the week to date, and with Brent settling above 107 dollars, the energy line of Friday’s index is the number the rates market is positioned for. The Bank of Japan meets on 17 and 18 September, per our Week Ahead of 6 September. For equities the test is whether the Nasdaq 100 keeps leading the declines: the 3 sessions since the 4 September close have taken the Dow down 2.53 percent inside a 4 session losing run, and Thursday moved the pressure to the index that had absorbed the least of it.

Sources: CNBC, US Department of the Treasury, Bureau of Labor Statistics, The Edge.

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