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Nasdaq 26,009 ยท Treasury yields log biggest drop since 2023 banking crisis ‌ ‌ ‌ ‌ ‌
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Stock Mornings
Your weekday pre-market read on US stocks.
Issue #88 ยท Friday, October 23, 2026
Volatility (VIX)  Cautious ยท 19.6  โ–ฒ from 19.0 yesterday
Worth noting  SpaceX (SPCX) moved -9.14% on the day.
Nasdaq fell 2.6% as Treasury yields dropped sharply and tech stocks weakened, while broader market breadth held relatively stable.
 
 

โ—  The Numbers

S&P 5007,663.43  -1.21%
-1.04% this week
Nasdaq Composite26,008.86  -2.60%
-2.64% this week
Dow Jones52,867.98  +0.02%
+1.32% this week
Russell 20002,784.03  +0.11%
+0.61% this week

Before the bell: see how Asia, Europe & US futures traded overnight →

โ—  The Movers

Leaders

AAPL Apple+1.23%
^RUT Russell 2000+0.11%
^DJI Dow Jones+0.02%

Laggards

SPCX SpaceX-9.14%
META Meta-6.98%
AMZN Amazon-4.57%

The day's best and worst of the tracked indices and mega-caps ยท day-over-day change.

โ—  The Read

S&P 500 โ€” description, not prediction

Between its 50-day (7,703.15) and 200-day (7,287.80) averages โ€” a trend in transition. 30-day range 7,551.81โ€“7,818.93; currently in the middle third of that range. RSI(14) 45 โ€” momentum roughly neutral.

See where every market sits on the daily page โ†’

โ—  The Brief

 Treasury yields log biggest drop since 2023 banking crisis

The 10-year Treasury yield fell sharply Thursday, marking its largest single-day decline since the 2023 banking crisis. This shift reflects a potential unwinding of recent rate expectations. (MarketWatch)

 Stock market splits in two as tech slumps despite broad gains

Over 300 S&P 500 stocks rose Thursday even as technology shares fell sharply, creating divergence that may signal shifting investor preferences away from concentrated AI trades. (MarketWatch)

 France credit stress mounts amid debt and political uncertainty

French government borrowing costs have surged due to rising debt levels and political risk, with Moody's scheduled to review France's credit rating Friday after U.S. markets close. (CNBC)

 U.S. oil holds above $100 as Iran tensions escalate

Oil prices remained elevated Thursday amid escalating rhetoric between the U.S. and Iran over oil market manipulation, adding to geopolitical risk factors for markets. (CNBC)

Partner

The charts we read every morning

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Markets 101

Are half-days real?

Yes โ€” around certain holidays (like the day after Thanksgiving and Christmas Eve) US markets close early at 1:00pm ET. Full holidays close the whole day; we skip those mornings.

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Stock Mornings is an educational digest for US readers. Nothing here is financial, investment, tax, or legal advice. Stocks carry risk โ€” you can lose money, and past performance does not predict future results. Some links may be affiliate links; we may earn a commission at no cost to you. Prices via Yahoo Finance, captured shortly before the opening bell.

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