Summary

Equities fell across the board this week, with the Dow leading the decline at −3.02%, the S&P 500 off −2.01%, and the Nasdaq down −1.89%, while the 10-year Treasury yield jumped +19 basis points to 4.96%. On the economic data, August nonfarm payrolls added +162,000 jobs, well above the +55,000 estimate, with July revised up to +21,000 and unemployment steady at 4.1%. Inflation ran hot, as producer prices rose +0.4% month over month and +5.4% year over year on higher energy and goods costs, while housing stayed soft with existing home sales down −2% in August. On policy, traders raised their bets on a Fed rate hike after hot inflation data, and with the FOMC meeting set for next Wednesday, markets are pricing in a 72% chance of a hike and nearly 2 hikes by year-end. On the corporate side, Taiwan Semiconductor (TSM) slipped −1.7% even as August revenue rose +53% year over year on strong AI demand, while American Eagle (AEO) fell nearly −14% on soft flagship comparable sales and Macy’s (M) dropped −4.7% as its third-quarter guide overshadowed a strong Q2. Commodities were mostly negative, with spot gold and silver down −2.5% and −3.9% as rate hike odds rose. WTI crude jumped over +12% past $100 per barrel on a sharp escalation in the US-Iran conflict. Bitcoin fell −3.1%, and the dollar slipped −0.1%.

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10-Year Treasury Yield

• Current Rate: 4.96% (as of September 10, 2026) 
• Week-to-Date Movement: +19bps (from 4.77% on September 3, 2026) 

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Major U.S. Equity Indices Performance

• S&P 500: 7,747.71 → 7,591.70 (-2.01% WTD)  
• Dow Jones Industrial Avg: 53,686.11 → 52,064.10 (-3.02% WTD)  
• Nasdaq Composite: 26,584.06 → 26,081.72 (-1.89% WTD)

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Notable Market Events

Macroeconomic Data: 

At the end of last week, August nonfarm payrolls showed the US economy added +162,000 jobs, beating the +55,000 estimate. July’s initial −23,000 was revised up to +21,000. The unemployment rate held at 4.1%, in line with expectations. On housing, MBA mortgage applications fell −2.7% for the week ending September 5th after rising +0.8% the week prior. Existing home sales fell −2% month over month in August, a 3rd straight monthly decline. Producer prices rose +0.4% month over month and +5.4% year over year in August, with energy and goods driving the increase.    

Economic Policy: 

Traders raised their expectations for a Federal Reserve rate hike after hotter-than-expected inflation data, as higher energy prices tied to Middle East tensions continue to pressure consumers and producers. With the FOMC meeting set for next Wednesday, markets are pricing in a 72% chance of a hike, with nearly 2 hikes priced in by year-end. 

Business: 

Shares of American Eagle (AEO) fell nearly −14% after second-quarter comparable sales came in below expectations, with the flagship American Eagle brand’s comps declining even as Aerie stayed strong. Macy’s (M) fell −4.7% as its third-quarter guide overshadowed much better-than-expected Q2 comparable sales and adjusted EPS. Taiwan Semiconductor (TSM) fell −1.7% despite reporting that August revenue rose +53% year over year and more than +10% from July, as AI-driven demand stayed strong. Management said the company is struggling to meet demand even as it expands long-term capacity, with plans to build about 20 factories.   

Markets: 

Commodities were mostly negative this week. Precious metals fell as hotter producer prices raised the odds of a Fed hike, with spot gold and silver down −2.5% and −3.9%. WTI crude jumped over +12%, topping $100 per barrel, on a sharp escalation in the US-Iran conflict and disrupted shipping through the Strait of Hormuz. Bitcoin fell −3.1% after rallying the prior week, and the dollar slipped −0.1%.  

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Stock Sector Performance

All performance figures and market events are sourced from Bloomberg as of market close 9/10/2026, using the prior Friday’s market open as the start date.

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