Market snapshot — 10:35 a.m. ET, Friday, September 25, 2026
U.S. stocks were little changed in early Friday trading as investors balanced a modest pullback in oil against a bond market that continues to impose a high hurdle on equity valuations. The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite were all trading close to Thursday’s closing levels. Before the opening bell, Dow and S&P 500 futures were fractionally higher and Nasdaq-100 futures were up about 0.2%.
Thursday’s finish provides the clearest numerical reference point: the S&P 500 closed near 7,704, the Nasdaq Composite near 26,939 and the Dow near 51,350. The S&P 500 and Nasdaq were essentially flat, while the Dow lost about 0.3%. The muted index moves masked a more forceful cross-asset message: higher oil prices and Treasury yields remained the dominant macro risks.
Rates, Dollar and Commodities
The 10-year Treasury yield reached roughly 5.16% Thursday, its highest area since before the global financial crisis, and remained the central restraint on Friday’s risk appetite. The 30-year yield had climbed to about 5.47%. Those levels raise financing costs and reduce the relative appeal of long-duration growth stocks.
The U.S. dollar was on course for a weekly gain as higher yields supported the currency. Oil eased Friday morning after Thursday’s surge: West Texas Intermediate traded around $92 a barrel and Brent near $105, versus Thursday closes near $95.29 and $107.39. Gold futures rose about 0.6% to roughly $4,323 an ounce, but remained on track for a weekly decline as the stronger dollar and elevated yields offset safe-haven demand.
Economic Data and Federal Reserve Implications
The day’s official data delivered a mixed message. The U.S. Census Bureau said August durable-goods orders were virtually unchanged at $338.6 billion after a revised 0.9% July increase. Orders excluding transportation rose 0.3%, while orders excluding defense increased 0.1%.
The University of Michigan‘s final September consumer-sentiment index came in at 48.1, down from 51.7 in August and 55.1 a year earlier. Expectations weakened more sharply than current conditions, and the survey said concerns about high prices continued to rise.
For the Federal Reserve, the combination is uncomfortable rather than decisive. Flat headline durable-goods demand and weaker confidence point to softer momentum, but high oil prices, a firm dollar and elevated inflation expectations argue against declaring the inflation problem solved. After the Fed raised its target range to 3.75%–4.00% on September 16, markets remain highly sensitive to incoming inflation data and central-bank commentary.
Movers and Verified Catalysts
Akamai Technologies was the standout company mover, jumping roughly 21% before the open after announcing a seven-year, $11.6 billion cloud-services agreement with Anthropic. The deal includes a warrant that could give Anthropic a stake of up to 5% in Akamai.
Costco reported fiscal fourth-quarter net sales of $93.9 billion, up 11.2% from a year earlier, and diluted earnings of $6.75 a share. Adjusted comparable sales rose 6.7%, excluding gasoline and currency effects. The shares were little changed in extended trading, suggesting the strong report was largely reflected in expectations.
What to Watch Next
The principal near-term risks are renewed escalation in the Iran conflict, another leg higher in oil or Treasury yields, and any Fed communication that reinforces the case for additional tightening. Investors will also look ahead to next week’s U.S. employment and inflation releases. A durable equity rebound likely requires either a meaningful decline in energy prices or evidence that inflation can cool without a sharp deterioration in growth.
This article is for general market information only. It is not personalized financial, investment, tax or legal advice. Market data can change rapidly; readers should verify current prices and consult a qualified professional before making financial decisions.
