Wall Street closes week higher; oil, gold rise 10/10/2026

1. WALL STREET CLOSES WEEK HIGHER
The Dow Jones added 423.31 points (+0.83%) to 51,654.95; the S&P 500 rose 46.15 points (+0.59%) to 7,811.51; the Nasdaq advanced 172.83 points (+0.64%) to 27,366.17; the VIX fell 0.57 points (-3.70%) to 14.84. All three main indexes posted weekly gains. Vaccine makers rallied after reports that NIH is advancing cancer-vaccine work: Moderna +14.2%, Novavax +15.8%. Apple dropped 1.1%, with some sources reporting it asked suppliers to cut iPhone 18 Pro/Pro Max component output after price rises weakened demand. US telecoms fell sharply after SpaceX struck a deal to acquire 800MHz spectrum: T-Mobile -13%, AT&T -9.81%, Verizon -8.75%.

2. EUROPEAN AND CHINA-LINKED STOCKS RISE
Germany's DAX added 1.13% to 25,087.27; France's CAC 40 rose 0.95% to 7,803.33; the UK's FTSE 100 gained 1.06% to 10,552.05. The Nasdaq Golden Dragon China Index rose 2.69% to 5,753.78, up 4.25% for the week, with Alibaba, Li Auto, Miniso, NIO and Bilibili up between 4% and more than 5%. Sentiment was lifted by China-EU trade easing signals and Beijing's support policies.

3. OIL RISES ON SUPPLY DISRUPTIONS
WTI for November added 0.36 (+0.39%) to USD 91.85 per barrel; Brent for December rose 0.44 (+0.42%) to USD 104.72. Key factors included Hurricane Isaias halting about 72% of US Gulf of Mexico crude output, and 11 tankers attacked in the Strait of Hormuz in the week ended October 4. A Trump-Putin diesel arrangement, according to some sources, includes Russia supplying 300,000 tonnes immediately, 500,000 tonnes in November and then 1 million tonnes. The US Treasury OFAC issued a license relaxing sanctions on Russian diesel trade through April 7, 2027.

4. PRECIOUS AND BASE METALS ADVANCE
Spot gold rose 1.5% to USD 4,194.43 per ounce; spot silver gained 2.6% to USD 60.70. On the LME, copper rose 1.6% to USD 14,540 per tonne; tin gained 3% to USD 53,006; zinc added 2.3% to USD 3,805.5; lead rose 1.5% to USD 1,888; nickel gained 0.4% to USD 15,622; aluminium fell 0.1% to USD 3,048.5. Precious metals drew safe-haven demand amid elevated geopolitical and energy risks.

5. YIELDS LITTLE CHANGED, FED EXPECTATIONS STEADY
The 10-year Treasury yield stood at 5.2430% (+1.0 basis point); the 2-year at 4.7910% (+3.8 basis points); the 30-year at 5.5990% (-0.8 basis point). Fed funds futures priced an 82.8% chance the Fed holds rates in October; the probability of another hike by December remained in the low 80% range. Preliminary University of Michigan October consumer sentiment fell to 46.3, below the 47.6 expected; one-year inflation expectations rose to 4.7% and five-to-ten-year expectations to 3.5%. The dollar index added 0.126% to 102.229; USD/CAD stood at 1.4263 after Canada lost 68,000 jobs in September and the unemployment rate rose to 6.5%.

6. TRUMP CREATES COMMITTEE TO INVESTIGATE FED GOVERNOR
President Donald Trump signed a memorandum establishing a committee to investigate Fed Governor Lisa Cook over mortgage-fraud allegations; a closed hearing is scheduled for November 5. The allegations have not been officially confirmed, and Cook has not publicly responded. The move may fuel debate about Fed independence as markets assess the late-year rate path.

7. CHINA AND EU REACH 16 CONSENSUS ITEMS
The China-EU Trade and Investment Consultation Mechanism held its second meeting in Beijing on October 8-9, issuing a joint statement with 16 consensus items, including possible tariff cuts under WTO rules, a memorandum on hybrid vehicles, continuation of the EV anti-subsidy price-undertaking process, technical dialogue on the EU Foreign Subsidies Regulation and a green channel for rare-earth export licensing. The third meeting is set for March 2027. On the same day, China's Finance Ministry arranged use of CNY 550 billion in local-government debt balance limits, including CNY 300 billion in general debt and CNY 250 billion in special debt; the CSRC proposed lowering the establishment threshold for equity funds and FOFs to CNY 50 million from CNY 200 million.

8. SUPER EL NINO FORMS, PANAMA EARTHQUAKE REPORTED
China's National Climate Center said a super El Nino had formed and is expected to be the strongest since systematic monitoring began. A 7.6-magnitude earthquake struck Panama; the Panama Canal Authority said canal operations remained normal. These events may add volatility to agricultural and energy prices as well as global shipping in the coming weeks.

Key things to watch today: Oil price swings after the Russia-US diesel deal and developments in the Strait of Hormuz.
*Information compiled for reference, reflecting multiple sources at the time of publication.*