US Close 7 October 2026: S&P 500 Slips 0.22% From Its Record as the 10-Year Hits 5.365%, Highest Since 2002; CAT.US -5.75%

The S&P 500 closed at 7,801.77 on 7 October 2026, down 17.16 points or 0.22%, a day after its record close, as the 10-year Treasury yield touched 5.365%, its highest since April 2002, per CNBC. CAT.US fell 5.75% to $813.83 and led industrials (XLI.US -2.18%) lower after the FTC and the USDA opened a joint inquiry into farm equipment markets. The index pared a 0.68% intraday loss after a $39 billion 10-year note auction drew bids that BMO called "strong", and Fed minutes showed most officials expect another rate increase by year end.

At a glance

US 10-year yield 5.277% at the close, up 0.8 bp on the day after an intraday high of 5.365%. The 30-year yield touched 5.732%, its highest since May 2002, per CNBC. US Dollar Index 102.28, up 0.44%. WTI crude settled 1.3% lower at $88.28 and Brent 0.4% lower at $100.20, per CNBC. Gold futures $4,136.70, down 1.20%.

What moved the index

The S&P 500 lost 22 bps on 7 October 2026, as industrials and rate-sensitive groups fell; health care and AAPL.US, AMZN.US and GOOGL.US offset part of the loss.

• CAT.US -5.75% to $813.83, the largest Dow decliner, after the FTC and USDA asked for public comment on how agricultural equipment is made and sold, per Benzinga. DE.US, named in the notice, fell 3.80% and PCAR.US 2.25%. 24/7 Wall St tied the group's drop to equipment bought on credit as long yields rose.
• 5.365% on the 10-year at the session high, before the $39 billion auction cleared at 5.3%, the highest auction yield since 2000, per CNBC. Bank stocks fell with yields: KRE.US -1.68%, WFC.US -1.53%, GS.US -1.11%.
• META.US -2.38% to $721.31 as CNBC reported worries that higher borrowing costs could limit AI spending; CRWD.US fell 4.81% and PANW.US 3.42%.
• LLY.US +2.70% to $1,188.72 and JNJ.US +1.44% put health care at the top of the 11 sectors.

Together these drivers account for about 15 bps of the 22 bps decline; the residual reflects energy (XLE.US -0.61%), communication services (XLC.US -0.35%) and chips (SMH.US -1.18%), with MU.US +4.06% to $1,088 the main offset inside semiconductors.

Session highlights

Fed minutes released at 2:00pm ET on 7 October 2026 said "most participants assessed that another increase in the target range for the federal funds rate would likely be appropriate by year end", per CNBC, with no signal on timing.

• 3.9% was the median one-year inflation expectation in the New York Fed's September Survey of Consumer Expectations, up 0.3 percentage point and the highest since May 2023.
• 7,765.83 was the S&P 500's intraday low on Yahoo's hourly series, 0.68% below Tuesday's close; the index finished within 3 points of its session high.
• GDX.US fell 3.13% as gold hit $4,091.20 intraday, its lowest since 3 August, and silver touched $59.23, per CNBC. FSM.US lost 9.48%.
• URA.US -4.47% as uranium and reactor names fell together: UUUU.US -8.88%, OKLO.US -4.49%, LEU.US -4.38%.
• STZ.US closed 2.35% higher at $118.39 after trading 5% lower before the open on its beer margin decline; NEOG.US closed 2.34% lower at $11.68 after an 11% pre-market gain on raised guidance.
• MSTR.US -6.79% and COIN.US -3.92% as bitcoin fell 2.76% to about $83,250.

Sector scorecard

• Best: Health care (XLV.US +1.03%)
• Worst: Industrials (XLI.US -2.18%)
• Dispersion (best minus worst): 3.21 pts
• 10 of 11 sector funds closed lower; utilities (XLU.US -0.02%) and staples (XLP.US -0.12%) finished nearest flat.

Top movers

Top movers among US stocks above $2 billion in market value on 7 October 2026, ranked by Yahoo closing change.

After-hours earnings

• WOLF.US closed at $31.37, down 1.45%, then traded 28.21% higher after hours at $40.22, per StockAnalysis, after the Department of Defense gave a conditional commitment for a 30-year loan of up to $1.5 billion. The department would receive warrants for up to 7.5% of fully diluted equity, per Benzinga.
• LEVI.US reported fiscal third-quarter adjusted EPS of 48 cents against a 36-cent LSEG estimate and raised its full-year adjusted EPS range to $1.54 to $1.56 from $1.46 to $1.52; tariff refunds added 16 cents. It cut full-year revenue growth guidance to 7%, the bottom of its range, and the stock was 1.33% lower after hours, per CNBC.
• APLD.US reported fiscal first-quarter revenue of $341.9 million, up 322%, and a net loss of $221 million after closing 6.04% lower at $23.81. No source printed an after-hours percentage by 5:30pm ET.

Notable announcements

• BKH.US signed definitive agreements to serve Google's planned Cheyenne, Wyoming data center, with $1.8 billion of new company-owned natural gas generation and up to 590 megawatts of grid service.
• HESM.US will buy Chevron's DJ Basin gathering and storage assets; Chevron expects to cut from three Bakken rigs to two in December 2026.
• CAT.US announced a $1 billion expansion of its compact equipment plant in North Carolina.
• The Reserve Bank of India raised its repo rate 25 bps to 5.50%, its first increase since 2023.

Next session catalysts (ET)

• Thursday 8 October, before the open: PEP.US reports.
• Thursday 8 October, 8:30am: weekly initial jobless claims.
• Thursday 8 October: 30-year Treasury bond auction, after Wednesday's 10-year sale at 5.3%.
• Friday 9 October, before the open: DAL.US reports.
• Friday 9 October, 10:00am: University of Michigan consumer sentiment; MRNA.US rejoins the Nasdaq-100 the same day.

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