Andra Markets

Stocks, bonds and credit sell together as crude oil jumps sharply

Equities, credit and Treasuries all fell in the same session while oil surged, a combination that broke the usual pattern of bonds cushioning stock losses. Positioning built around duration as an equity hedge had nowhere to hide today.

Edition 00066 min read

Takeaways

  1. Credit sold off across every tier, with investment grade, high yield and EM sovereign debt all closing at session lows alongside equities.
  2. Treasury yields rose in a parallel shift across the curve, so bonds added to the drawdown instead of offsetting it.
  3. Tech dispersion widened sharply: Apple rose +3.56% while Oracle fell -5.38% and Nvidia fell -2.37%.
  4. WTI crude rose +8.27% even as the energy sector fell -0.58%, a clean break between the commodity and the equities that track it.

The day's moves

VIX: +8.38%, close 17.84VIX+8.38%WTI crude: +8.27%, close 103.99WTI crude+8.27%EUR/USD: −0.12%, close 1.16EUR/USD−0.12%S&P 500: −0.58%, close 7,591.70S&P 500−0.58%Russell 2000: −1.04%, close 2,890.95Russell 2000−1.04%Nasdaq 100: −1.08%, close 29,103.51Nasdaq 100−1.08%Gold: −1.25%, close 4,360.80Gold−1.25%
Yahoo Finance, change at the close, 10 Sep 2026.

Desk view

The session confirms broad de-risking, not a single-asset story. The barometer read -1.2, breadth was 6 advancers against 17 decliners, and the largest negative contributors sit in three different asset classes: credit (LQD -2.96), copper (-2.81) and EM debt (EMB -2.41). That spread of pain across credit, commodities and equities is what a genuine risk-off session looks like.

What it contradicts is the standard playbook where Treasuries rally into equity weakness. They didn't. The curve moved in a parallel shift higher, 2-year up 4bp to 4.43%, 10-year up 3bp to 4.83%, and long Treasuries (TLT) closed at a session low alongside investment grade and high yield. The level that decides which read is correct is the 10-year: if it keeps climbing with crude and breakevens, this was an inflation repricing that landed on a risk-off day. If it settles back and credit proxies (LQD, HYG, EMB) find a bid, today reads as a single-session flush.

Biggest gainers and losers

AAPL: +3.56%AAPL+3.56%XOM: +0.61%XOM+0.61%GOOGL: +0.59%GOOGL+0.59%KO: +0.32%KO+0.32%MSFT: +0.16%MSFT+0.16%MS: −1.25%MS−1.25%META: −1.42%META−1.42%NVDA: −2.37%NVDA−2.37%AMD: −3.36%AMD−3.36%ORCL: −5.38%ORCL−5.38%
Andra Markets watchlist of US large caps; Yahoo Finance, change at the close, 10 Sep 2026.

What we watch

  1. Whether WTI crude holds its +8.27% gain or gives it back.
  2. Whether the 10-year yield extends past 4.83% or stalls.
  3. Whether LQD, HYG and EMB find a bid after closing at session lows.
  4. Whether the Apple-versus-Oracle/Nvidia split in tech persists or narrows.

Equities

Indices fell across the board with growth underperforming value. The Nasdaq 100 fell -1.08%, the Russell 2000 fell -1.04%, the S&P 500 fell -0.59% and the Dow fell -0.60%, the smallest loss among the majors. Mid caps fell -0.94% and the NYSE Composite fell -0.70%, so the damage was not confined to mega caps.

Sector rotation was thin: only staples (+0.05%) and communications (+0.61%) closed higher, the latter carried by Alphabet's +0.59%. Materials (-1.23%) and technology (-1.41%) led the losses, tracking copper's -4.12% drop and a hard split inside big tech. Breadth was 6 advancers to 17 decliners with dispersion at 1.54, among the widest readings in the pack, and single names explain why: Apple rose +3.56% while Oracle fell -5.38%, AMD fell -3.36% and Nvidia fell -2.37%.

S&P 500 sectors

Communications: +0.60%, close 111.50Communications+0.60%Cons. staples: +0.05%, close 83.09Cons. staples+0.05%Financials: −0.33%, close 56.87Financials−0.33%Cons. discretionary: −0.45%, close 111.96Cons. discretionary−0.45%Health care: −0.55%, close 165.66Health care−0.55%Energy: −0.58%, close 64.93Energy−0.58%Industrials: −0.72%, close 170.55Industrials−0.72%Real estate: −0.83%, close 43.05Real estate−0.83%Utilities: −0.98%, close 42.52Utilities−0.98%Materials: −1.23%, close 50.76Materials−1.23%Technology: −1.41%, close 185.22Technology−1.41%
Sector ETFs, Yahoo Finance, change at the close, 10 Sep 2026.

Rates

Yields rose in a parallel shift across the curve. Two-year up 4bp to 4.43%, five-year up 4bp to 4.61%, ten-year up 3bp to 4.83%, thirty-year up 3bp to 5.28%. The curve itself barely moved: 2s10s flattened 1bp to 40bp, 5s30s flattened 1bp to 67bp, while 3m10y steepened 2bp to 88bp. Tenors from one year out to seven year sit on the session-highs list for yield, and long Treasuries (TLT) and the 7-10 year ETF (IEF) both closed at session lows in price terms.

Breakevens rose alongside nominal yields rather than falling: the 5-year breakeven added 5bp to 2.46, the 10-year added 3bp to 2.40, and the 5y5y forward added 1bp to 2.34. The 10-year real yield also rose 3bp to 2.46, so real rates absorbed only part of the move. No auction result is in today's data.

Treasury yield curve

3.94%4.54%5.15%3M1Y2Y5Y10Y30Y1 month: 3.81%, 0bp3 month: 3.95%, +1bp6 month: 4.01%, +1bp1 year: 4.17%, +2bp2 year: 4.43%, +4bp3 year: 4.49%, +5bp5 year: 4.61%, +4bp7 year: 4.71%, +3bp10 year: 4.83%, +3bp20 year: 5.28%, +2bp30 year: 5.28%, +3bp

9 Sep8 Sep

FRED, close of 9 Sep 2026, the latest published curve.

Credit

Credit sold off broadly and closed at session lows across the complex. Investment grade (LQD) fell -0.90% to 104.36, high yield fell -0.46% (HYG) and -0.43% (JNK), and EM sovereign debt (EMB) fell -0.81% to 93.41. Leveraged loans (BKLN) were flat at 20.59, the one pocket that didn't participate in the selling. The tone was consistent with the equity move rather than offsetting it, and the extremes list confirms it: EM sovereign USD, US high yield, US investment grade and both Treasury proxies all printed session lows together.

Credit proxies

Loans (BKLN): 0.00%, close 20.59Loans (BKLN)0.00%US HY (HYG): −0.46%, close 78.62US HY (HYG)−0.46%7-10Y UST (IEF): −0.78%, close 91.187-10Y UST (IEF)−0.78%EM USD (EMB): −0.81%, close 93.41EM USD (EMB)−0.81%US IG (LQD): −0.90%, close 104.36US IG (LQD)−0.90%Long UST (TLT): −1.16%, close 80.78Long UST (TLT)−1.16%
Listed ETFs as proxies for each segment; Yahoo Finance, change at the close, 10 Sep 2026.

FX

The dollar index rose +0.32% to 99.09, but the gain was uneven across G10. USD/JPY rose +0.63% to 154.44 and USD/CHF rose +0.50%, while EUR/USD fell -0.12% and GBP/USD fell -0.25%. AUD/USD was the weakest G10 cross, down -0.84%. In EM, USD/MXN rose +0.43%, USD/BRL rose +0.41%, USD/INR rose +0.65% and USD/TRY rose +0.23% to a session high of 48.575.

Currencies

USD/JPY: +0.63%, close 154.44USD/JPY+0.63%USD/MXN: +0.43%, close 16.98USD/MXN+0.43%Dollar index: +0.32%, close 99.09Dollar index+0.32%EUR/USD: −0.12%, close 1.16EUR/USD−0.12%GBP/USD: −0.24%, close 1.35GBP/USD−0.24%
Yahoo Finance, change at the New York close. A rise in USD/xxx is a stronger dollar, 10 Sep 2026.

Commodities

Energy led the tape by a wide margin: WTI rose +8.27% to $103.99 and Brent rose +7.85% to $109.15, both far outpacing the -0.58% move in the energy equity sector. Precious and industrial metals moved the other way: gold fell -1.25%, silver fell -5.70%, platinum fell -6.86%, palladium fell -5.51% and copper fell -4.12%. Agricultural markets were mixed but mostly firm, with sugar up +7.50%, corn up +5.07% and soybeans up +2.82%, while coffee fell -9.16%.

Commodities

WTI crude: +8.27%, close 103.99WTI crude+8.27%Brent: +7.84%, close 109.15Brent+7.84%Natural gas: +0.60%, close 2.84Natural gas+0.60%Gold: −1.25%, close 4,360.80Gold−1.25%Copper: −4.12%, close 6.52Copper−4.12%Silver: −5.70%, close 64.07Silver−5.70%
Front-month futures, Yahoo Finance, change at the close, 10 Sep 2026.

Volatility

The vol surface moved higher across the board. VIX rose +8.38% to 17.84 and VIX9D rose +5.05% to 17.70, while VIX3M fell -3.94% to 19.73, flattening the term structure toward inversion. VVIX rose +8.64% to 102.66 and SKEW fell -1.49% to 147.02. The MOVE index, tracking rate volatility, rose +6.98% to 82.10, consistent with the parallel shift higher in yields.

Volatility indices

VVIX: +8.63%, close 102.66VVIX+8.63%VIX: +8.38%, close 17.84VIX+8.38%MOVE: +6.98%, close 82.09MOVE+6.98%VIX 9-day: +5.04%, close 17.70VIX 9-day+5.04%VIX 3-month: −3.94%, close 19.73VIX 3-month−3.94%
Yahoo Finance, change at the close, 10 Sep 2026.

Digital assets

Digital assets sold off in line with risk, not ahead of it. Bitcoin fell -1.51% to $77,075, Ether fell -0.53%, Solana fell -1.72% and XRP fell -2.99%. The moves sit inside the range of the broader equity and credit declines rather than beyond them.

Digital assets

Ether: −0.53%, close 2,453.92Ether−0.53%Bitcoin: −1.51%, close 77,075.39Bitcoin−1.51%Solana: −1.72%, close 99.86Solana−1.72%XRP: −2.99%, close 1.35XRP−2.99%
Yahoo Finance, change to the New York close, 10 Sep 2026.

International

European indices closed lower across the board ahead of the US session, with the CAC 40 down -1.94%, the SMI down -1.80% and the DAX down -1.66%, the SX5E down -1.58%. Asia was split: the CSI 300 fell -3.60% and the Sensex fell -1.08%, while the KOSPI rose +1.40% and the TAIEX rose +0.17%. The handoff to New York was a market already leaning risk-off before the US open, and US equities extended that tone through the session.

Global equity indices

Bovespa: +1.42%, close 188,268.59Bovespa+1.42%FTSE 100: −0.57%, close 10,608.92FTSE 100−0.57%S&P/TSX: −1.11%, close 35,506.28S&P/TSX−1.11%
Yahoo Finance, change at each local close, 10 Sep 2026. 6 without a print that day left out.

Correlation

The defining feature of the session was a positive correlation between equities, credit and rates, all selling off together. That is a break from the pattern where Treasuries provide an offset to equity drawdowns, and it shows up directly in the barometer: LQD, EMB and HYG all rank among the largest negative contributors alongside equity components like RUT and SPX, with MOVE and VIX also contributing negatively.

A second break sits inside commodities. Copper fell -4.12% in a pattern consistent with broader risk-off, but WTI crude rose +8.27% in the same session, decoupling energy prices from the equity reaction to growth risk. If that gap between crude and copper persists, it argues the oil move is being driven by something outside the risk-off narrative that governed the rest of the tape. A convergence back toward copper's read, or a reversal in crude, would be the signal that today's cross-asset correlation was a single-day event rather than a new regime.

Sources

Levels at the official close from Yahoo Finance; the Treasury curve, breakevens and real yields from FRED. This edition did not fully pass the automated figure check against the session's verified fact pack. It was reviewed before publication. The text was drafted with a language model from that fact pack; the methodology explains how.

For information only. Not investment advice.