Wall Street Wrap: Pre-Market, October 7, 2026

Futures slip as Treasury yields climb ahead of the 10-year auction and Fed minutes, while Webull plunges and Neogen jumps

Wall Street looks set for a lower open on Wednesday as Treasury yields climb again ahead of a $39 billion 10-year auction and the Fed's minutes, a day after the S&P 500 and Nasdaq closed at records.

Futures Snapshot

Futures fell early Wednesday as oil and Treasury yields moved higher, with the 10-year auction and the Fed minutes due later today.

What's Driving the Open

Stocks come off a record session. The S&P 500 closed Tuesday at 7,818.95 and the Nasdaq at 27,599.79, both all-time highs, while the Dow gained 0.5% to 51,521.04. Gains were concentrated in AI names, with Marvell (NASDAQ:MRVL) up 5.8% and Cisco (NASDAQ:CSCO) up 4.5%, though breadth has narrowed.

Treasury yields took a breather on Tuesday and are now climbing again. The benchmark 10-year yield was at 5.35%, back near multiyear highs, and the 30-year at 5.728%. The Treasury sells $39 billion of 10-year notes today, the second of three auctions this week, in a test of whether investors want more compensation to hold long-dated debt amid worries over inflation, debt levels and term risk.

At 2 p.m. ET the Fed releases minutes from its September 15-16 meeting, when it raised its policy rate by a quarter point to a range of 3.75% to 4.00%. Sixteen of the 18 officials who submitted forecasts penciled in one more hike this year, but August inflation came in below expectations and September job growth was weaker than forecast. The odds of an October hike have fallen to about 19%, from about 50% a week earlier. Citi analysts expect the minutes to show a range of views on what comes next, from the patience New York Fed President John Williams has urged to Dallas Fed President Lorie Logan's call for at least two more hikes.

What could change the picture: A weak 10-year auction or minutes that tilt hawkish could push yields toward fresh highs and revive rate-hike bets, while solid demand at the sale and a patient tone from officials would let equities hold near records.

Overnight Markets

Japan's Nikkei 225 closed 0.92% lower at 70,035.71, and the broader Topix fell 0.70% to 4,154.11. South Korea's Kospi declined nearly 2% to 6,803.90, while the small-cap Kosdaq lost 2.34% to 898.43. Australia's S&P/ASX 200 ended flat at 8,727.70, and Hong Kong's Hang Seng index was down 0.50% in its last hour of trade. Mainland China remained closed for the Golden Week holiday. India's Nifty 50 fell 0.7% after the central bank raised rates.

In Europe, the Stoxx 600 fell 0.8%. Britain's FTSE 100 dropped 0.7%, France's CAC 40 shed 1.0%, Germany's DAX fell 1.3% and Italy's FTSE MIB lost 1.9%.

Pre-Market Movers

Rates, FX & Crypto

Treasury yield changes are in percentage points.

The euro fell to its lowest level since May 2025, breaking below $1.12 as French fiscal and political worries and higher oil and bond yields lifted the dollar, with $1.1085 and $1.1000 seen as the next downside targets. Bond selloffs also hit Europe, with the French 10-year yield up 12 basis points to 4.876% and the UK 10-year gilt yield up 7 basis points to 5.447%. Bitcoin slipped below $84,000 on long liquidations. CoinGlass recorded $550 million of liquidations in 24 hours, $480 million of them longs, and FxPro sees a break below $83,000 opening a path to $80,000.

Commodities

Energy prices rose across the board, with oil firm as a Gulf of Mexico storm threatens US output. Rising Middle East exports and the East-West pipeline, which is running at 5.8 million barrels a day, are limiting gains. Gold and silver both fell sharply.

Key Levels & Catalysts Today

Economic data

• The New York Fed's monthly survey of consumer expectations, which includes the one-, three- and five-year inflation outlooks, is due at 11 a.m. ET.
• The Treasury's $39 billion 10-year note auction results are due at 1 p.m. ET. It sold $58 billion of 3-year notes on Tuesday and sells $22 billion of 30-year bonds on Thursday.
• Minutes from the Fed's September meeting are due at 2 p.m. ET.
• Already out: the average 30-year fixed mortgage rate rose 19 basis points to 7.49% in the week ended October 2, its highest since November 2023, the Mortgage Bankers Association said. Mortgage applications fell 4.2%, with refinancing applications dropping sharply. MBA deputy chief economist Joel Kan said few homeowners have a reason to refinance at these rates.

Corporate

• SpaceX (NASDAQ:SPCX) is reportedly seeking about $40 billion to buy Nvidia (NASDAQ:NVDA) AI chips, in a deal led by Apollo Global Management (NYSE:APO). The plan is for roughly $10 billion of bank loans and $30 billion of investment-grade debt, with the transaction expected to close in 2027 and Pimco among a small group of lenders in talks. SpaceX shares fell 1% in extended trading Tuesday after the report, while Nvidia rose 0.5%. Morgan Stanley estimates AI infrastructure will need $1.5 trillion of external financing by 2028.
• Microsoft (NASDAQ:MSFT) and Nvidia will unveil the Surface Laptop Ultra today at an event in San Francisco. The machine runs on Nvidia's RTX Spark chips and is meant to let AI agents handle tasks such as writing code locally instead of in the cloud. Analysts say price is the big question after a memory-chip crunch pushed up PC costs. Nvidia raised the price of its DGX Spark AI desktop by about 75% to $6,950.
• Danaher (NYSE:DHR) plans to launch its first AI-powered autonomous research lab early next year. The lab, expected to run at scale in early 2027, will combine AI, robotics and technology from several Danaher units to design, build and test custom antibodies and other molecules. The company says it should make discovering molecules eight times faster.
• Paramount Skydance (NASDAQ:PSKY) completed its $110 billion takeover of Warner Bros. Discovery after settling an antitrust lawsuit with 12 states last month. David Ellison, who leads the combined company, called it a "historic day" for the industry.
• Boston Dynamics, the humanoid robot maker owned by Hyundai Motor Group, named Rohit Prasad chief executive, effective today. Prasad was previously senior vice president and head scientist for Alexa and artificial general intelligence at Amazon. He succeeds Robert Playter, who stepped down in February.

Top Stories

The EIA lifts its oil price forecasts again as Middle East attacks escalate. The agency now sees Brent averaging about $105 a barrel in the fourth quarter, $14 above its prior estimate, and $98 for 2026 as global stockpiles drain and diesel stays tight. Goldman Sachs flags up to $120 if attacks on vessels intensify, or about $80 if exports normalize. Houthi rebels struck the international airport in Aden, Yemen, causing damage but no deaths, after missile strikes on two Saudi airports earlier this week. Saudi-backed Yemeni forces have reclaimed strategic positions along the Bab al-Mandab strait, a key shipping route.

The head of Chevron (NYSE:CVX) warns against a diesel export ban. Mike Wirth said it would be "unwise" for the Trump administration to move ahead with the policy, which he said risks making the supply situation worse. He argued that the US has been a reliable supplier to the world and should not leave allies and partners questioning whether it will be there in difficult times, adding that other options exist.

India's central bank raises interest rates for the first time since 2023. The Reserve Bank of India lifted its repo rate by 25 basis points to 5.50%, as economists expected, and shifted its stance to "calibrated tightening." Governor Sanjay Malhotra said the inflation outlook is not benign as it was last year and that rate cuts are off the table in the near term, leaving a hike or a pause as the only options. Retail inflation has risen for 10 straight months to 4.8% in August, above the 4% target, and the bank raised its growth estimate by 40 basis points to 7.1%. The 10-year government bond yield rose 5 basis points to 7.243%. HSBC and Goldman Sachs expect another hike in December. India meets nearly 85% of its fuel needs through imports, which leaves it exposed to disruption in the Strait of Hormuz.

Google is ordered to halt work on two Finnish data centers. Finland's Licensing and Supervision Agency told Google's local unit to suspend construction at planned sites in Muhos and Kajaani until environmental impact assessments are complete, with work to stop no later than October 23. The order comes a month after Google committed $15 billion to AI infrastructure in Finland, its largest investment in Europe. A Google spokesperson said the company had "fallen short of our own high standards" and will follow the regulator's guidance.

Hedge funds post mixed results in September as yields and oil rise. Goldman Sachs Prime Services data show fundamental equity long-short funds lost 0.55% on average, though they beat the MSCI World Index, which fell 1.3%. Computer-driven systematic equity funds gained 3.46%, their best month this year. Citadel's Wellington fund rose 1.1% and is up 13.4% for the year, Balyasny gained 0.1% and Millennium was flat. Trend-following funds were among the biggest winners, with Societe Generale's trend index up more than 4%, on short fixed income and long energy positions.

The World Health Organization seeks information from Russia on a second suspected plague case. The reported case of pneumonic plague is in Irkutsk, Siberia. Last week a researcher at a plague-research institute reportedly died after breaking a test tube containing the pathogen. President Trump said on Tuesday that he would speak to Russia's president, Vladimir Putin, about the incident, and China has also asked Russia about it.

Eyes on the 1 p.m. ET 10-year auction and the 2 p.m. ET Fed minutes for the next read on whether yields and rate-hike bets keep climbing, with Thursday's $22 billion 30-year bond sale the next test after that.