Sep 23, 2026 - SPY Slips as Yields Hit 2007 High, PMI Runs Hot, Fed Signals More Hikes

The recap in focus

SPY daily recap for Wednesday, September 23, 2026. SPY closed at 767.81, down 0.72%, below the prior session's low but still above last week's high of 763.57 and about 1.5% under its 52-week high of 779.37.

Key points

1. 01Yields at 2007 highs: The 10-year Treasury yield reached 5.135%, its highest since July 2007. The 5-year rose about 19 basis points to 5.03%.
2. 02Hot flash PMI: S&P Global's flash composite PMI rose to 58.4, the highest since July 2021, with manufacturing at 57. The reading pushed yields up and fed bets on more Fed hikes.
3. 03Fed's Barr: Governor Michael Barr said "further policy adjustments are likely" to bring inflation back to 2%. The 2-year yield jumped to about 4.9%, and traders put roughly 71% odds on an October 27-28 hike.
4. 04Oil rebounds: Brent rose 3.9% to $103.08, ending a five-day losing streak, after Iran's president told the UN that "Iran cannot be made to surrender."
5. 05Chips take profits: The semiconductor index fell about 1% after a 14% gain over the previous five sessions. Nvidia, Micron and Broadcom all dropped.