S&P 500 falls 0.53% to 7622.86 as Nasdaq 100 ends flat; 10-year yield at 4.989%

The S&P 500 closed at 7622.86 on Friday, Oct. 23, 2026, down 40.57 points or 0.53% from the previous close of 7663.43. The Nasdaq 100 finished little changed at 28957.53, a decline of 1.16 points.

What happened

The S&P 500 ended the New York session lower, while the Nasdaq 100 held almost exactly at its prior level of 28958.69. The gap between the two indexes shows that the decline was not led by the large technology names in the Nasdaq 100.

In the bond market, the 10-year Treasury yield stands at 4.989%, up 3.6 bp from the previous close of 4.953%. A yield is the annual return an investor receives from holding a bond, and it moves in the opposite direction to the bond price. The rise in the yield means that Treasury prices fell during the day.

The US Dollar Index is at 101.6670, up 0.0600 or 0.06% from 101.6070. The index measures the dollar against a basket of major currencies, and the move on the day was small.

Gold futures trade at 4008.9, down 51.5 points or 1.27% from the previous close of 4060.4. Gold fell on a day when the dollar and Treasury yields both rose.

Why it matters

A higher Treasury yield raises the return on government debt, and it is one of the reference rates used to value other assets. The 10-year yield moved closer to the 5% mark on the day, at 4.989%, after closing the previous session at 4.953%.

The University of Michigan consumer sentiment index for October came in at 48. The estimate was 46.3, and the September figure was 48.1. The reading was released at 14:00 UTC. The survey asks households about their finances and their view of the economy, and it is followed closely because consumer spending is a large part of US economic activity.

American Express reported before the market opened. Earnings per share were 4.68 USD against an estimate of 4.5 USD. Revenue was 20.06 billion USD against an estimate of 20.12 billion USD. The company is a large card issuer and a bellwether for consumer spending, so its results sit alongside the sentiment data as a gauge of household conditions.

The split between the two main US equity gauges is also a point of context. The S&P 500 covers a broad group of sectors, while the Nasdaq 100 is weighted toward technology and growth companies. On Friday the broad index fell by 0.53% and the technology-heavy index did not move in any meaningful way.

What to watch next

Market participants will follow whether the 10-year yield stays near 4.989% or moves away from the previous close of 4.953%. The path of the dollar index, now at 101.6670, is also a reference point for gold, which trades at 4008.9 after a fall of 1.27%.

The next session in New York opens at 09:30 local time. Attention will turn to whether the S&P 500 stays near 7622.86 and whether the Nasdaq 100 remains close to 28957.53.

Further consumer data and company earnings reports will add to the picture of household spending and sentiment. Readers can compare each new release with the October Michigan reading of 48 and the American Express results reported on Friday.