Why Gold Is Going Up + Mortgage Rates Hit 7.40% | Stock Market Today (Oct 10, 2026)
· 5-minute briefing · By The Global Gazette
Gold jumped 1.4% to $4,216 while the 30-year mortgage rate hit 7.40%, the 7th weekly rise in a row. Here is what it means for your money, plus the Fed, oil, bitcoin and Wednesday's CPI report. Under 5 minutes.
Stocks, Treasury yields, gold, silver, oil and bitcoin at Friday's close.
U.S. stocks rose on Friday: the S&P 500 gained 0.59 per cent, the Nasdaq 0.64 per cent and the Dow 0.83 per cent. Europe also rose, with the FTSE 100 up 1.06 per cent and Germany's DAX up 1.13 per cent.
Gold futures jumped 1.43 per cent and silver 2.73 per cent. The 10-year Treasury yield ended near 5.24 per cent, after touching 5.31 per cent on Monday, its highest since 2002.
Why it mattersStocks and metals rose together because a strong 30-year bond auction cooled long-term yields.
The week: S&P 500 up about 1.2%, Nasdaq about 0.6%.
Dollar index rose 0.09% on Friday.
Nikkei was flat, down 0.02%.
Source: Yahoo Finance (prices), Yahoo Finance live blog
MARKETS · STOCKS AND AI
AI Revenue Scare Shakes Tech, then Fades as OpenAI Targets $70bn
A conflicting report on OpenAI's sales sank chip stocks on Thursday; Friday brought a rebound.
On Thursday the Nasdaq fell 1.25 per cent after the Financial Times reported OpenAI's annualised revenue at about $50 billion. On Friday Bloomberg reported the company expects to reach or exceed $70 billion by the end of the year, and tech recovered.
AT&T, Verizon and T-Mobile fell 7 per cent or more after SpaceX agreed an $8 billion spectrum purchase. For the week the S&P 500 gained about 1.2 per cent.
Why it mattersAI stocks now swing on revenue headlines; a gap between two reports was enough to move the whole Nasdaq.
+1.2%
S&P 500 on the week
$70bn
OpenAI revenue target
$8bn
SpaceX spectrum deal
Thursday: Nvidia fell about 3% and Oracle over 5%.
The gap reflects different revenue accounting, Yahoo reports.
Microsoft rose about 2.4% on Friday.
Source: Yahoo Finance, Financial Times, Bloomberg
THE FED · RATES AND YIELDS
Fed Expected to Hike Again by Year-End; 10-year Yield at 5.24%
After September's hike to 3.75-4.00%, officials still lean towards another increase.
The Fed raised rates on September 16, by a quarter point to a range of 3.75 to 4 per cent, in a 12 to 0 vote. Minutes show 12 of 18 officials expect one more quarter-point hike, four expect two more, and two expect none.
Markets put only a small chance on a hike at the October 27 to 28 meeting. The 10-year Treasury yield ended Friday at 5.24 per cent; a strong 30-year auction helped cool long-term yields.
Why it mattersThe Fed is raising rates, not cutting them, so borrowing stays expensive and savers keep earning more.
3.75-4%
Fed funds range
16 of 18
see another hike
5.24%
10-year yield
Next Fed meeting: October 27 and 28.
The 10-year yield hit 5.31% on Monday, the highest since 2002.
Markets price a small chance of a hike on October 28.
Oil Steady Near $92 as Trump Announces Russian Diesel Supplies
Diesel futures slid after the U.S. eased sanctions on Russian diesel; tanker attacks continue.
U.S. crude settled near $91.85 a barrel on Friday and Brent near $104.7. After a call with Vladimir Putin, President Trump said Russia would supply more than 300,000 tonnes of diesel immediately and 500,000 tonnes in November. A U.S. licence allows Russian diesel sales until April 7, 2027.
New York diesel futures fell about 3 per cent, to near $4.74 a gallon, though NBC reports diesel is still up roughly 70 per cent since the Iran war began in February. Nine tanker attacks were logged around Hormuz in early October.
Why it mattersDiesel moves freight and food costs, so relief there matters more to prices than the crude headline.
$91.85
WTI crude
-3%
diesel futures Friday
+70%
diesel since February
Brent settled near $104.7.
The licence runs to April 7, 2027.
Gulf-China freight costs about $1.3 million a day.
Source: FXStreet, NBC News, Insurance Journal
MARKETS · GOLD AND SILVER
Gold Jumps 1.4% to $4,216; Silver Surges 2.7% to $61
A strong 30-year bond auction cooled yields and stalled the dollar.
Gold futures rose 1.43 per cent to $4,216.30 an ounce on Friday, and silver futures rose 2.73 per cent to $61.05. Gold miners rose even faster, with the GDX miners fund up about 3 per cent.
Analysts credit a well-bid 30-year Treasury auction, which cooled long-term yields and stalled the dollar, plus tanker attacks and inflation worries. Even so, gold remains below its 50-day and 200-day averages.
Why it mattersMetals pay no interest, so they tend to rise when yields ease; at 5% yields, rallies stay fragile.
$4,216
gold futures
+2.7%
silver on Friday
$61.05
silver futures
GLD gold fund rose 1.6%, SLV silver fund 2.5%.
Gold is still under its 50- and 200-day averages.
Higher yields are the main headwind.
Source: Yahoo Finance, USAGOLD, GoldStockCanada
CRYPTO · BITCOIN
Bitcoin Near $82,000, Down About 3% on the Week
Spot bitcoin funds saw their first weekly outflow in four weeks.
Bitcoin closed Friday near $82,100, down about 2.8 per cent on the week, ending a three-week winning streak. Ether fell about 6.8 per cent on the week to near $2,490.
Spot bitcoin funds lost more than $700 million in net outflows, and about $550 million of leveraged bets were wiped out. Bitcoin is roughly 32 per cent below a year ago and about a third below its record of $126,198, set last October.
Why it mattersCrypto is trading like a rate-sensitive risk asset, not a safe haven.
Freddie Mac's rate is up from 6.30% a year ago; consumer confidence sinks to 46.3.
Freddie Mac says the average 30-year fixed mortgage rate rose to 7.40 per cent from 7.28 per cent, the seventh straight weekly rise. A year ago it was 6.30 per cent. The 15-year rate is 6.73 per cent. Realtor.com's economist blames inflation expectations, a bond selloff and rising deficits.
The University of Michigan's October sentiment reading fell to 46.3, a five-month low, with frustration over living costs. Weekly jobless claims were 197,000. U.S. household debt stood at $18.77 trillion in the second quarter, including $1.26 trillion on credit cards.
Why it mattersHigher borrowing costs and weak confidence squeeze buyers even while the job market holds up.
7.40%
30-year mortgage
46.3
consumer sentiment
197k
jobless claims
15-year mortgage rate is 6.73%.
Credit-card debt is $1.26 trillion, NY Fed data.
A year ago the 30-year rate was 6.30%.
Source: Fox Business, Yahoo Finance, NY Fed
EARNINGS · PEPSICO AND DELTA
PepsiCo Beats but Cuts Profit Outlook; Delta Misses on Fuel Costs
Two consumer and travel bellwethers report as bank earnings approach.
PepsiCo reported revenue of $25.27 billion, up 5.6 per cent and ahead of forecasts, and core earnings of $2.34 a share against $2.29 expected. But it cut its 2026 core profit growth outlook to between 2.5 and 3.5 per cent, from 5 to 7 per cent.
Delta earned $1.72 a share against $1.82 expected, as its fuel bill rose 62 per cent from a year ago to $4.1 billion. Netflix is reportedly cutting about 5 per cent of staff, according to Puck; the company has not confirmed it.
Why it mattersBeating forecasts but lowering guidance, and fuel eating airline profit, both point to costs squeezing earnings.
$2.34
PepsiCo core EPS
2.5-3.5%
new PepsiCo outlook
+62%
Delta fuel cost
PepsiCo international sales grew 8% organically.
Moderna jumped about 9% on cancer-vaccine news.
Netflix cuts are a report, unconfirmed.
Source: Yahoo Finance, Zacks, Puck
GLOBAL MARKETS · INDIA AND EUROPE
India's Central Bank Raises Rates to 5.50%; Global Stocks Rise
The RBI's first hike since 2023 says rate cuts are off the table; Sensex rebounds 1.2%.
India's central bank raised its repo rate by a quarter point to 5.50 per cent on October 7, the first hike since February 2023, and shifted to a stance of calibrated tightening. It forecasts inflation of 5.2 per cent this financial year.
On Friday India's Sensex rose 879 points, or 1.23 per cent, to 72,472. In Europe the FTSE 100 gained 1.06 per cent to 10,552 and Germany's DAX 1.13 per cent to 25,087, while Japan's Nikkei was flat.
Why it mattersCentral banks from Washington to Mumbai are tightening, not easing, so global borrowing costs are rising together.
5.50%
RBI repo rate
+1.23%
Sensex Friday
5.2%
RBI inflation forecast
First RBI hike since February 2023.
FTSE 100 closed at 10,552.
China CPI is due on October 14.
Source: Taxguru (RBI), Finology, Yahoo Finance
THE WEEK AHEAD
Week Ahead: Bank Earnings, US Inflation and the Social Security Raise
Inflation data on Wednesday could shape the Fed's next move.
On Tuesday October 13, JPMorgan, Goldman Sachs, Citigroup and Wells Fargo report earnings. On Wednesday the 14th, September inflation is due, with forecasters expecting prices up 0.6 per cent on the month and 3.6 per cent on the year, against 3.4 per cent before.
The 2027 Social Security raise is announced the same morning, about 8:30 Eastern; the Senior Citizens League estimates 3.5 per cent, about $73 a month on the average benefit. Producer prices and retail sales follow on Thursday, and the Fed meets October 27 to 28.
Why it mattersCPI on the 14th tells us whether the Fed leans towards another hike, and it sets the 2027 benefit rise.
Oct 13
big banks report
Oct 14
CPI and COLA
3.6%
CPI forecast, yearly
Bank of America and Morgan Stanley report on the 14th.
2026 COLA was 2.8%.
Thursday: producer prices and retail sales.
Source: Newsquawk, Motley Fool
Frequently asked questions
What is the 30-year mortgage rate today?
In The Global Gazette edition of October 10, 2026: Freddie Mac says the average 30-year fixed mortgage rate rose to 7.40 per cent from 7.28 per cent, the seventh straight weekly rise. A year ago it was 6.30 per cent. Key figures: 7.40% (30-year mortgage); 46.3 (consumer sentiment); 197k (jobless claims). Higher borrowing costs and weak confidence squeeze buyers even while the job market holds up.
Why is gold going up today?
In The Global Gazette edition of October 10, 2026: Gold futures rose 1.43 per cent to $4,216.30 an ounce on Friday, and silver futures rose 2.73 per cent to $61.05. Gold miners rose even faster, with the GDX miners fund up about 3 per cent. Key figures: $4,216 (gold futures); +2.7% (silver on Friday); $61.05 (silver futures). Metals pay no interest, so they tend to rise when yields ease; at 5% yields, rallies stay fragile.
Will the Fed raise interest rates again?
In The Global Gazette edition of October 10, 2026: The Fed raised rates on September 16, by a quarter point to a range of 3.75 to 4 per cent, in a 12 to 0 vote. Minutes show 12 of 18 officials expect one more quarter-point hike, four expect two more, and two expect none. Key figures: 3.75-4% (Fed funds range); 16 of 18 (see another hike); 5.24% (10-year yield). The Fed is raising rates, not cutting them, so borrowing stays expensive and savers keep earning more.
What is the price of oil today?
In The Global Gazette edition of October 10, 2026: U.S. crude settled near $91.85 a barrel on Friday and Brent near $104.7. After a call with Vladimir Putin, President Trump said Russia would supply more than 300,000 tonnes of diesel immediately and 500,000 tonnes in November. Key figures: $91.85 (WTI crude); -3% (diesel futures Friday); +70% (diesel since February). Diesel moves freight and food costs, so relief there matters more to prices than the crude headline.
What is the price of bitcoin today?
In The Global Gazette edition of October 10, 2026: Bitcoin closed Friday near $82,100, down about 2.8 per cent on the week, ending a three-week winning streak. Ether fell about 6.8 per cent on the week to near $2,490. Key figures: $82.1k (bitcoin Friday close); -2.8% (bitcoin on the week); -6.8% (ether on the week). Crypto is trading like a rate-sensitive risk asset, not a safe haven.
How did the stock market do today?
In The Global Gazette edition of October 10, 2026: U.S. stocks rose on Friday: the S&P 500 gained 0.59 per cent, the Nasdaq 0.64 per cent and the Dow 0.83 per cent. Europe also rose, with the FTSE 100 up 1.06 per cent and Germany's DAX up 1.13 per cent. Stocks and metals rose together because a strong 30-year bond auction cooled long-term yields.
What economic reports are coming next week?
In The Global Gazette edition of October 10, 2026: On Tuesday October 13, JPMorgan, Goldman Sachs, Citigroup and Wells Fargo report earnings. On Wednesday the 14th, September inflation is due, with forecasters expecting prices up 0.6 per cent on the month and 3.6 per cent on the year, against 3.4 per cent before. Key figures: Oct 13 (big banks report); Oct 14 (CPI and COLA); 3.6% (CPI forecast, yearly). CPI on the 14th tells us whether the Fed leans towards another hike, and it sets the 2027 benefit rise.
Why did tech stocks swing this week?
In The Global Gazette edition of October 10, 2026: On Thursday the Nasdaq fell 1.25 per cent after the Financial Times reported OpenAI's annualised revenue at about $50 billion. On Friday Bloomberg reported the company expects to reach or exceed $70 billion by the end of the year, and tech recovered. Key figures: +1.2% (S&P 500 on the week); $70bn (OpenAI revenue target); $8bn (SpaceX spectrum deal). AI stocks now swing on revenue headlines; a gap between two reports was enough to move the whole Nasdaq.
Full transcript
This is the Global Gazette money edition for Saturday, the tenth of October. Stocks rebound and gold jumps. The Fed's next move. Mortgage rates at a near three-year high. Oil, bitcoin, and a big week ahead for inflation and bank earnings.
On Wall Street, stocks rebounded on Friday. The S and P five hundred gained about six tenths of a percent, the Nasdaq the same, and the Dow gained eight tenths. In Europe, the FTSE rose one percent and Germany's DAX one point one. Gold futures jumped one point four percent to four thousand two hundred and sixteen dollars, and silver rose two point seven percent. The ten-year Treasury yield ended near five point two four percent, after touching five point three one on Monday, the highest since two thousand and two.
Tech had a wild week. On Thursday the Nasdaq fell one and a quarter percent after the Financial Times put OpenAI's annualised revenue near fifty billion dollars. On Friday, Bloomberg reported the company expects seventy billion by year-end, and tech recovered. Telecom stocks fell more than seven percent after SpaceX agreed an eight billion dollar spectrum purchase. For the week, the S and P five hundred gained about one point two percent.
The Fed is still leaning towards higher rates. It raised rates on September sixteenth, to a range of three point seven five to four percent. Minutes show twelve of eighteen officials expect one more hike, four expect two more, and two expect none. Markets see only a small chance of a hike at the next meeting, October twenty-eighth. For households, that means borrowing stays expensive.
In oil, U.S. crude settled near ninety-two dollars on Friday and Brent near a hundred and five. After a call with Vladimir Putin, President Trump said Russia will supply more than three hundred thousand tonnes of diesel immediately, and five hundred thousand in November. A U.S. licence allows Russian diesel sales until April of next year. Diesel futures fell about three percent, though diesel is still up roughly seventy percent since the Iran war began. Tanker attacks around Hormuz continue.
Gold and silver surged on Friday. Gold futures rose one point four percent to four thousand two hundred and sixteen dollars an ounce. Silver gained two point seven percent to sixty-one dollars. Analysts credit a strong thirty-year Treasury auction that cooled yields and stalled the dollar. Even so, gold is still below its fifty-day average.
Bitcoin closed the week near eighty-two thousand dollars, down about three percent, ending a three-week winning streak. Ether fell nearly seven percent. Spot bitcoin funds lost more than seven hundred million dollars, their first weekly outflow in four weeks, and about five hundred and fifty million dollars of leveraged bets were wiped out. Bitcoin is about thirty-two percent below a year ago, and trading like a rate-sensitive risk asset, not a safe haven.
For your money, the average thirty-year mortgage rate has hit seven point four percent, the seventh straight weekly rise. A year ago it was six point three. Consumer sentiment fell to forty-six point three, a five-month low. Jobless claims stayed low, at a hundred and ninety-seven thousand. And household debt reached eighteen point eight trillion dollars, including one point two six trillion on credit cards.
In earnings, PepsiCo beat forecasts, with revenue up five point six percent, but cut its profit growth outlook for this year to between two and a half and three and a half percent, from five to seven. Delta earned one dollar seventy-two a share, below the one eighty-two expected, as its fuel bill rose sixty-two percent.
Around the world, India's central bank raised its repo rate by a quarter point to five point five percent, its first hike since twenty twenty-three, and said rate cuts are off the table. On Friday, India's Sensex rebounded one point two percent, and the FTSE and Germany's DAX each gained about one percent.
The week ahead. Tuesday, October thirteenth, JPMorgan, Goldman Sachs, Citigroup and Wells Fargo report earnings. Wednesday, September inflation is due, with forecasters expecting three point six percent over the year, up from three point four. The same morning, the Social Security raise is announced, with estimates around three and a half percent. This is the Gazette money edition. Information, not financial advice. See you Monday.
Sources
Prices from Yahoo Finance (equities, yields, gold, silver and oil at Friday 9 Oct 2026 close; bitcoin Saturday). Facts checked against Yahoo Finance, Fox Business (Freddie Mac), the Fed minutes, NY Fed, NBC News, FXStreet, Newsquawk and others, then written in our own words.
Yahoo Finance
Yahoo Finance live blog
Financial Times
Bloomberg
Fed minutes
FXStreet
NBC News
Insurance Journal
USAGOLD
GoldStockCanada
Rio Times
Investing.com
Fortune
Fox Business
NY Fed
Zacks
Puck
Taxguru
Finology
Newsquawk
Motley Fool
AI disclosure: voices and illustrations are AI-generated; scripts are fact-checked and reviewed. Not financial advice. How we work.
