Why it matters
- S&P 500 futures fell about 0.4% and Nasdaq 100 futures 0.7% before the open as the 10-year Treasury yield rose to about 5.34%.
- Minutes of the Fed's Sept. 15–16 meeting, when it raised rates a quarter point, are due at 2 p.m. ET, after a $39 billion 10-year note auction at 1 p.m.
- Mortgage applications fell 4.2% last week as the average 30-year rate rose to 7.49%, the highest since late 2023, the MBA said.
The day ahead: scheduled events and what forecasters expect.
U.S. stock futures fell before Wednesday's open as Treasury yields and oil prices climbed again. S&P 500 futures traded at 7,842.75 around 8:43 a.m. ET on Oct. 7, down 0.40%, according to Yahoo Finance data. Minutes from the Federal Reserve's September meeting come out at 2 p.m. ET.
Where are futures before the open?
Lower, after Tuesday's record closes for the S&P 500 and Nasdaq. Our Tuesday Americas recap has that session.
| Market, about 8:40 a.m. ET | Level | Change |
|---|---|---|
| S&P 500 futures | 7,842.75 | −0.40% |
| Nasdaq 100 futures | 31,262.25 | −0.70% |
| Dow futures | 51,388 | −0.83% |
| 10-year Treasury yield | 5.34% | +0.07 point |
| Brent crude ($/barrel) | 101.63 | +1.04% |
| Gold futures ($/ounce) | 4,104.40 | −1.98% |
Source: Yahoo Finance chart data. Changes are from Tuesday's settlement or close.
The 30-year Treasury yield hit 5.71%, its highest since 2002, Reuters reported via Investing.com. Brent rose back above $100 after Houthi attacks on Saudi Arabian targets, the report said. Overseas markets fell too; see our Asia Wednesday recap and Europe Wednesday recap.
In premarket trading, Constellation Brands fell 5.4% after lowering its operating margin forecast, and Penguin Solutions rose 4.7% after raising its revenue forecast, Reuters reported. Micron fell 3.1%.
What's on the calendar today?
| Time (ET) | Event |
|---|---|
| 10:30 a.m. | EIA weekly petroleum status report |
| 11:30 a.m. | $75 billion 17-week Treasury bill auction |
| 1:00 p.m. | $39 billion 10-year note auction (reopening) |
| 2:00 p.m. | Fed minutes, Sept. 15–16 meeting |
| 3:00 p.m. | Fed consumer credit report (G.19) |
| After close | Levi Strauss, Applied Digital earnings |
Sources: EIA, TreasuryDirect, Federal Reserve, Nasdaq.
The 10-year sale reopens an existing note, so the security has a remaining term of 9 years and 10 months, TreasuryDirect shows. A $22 billion 30-year bond reopening follows Thursday at 1 p.m., according to TreasuryDirect.
What will the Fed minutes show?
They will give more detail on why officials raised rates in September. The Fed's policy committee voted 12–0 on Sept. 16 to raise its target range a quarter point to 3.75%–4.00%, its statement said. The minutes may show how many officials see further increases ahead. Money markets price about a 78% chance the Fed holds rates at its Oct. 27–28 meeting, Investing.com reported.
How are mortgage applications holding up?
They fell again. Total applications dropped 4.2% in the week ended Oct. 2, a fifth straight weekly decline, according to Mortgage Bankers Association data reported by Trading Economics. The average 30-year fixed rate rose 19 basis points to 7.49%, the highest since late November 2023. Refinance applications fell 7.5% and purchase applications fell 2.1%.
Earnings after the close
Levi Strauss reports after the bell, with analysts expecting 36 cents a share, Nasdaq's earnings calendar shows. Applied Digital is expected to post a loss of 25 cents a share. Upcoming events are on our market calendar.
Sources
- Federal Reserve, Calendar: October 2026
- Federal Reserve, FOMC statement, Sept. 16, 2026
- Federal Reserve, Meeting calendars and minutes
- TreasuryDirect, Upcoming auctions
- U.S. Energy Information Administration, Weekly Petroleum Status Report release schedule
- Nasdaq, Earnings calendar, Oct. 7, 2026
- Investing.com (Reuters), Wall St futures slip as yields and oil rebound; Fed minutes in focus
- Investing.com, European stocks dip as Houthi threat lifts oil ahead of FOMC minutes
- Trading Economics, U.S. MBA 30-year mortgage rate
- Trading Economics, U.S. MBA mortgage applications
- Yahoo Finance, S&P 500 futures chart data
- Yahoo Finance, Nasdaq 100 futures chart data
- Yahoo Finance, Dow futures chart data
- Yahoo Finance, 10-year Treasury yield chart data
- Yahoo Finance, Brent crude chart data
- Yahoo Finance, Gold futures chart data