Correction — 22 October 2026: The earlier report mixed live quotes with closing-language claims and used an incorrect KOSPI return. The completed observations below give a KOSPI decline of 0.89%, S&P 500 gain of 0.58%, and Nasdaq gain of 0.45%. This is a retrospective review using daily history retrieved on 2026-10-22, not a live report or a reconstruction of every quote available at original publication.
An equity gain and yield decline are observations, not a cause
The 10-year yield proxy fell from 5.311% to 5.269%, a decline of 4.2 basis points. In the same US calendar session, the S&P 500 and Nasdaq both rose. That combination is compatible with more than one explanation. It does not by itself show that expected Fed policy, real yields or investor risk appetite drove the equity gains.
Dated observations and calculations
| Series / source | Previous date | Previous value | Observation date | Value | Change | Time zone |
|---|---|---|---|---|---|---|
| KOSPI | 2026-10-02 | 7,003.74 | 2026-10-06 | 6,941.39 | -0.89% | Asia/Seoul |
| S&P 500 | 2026-10-05 | 7,773.95 | 2026-10-06 | 7,818.93 | +0.58% | America/New_York |
| Nasdaq Composite | 2026-10-05 | 27,477.31 | 2026-10-06 | 27,599.79 | +0.45% | America/New_York |
| US 10-year yield proxy (^TNX) | 2026-10-05 | 5.311 | 2026-10-06 | 5.269 | -4.2 bp | America/Chicago |
| WTI futures (CL=F) | 2026-10-05 | 89.43 | 2026-10-06 | 89.44 | +0.01% | America/New_York |
| Gold futures (GC=F) | 2026-10-05 | 4,156.80 | 2026-10-06 | 4,187.10 | +0.73% | America/New_York |
| USD/KRW (won per dollar) | 2026-10-05 | 1,342.56 | 2026-10-06 | 1,343.75 | +0.09% | Europe/London |
| USD/JPY (yen per dollar) | 2026-10-05 | 157.73 | 2026-10-06 | 157.96 | +0.15% | Europe/London |
Check the ranking as well as the direction
Using the completed observations, the S&P 500 gained about 0.13 percentage points more than the Nasdaq. The earlier assertion of Nasdaq outperformance therefore does not describe this daily-close comparison. A nominal yield series also cannot measure a change in real yields without inflation-linked yield data or a clearly specified inflation adjustment. The earlier real-rate and hedging-demand explanations are withdrawn.
Method and limits
Percentage changes use (value ÷ previous available daily value − 1) × 100, before rounding. Yield changes use the difference in percentage-point quotes multiplied by 100 to obtain basis points. Currency values are local-currency units per US dollar. Index levels are in points; futures quotes are in US dollars per barrel for WTI and per troy ounce for gold.
Each linked Yahoo Finance history is the data source for that row. These provider observations have not been independently checked against exchange settlement records. The futures series can change its referenced contract over time and should not be treated as the return on a continuously held investment. A date shared by two markets does not make their closing times simultaneous.
The earlier news-based explanations are omitted because their relevance to these measured moves was not established. For the calculation workflow and trading-session examples, see How to Read Daily Market Returns Without Mixing Trading Sessions.
