Long Treasuries close at a year low as the 10-year yield hits 5.18%
Thursday, September 24, 2026: TLT fell 1.3% to $79.42, a 52-week low, as the 10-year yield closed at 5.18%; PFIX gained 5.0%.
The S&P 500 fell 2 points to 7,704. The Nasdaq Composite was unchanged. Neither number described the session.
The Treasury sold $44 billion of seven-year notes at 5.085% on a 2.42 bid-to-cover, down from 2.50 at last month's sale. Oil had already lifted the 30-year at the open.
The 10-year closed at 5.18%, the 30-year at 5.47%
The iShares fund that holds Treasuries due in 20 years or more, TLT, dropped 1.3% to $79.42, its lowest close in a year, on 58 million shares. Wednesday had taken the 10-year to 5.11%. Thursday made a new low in the bond fund and a 52-week high in the fund built to profit from that.
Simplify's interest-rate hedge, PFIX, gained 5.0% to $57.50, a 52-week high. It owns long-dated options that pay when long rates jump, and it had already added 3.3% on Wednesday.
A flat index concealed a wide split. Utilities, XLU, closed at a 52-week low.
PFIX gained 5% as TLT, utilities, and core bonds fell
- +5.0%
- +0.8%
- −0.5%
- −1.0%
- −1.3%
USCF's near-month natural-gas futures fund, UNG, rose 6.3% to $11.55 on 66 million shares.
Brent holds above $107 with Hormuz closed
West Texas Intermediate was at $95.06, up 3.1%, as of 4:36 p.m. Eastern; Brent was at $107.57, up 4.4%. Seven months into the war with Iran, the Strait of Hormuz is closed and nationwide gasoline is $4.48 a gallon; the Senate on Thursday came one vote short of directing President Donald Trump to pull U.S. forces out of Iran. The United States Oil Fund, USO, gained 2.9%. Energy stocks did much less: the sector fund XLE rose 0.4%.
Amplify's tanker-freight fund, BWET, fell 7.1% to $687.27, giving back most of Wednesday's 8.4% bounce. The fund holds oil-tanker freight futures, not the shippers.
10x and Twist lift ARK's genomics fund
ARK's genomics fund, ARKG, rose 5.1% to $53.53, a shade under a 52-week high. 10x Genomics, the largest holding, jumped 11%; Twist Bioscience 16%. Tempus AI added 7.4%.
Moderna rose 7.0% to $194.82, a continuation of this month's rerating around its cancer-vaccine program.
Meta Platforms rose 4.5% to $777.59 after overnight updates on its Muse AI agent, extending Monday's 11.3% jump.
Nebius Group, the AI-infrastructure name, rose 7.4%. Bank of America raised its 2027 revenue estimate to $12.7 billion, and BNP Paribas upgraded the shares to outperform with a $399 target.
Oracle fell 3.5% after reports it had invoked force majeure, a clause that can delay payments, on a New Mexico data center being built for OpenAI. Arm Holdings dropped 7.9% to $306.34.
A 2-point S&P session still left TLT at a 52-week low and PFIX at a 52-week high. Wednesday's 10-year close at 5.11% was not the high.
Frequently asked
How did the seven-year note auction go?
The Treasury sold $44 billion of seven-year notes at 5.085% on a 2.42 bid-to-cover, down from 2.50 at last month's sale.
Why did PFIX rise while TLT fell?
PFIX owns long-dated options that pay when long rates jump, so it gained 5.0% to a 52-week high as the 10-year closed at 5.18%.
What is happening with oil?
WTI was at $95.06, up 3.1%, and Brent at $107.57, up 4.4%, with the Strait of Hormuz closed seven months into the war with Iran.
What drove ARK's genomics fund higher?
ARKG rose 5.1% as 10x Genomics, its largest holding, jumped 11%, Twist Bioscience 16% and Tempus AI 7.4%.