Weekly Market Update for October 9, 2026
by Gavyn Jensen-Schneider, Research Associate
The AI trade continues to push ahead, with AI-exposed industrial names the latest space to benefit. The S&P 500 finished the week up +1.15%, while the Nasdaq rose +0.64%. The 10-Year Treasury yield, an interest rate indicator, closed at 5.24%, down -3 basis points (bps) from last week. The 6-Month US Treasury, a favorite of our US Treasury strategy, closed at 4.33%, up +3 bps from last week.
Power producers and industrial conglomerates were given a boon this week when Constellation Energy signed a deal with Alphabet (Google’s parent company) to provide 3.59 gigawatts of nuclear power for AI and data center use. The megadeal has been interpreted as a sign that power- and compute-hungry companies like Google will take energy from any source, including up-and-coming energy producers. A number of “second-order beneficiaries” that provide parts for nuclear power plants and other critical AI infrastructure, such as Mirion Technologies (MIR), saw a bounce off this announcement as well. We continue to see the broad-based impact of AI as a tailwind for some otherwise sleepy industrial names.
Yields on the 10-Year Treasury have seemingly stopped their ascent, hovering this week between 5.22% and 5.35%. The respite follows a series of speeches from Fed Governors this week, as well as the FOMC minutes, which outlined the views of the committee. Policymakers are in agreement that combating inflation is still their first priority and see another rate hike before year end as likely. The timing of that hike, however, remains up for debate. It is likely that the Fed leaves rates unchanged in October as it awaits additional data and avoids a rate hike a week before the midterm elections. Most market analysts seem to agree; there is currently an 83% chance of a hold according to CME FedWatch.
Q3 corporate earnings kick off next week with earnings reports from the big banks starting on Tuesday. Leading into the season, earnings growth for the S&P 500 is estimated at +29.6% according to FactSet. If it comes to fruition, it will mark the third consecutive quarter of +25% growth for the index. Wednesday’s release of core and topline CPI inflation marks the highlight of the economic calendar, with PPI inflation to follow on Thursday.
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