债券收益率回落，股票买家在天使不敢涉足处入场

Trendingnow1Susan Dell is the one running the Dells’ $10 billion giving operation—and her biggest bets are on kids, health care, and UT Austin2Melinda French Gates has a 48-hour rule for criticizing employees. The billionaire philanthropist says it’s because ‘being clear is kind’3Europe sent its gold to the U.S. for safekeeping during World War II. Central banks are now reshuffling their reserves for a new era of uncertainty1Susan Dell is the one running the Dells’ $10 billion giving operation—and her biggest bets are on kids, health care, and UT Austin2Melinda French Gates has a 48-hour rule for criticizing employees. The billionaire philanthropist says it’s because ‘being clear is kind’3Europe sent its gold to the U.S. for safekeeping during World War II. Central banks are now reshuffling their reserves for a new era of uncertaintyEconomyMarketsMarkets: As bond yields cool off, stock buyers step in where angels fear to treadBy Jim EdwardsJim EdwardsExecutive Editor, Global NewsBy Jim EdwardsJim EdwardsExecutive Editor, Global NewsOctober 19, 2026, 6:26 AM ETTraders work on the floor of the New York Stock Exchange.Spencer Platt—Getty ImagesAdd Fortune on Google for similar content.

Stocks struggled globally today as the price of oil rose to $108 per barrel. Asia was mixed, while markets declined in Europe. U.S. futures were up this morning following a tech-led selloff on Friday. Nasdaq futures were up strongly before the open in New York—suggesting that traders now believe last week’s dumpster fire was overcooked.

“Things are looking a lot cheerier than they were at the close on Friday. After yet another lurch lower for tech, buyers have once again appeared,” Chris Beauchamp, chief market analyst at trading platform IG, told Fortune.

“Amid all the doom-laden commentary we saw last week, it is easy to forget that the S&P 500 was at a record high just two weeks ago. Last week looks more like a healthy rotation than the beginning of something more dramatic, no matter how much many bearish types would wish it otherwise.”Recommended Video

Factoid: Today is the 39th anniversary of Black Monday, when the Dow Jones fell 22.6% in a single day. Watch a great archive video of the TV evening news on that day here.

S&P 500 futures were up 0.47% this morning. The index fell 1.09% on Friday.

In Europe, the Stoxx 600 was down 0.78% in early trading, and the U.K.’s FTSE 100 was down 0.87% before lunch.

Asia: South Korea’s Kospi was up 1.76%. Japan’s Nikkei 225 was down 0.62%. India’s Nifty 50 was down 1.19%. China’s CSI 300 was up 0.09%.

Brent crude rose to $108 per barrel.

Bitcoin was at $82,769.

Crisis? What crisis? The 10-year takes a chill pill.

The yield on the benchmark 10-year Treasury was 5.08% this morning, down from its recent peak of 5.3%. So how bad was it last week when yields spiked? The market was pricing in risk similar to the Global Financial Crisis, according to this chart from Michael Hartnett’s team at Bank of America.

Hyperscalers’ cost of capital has more than doubled since 2023, hurting the profitability of AI

Increasing yields in the bond market are making it more expensive for tech companies to borrow the money they need to fund AI development. “The [weighted average cost of capital] for hyperscalers is now 10%, up from 4% in 2023,” according to Bank of America’s Savita Subramanian.

Ten percent, therefore, is now the ROI threshold hyperscalers need to meet.

“Economics 101 tells us that investing makes sense until returns on incremental invested capital (ROIIC) fall below the weighted average cost of capital (WACC). Inflation, real yields, credit events, increased regulations, equity supply outpacing demand are risks from here,” she said in a note.

To give you an idea of how closely the AI-debt-market situation is being watched, Subramanian said, “most of our equity meetings are 90% AI, 10% everything else. But they all boil down to the question above.” Her forecast: The capital expenditures wave has further to run, but there might be a “marked shift in trend” next year if yields don’t decrease.

Jim Edwards is the executive editor for global news at Fortune. He was previously the editor-in-chief of Business Insider's news division and the founding editor of Business Insider UK. His investigative journalism has changed the law in two U.S. federal districts and two states. The U.S. Supreme Court cited his work on the death penalty in the concurrence to Baze v. Rees, the ruling on whether lethal injection is cruel or unusual. He also won the Neal award for an investigation of bribes and kickbacks on Madison Avenue. See full bioAdd Fortune on Google for similar content.