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US Markets Morning Update - 2026-10-12

October 12, 2026
US Markets Morning Update - 2026-10-12
Markets
US 10-year Treasury yields are approaching 6% for the first time since 2000, with the AI-powered bull market nearing its four-year anniversary and showing "bad breadth" as only one-third of S&P 500 stocks trade above their 50-day moving average.

Good morning NYC. Key highlights for 2026-10-12:

  • US 10-year Treasury yields are approaching 6% for the first time since 2000, with the AI-powered bull market nearing its four-year anniversary and showing "bad breadth" as only one-third of S&P 500 stocks trade above their 50-day moving average.
  • Nvidia is in talks to acqui-hire Reflection AI (valued at $25B) and backed data center firm Firmus, which is now seeking $2B-$3B in private funding after its IPO collapsed, casting shadow on data center IPOs.
  • Jio Platforms is set to price a record $3.1B India IPO at a $107B valuation, while Airtel Money slid 6% in its UK trading debut after raising $700M, and several biotech and tech firms including City Therapeutics and vVardis filed for US IPOs.
  • OpenAI expects annual recurring revenue to hit $70B by year-end, while Netflix announced 5% job cuts and Apple will debut a touch-screen MacBook this month.
  • Euro Stoxx banks index is down 10% from peaks as yields bite, with big investors "bottom fishing" in Eurozone bond markets after France selloff, and telecom stocks wiped $60B in market cap following SpaceX's spectrum deal.

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