The Fed had raised rates the day before, but long-end yields fell on September 17. FRED’s historical ten-year nominal yield moved from 5.01% on the 16th to 4.94%, and the real yield from 2.68% to 2.61%. The policy target and long-term discount rates moved in different directions.
At the September 17 New York close, gold ETF GLD gained about 1.7%, long-duration Treasury ETF TLT 1.1%, and semiconductor ETF SMH 2.8%. SPY rose about 1.1% and QQQ 1.7%. Gold and long bonds moved in directions consistent with the yield decline. Absorption of adverse news, short-term covering, or company factors could have contributed; two closes do not identify one cause. This later US close is not used to explain the Asian daytime session.
Hardware participation remained uneven. AMD gained about 6.4%, Micron 5.5%, and Coherent 2.1%, while CoreWeave lost 4.2%. SMH and Coherent still stood below their September 11 closes. Rate pressure eased alongside price repair, but this compute-rental name was still falling and earlier hardware damage remained. One recovery session did not establish a stable theme.
Historical backfill: compiled October 4, 2026, with observations limited to the date discussed and US prices through the September 17 New York close. Sources: Fed statement, September 16; FRED DGS10 and DFII10, September 16–17 historical observations; Yahoo Finance prices for GLD, TLT, SMH, AMD, MU, COHR, CRWV, SPY and QQQ, September 11, 16 and 17. GLD is an ETF proxy. FRED observations do not guarantee same-day intraday availability. Rebound mechanisms are research judgments. AMD, MU, COHR and CRWV are analysis subjects only, not KSINQ recommendations to buy, sell or hold them. This article presents personal research and opinion for informational purposes only and does not constitute investment advice.