QQQ gained about 2.8%, SPY 1.6%, and long-Treasury ETF TLT 0.7% on September 21, while gold ETF GLD fell 0.7%. Stocks and long bonds recovered together; gold did not join them. FRED’s historical ten-year nominal yield fell from 5.01% in the prior session to 4.96%, and the real yield from 2.68% to 2.62%. These moves fit the bond recovery and reduced discounting pressure on distant equity cash flows.
Gold faced another change: the dollar index rose from 100.22 to 100.43. Lower real yields reduced the opportunity cost of holding a non-interest-bearing asset, while dollar strength and demand for exposure could still affect its price. A daily loss of about 0.7% does not establish a structural change in gold demand. The stock-and-bond gains do not separate growth expectations from rate expectations either. Lighter discounting pressure accompanied the recovery, without establishing a policy path that would support every asset.
Historical backfill prepared on October 4, 2026. The observation cutoff is the article date, with US stock and ETF prices through the 2026-09-21 New York close. Sources: Yahoo Finance SPY, QQQ, TLT, GLD, dollar index; FRED DGS10, DFII10. Stock and ETF price changes use September 18 closes. GLD is a gold ETF proxy, not a spot quote; TLT is a long-Treasury ETF. FRED values are historical observations for September 18 and 21, not a guarantee of intraday availability. Dollar-index figures use Yahoo Finance DX-Y.NYB daily records; the provider’s daily cutoff has not been reconstructed, so they are not treated as synchronous with regular stock and ETF closes. Personal research and opinion for information only; not investment advice.