THE CLOSING EDGE · TUESDAY, NOVEMBER 10, 2026

The Closing Edge: November 10, 2026 — Stocks slip as the 10-year yield nears 5%

By Nicholas Thomas

U.S. stocks fell as the 10-year Treasury yield reached 4.98%. A separate sale of $42 billion in new notes cleared at 5.020%.

U.S. stocks gave back part of Monday’s rally on Tuesday. The Nasdaq Composite fell 0.7%, and the Treasury’s 10-year benchmark rose 10 basis points to 4.98% even as October’s monthly inflation rate slowed. The government also sold $42 billion of new 10-year notes at a yield just above 5%.

Market snapshot

Changes at the 4 p.m. Eastern cash close are rounded to one decimal place against Monday’s close.

The Lead · The price of borrowing for 10 years

The Treasury’s 1 p.m. auction cleared at a high yield of 5.020%. That was the highest yield the government accepted in that sale. Later, the Treasury’s daily yield curve put the 10-year benchmark at 4.98%, up from 4.88% on Monday. The auction sets the terms for one new security. The curve estimates yields at standard maturities from afternoon market quotes, so it gives a consistent comparison across the two days.

The two-year yield rose faster, climbing 17 basis points to 4.73%. That narrowed the gap between the two- and 10-year yields from 32 to 25 basis points. The difference matters for companies that have a choice between refinancing soon and borrowing for longer. Both benchmarks rose, and the increase was bigger at the shorter maturity. A borrower’s own credit premium comes on top of the Treasury yield.

As the Morning Brief covered, October prices rose 0.4% from September, down from 0.6% the month before. Core inflation held at 0.3%. The day’s new Treasury readings show where borrowing benchmarks actually stood after the release. For a company weighing a bond sale, a slower rise in consumer prices can coexist with a more expensive refinancing.

The Undercard · When revenue and the next quarter tell different stories

D-Wave Quantum (Nasdaq: QBTS). The company reported $4.5 million of third-quarter revenue, up 21% from a year earlier. Quarterly bookings fell 19% to $1.9 million, and the GAAP operating loss widened to $53.5 million from $27.7 million. D-Wave also reported $38.3 million of revenue tied to work it still owes under existing contracts. That puts the operating question in focus. How quickly can the company deliver that work and recognize enough revenue to narrow the loss?

Sea Limited (NYSE: SE). The company reported $8.58 billion of quarterly revenue, up 43.4%. Revenue at Monee, its digital finance business, grew 63.9% while the segment’s adjusted EBITDA rose 15.5%. The segment added substantial revenue. Its adjusted profit measure grew more slowly, making the cost of expanding the lending book a more useful question than loan growth alone.

Market Trends · The household debt jump needs a closer look

The New York Fed’s third-quarter report showed household debt rising $334 billion to $19.1 trillion. About half of the $257 billion mortgage increase came from balances that reappeared after a gap in reporting. The reported mortgage balance grew, but only part of that change reflects borrowing activity during the quarter.

Home equity lines of credit rose $23 billion to $481 billion. The share of outstanding debt in some stage of delinquency rose to 5.0% from 4.7% in the second quarter. Those measures capture different sides of household credit. One tracks balances on lines of credit secured by homes. The other tracks how much outstanding debt is behind on payments.

Next session · Wednesday, November 11

The NYSE and Nasdaq have a regular Veterans Day stock session scheduled from 9:30 a.m. to 4 p.m. Eastern. SIFMA recommends a full close for U.S. dollar fixed income. Wednesday’s stock moves will have a regular cash close. The usual Treasury session comparison will have to wait.

Riskified (NYSE: RSKD) plans to report before the open and host its call at 8:30 a.m. Eastern. The figures can show whether growth in transactions is carrying through to the company’s operating results. That’s a separate question from the cost of credit, and one Wednesday’s earnings can help answer while bonds take the day off.

Sources and timing

Cash moves were cross-checked against the Associated Press closing update, the Chase closing snapshot and Nasdaq’s Composite index page. Treasury’s curve uses indicative quotes near 3:30 p.m. Eastern. Inflation comparisons are seasonally adjusted monthly changes from the Bureau of Labor Statistics. Company figures cover the quarter ended September 30 and are in U.S. dollars.