Gold and Silver Slide as the 10-Year Yield Hits a Fresh High of 5.28%
Here’s where the key indicators sit versus their own history, plus the best and worst movers across companies and industries — and the risk and growth factors that may sit behind them. We don’t tell you what to do. We just show you what the data says, then close each section with a quick Read: the possible drivers, and what they could mean.
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01 · COMPANIES
Movers Above $10B Market Cap
▲ LEADERS
1 WEEK
- Synopsys Inc — +17.46%
- Summit Therapeutics PLC — +8.33%
- Itau Unibanco Banco Holding SA — +6.76%
YEAR TO DATE
- The J. M. Smucker Company — +25.98%
- Biogen Inc — +22.67%
- Unum Group — +17.52%
YEAR ON YEAR
- Texas Instruments Incorporated — +64.92%
- Aramark Holdings — +44.86%
- Archer-Daniels-Midland Company — +40.33%
Capnote tip: common growth factors among top YTD names include revenue growth from last year, consistent revenue growth across recent years, and diversified business.
▼ LAGGARDS
1 WEEK
- AGNC Investment Corp. — -5.39%
- Schlumberger NV — -5.38%
- Ast Spacemobile Inc — -4.77%
YEAR TO DATE
- Charter Communications Inc — -47.37%
- Li Auto Inc — -38.58%
- Weyerhaeuser Company — -20.73%
YEAR ON YEAR
- Boston Scientific Corp — -55.65%
- Fidelity National Information Services Inc — -49.13%
- Pinterest Inc — -39.00%
Capnote tip: common risk factors among these YTD laggards include regulatory actions or policy changes, adverse capital markets access, and competition intensity & availability of substitutes.
THE READ
Possible drivers: Synopsys led the week by a wide margin (+17.46%), well ahead of Summit Therapeutics and Itau Unibanco. Charter Communications’ YTD loss deepened sharply (-47.37%, from -39.17% last week), making it the worst YTD performer in this bracket for a second straight week. Boston Scientific remains the worst YoY performer for another week running.
What it could mean: Charter Communications’ accelerating YTD decline, now down nearly 8 points in a single week, is one of the sharper single-company moves we’ve tracked recently and worth watching closely. Boston Scientific’s continued presence at the top of the YoY laggard board, now a multi-week pattern, keeps pointing to medical devices as a durable weak spot this cycle.
02 · COMPANIES
Movers Below $10B Market Cap
▲ LEADERS
1 WEEK
- Pacific Biosciences of California — +46.30%
- Ginkgo Bioworks Holdings — +22.66%
- ServiceTitan, Inc. Class A Common Stock — +13.33%
YEAR TO DATE
- Penguin Solutions, Inc. — +199.38%
- Cypherpunk Technologies Inc. — +168.52%
- Day One Biopharmaceuticals Inc — +144.84%
YEAR ON YEAR
- Bandwidth Inc — +303.07%
- Anterix Inc — +277.44%
- Andersen Group Inc. — +253.61%
Capnote tip: common growth factors among top YTD names include diversified business, return on invested capital expansion, and low leverage.
▼ LAGGARDS
1 WEEK
- Liquidia Technologies Inc — -58.92%
- BOXABL Inc. — -18.86%
- GeneDx Holdings Corp. — -17.42%
YEAR TO DATE
- Suja Life, Inc. Class A Common Stock — -97.38%
- Verra Mobility Corp — -78.55%
- EyePoint, Inc — -74.88%
YEAR ON YEAR
- Suja Life, Inc. Class A Common Stock — -97.38%
- Verra Mobility Corp — -86.84%
- SL Science Holding Limited Ordinary Shares — -83.88%
Capnote tip: common risk factors among these YTD laggards include competition intensity & availability of substitutes, change in customer demand or preferences, and macroeconomic decline or recession.
THE READ
Possible drivers: ServiceTitan returns to the weekly leaderboard (+13.33%) after appearing as a 1-week leader five weeks ago. Liquidia Technologies’ sharp weekly drop (-58.92%) is the single largest 1-week decline we’ve tracked in this bracket recently. Verra Mobility and Suja Life remain repeat laggards across both YTD and YoY windows for yet another week.
What it could mean: Verra Mobility’s now-persistent presence on the laggard board, spanning several weeks of our data, looks like a sustained decline rather than noise. Liquidia’s outsized single-week loss is worth flagging as an outlier given nothing else in this week’s data moved anywhere near that magnitude.
03 · INDUSTRIES
Industry Performance
Weighted-average market cap of listed companies using Capnote’s proprietary groupings.
▲ HIGHEST PERFORMING
1 WEEK
- Consulting — +9.85%
- Water Transportation — +4.82%
- Accounting — +3.63%
YEAR TO DATE
- Data Management — +65.63%
- Computer Hardware — +57.71%
- Refining & Smelting — +53.41%
YEAR ON YEAR
- Refining & Smelting — +87.14%
- Data Management — +74.38%
- Glass — +72.85%
Capnote tip: common growth factors among top YTD industries include macroeconomic stability & growth, strong reputation & brand, and capital markets access.
▼ LOWEST PERFORMING
1 WEEK
- Cannabis — -11.67%
- Space Logistics — -5.76%
- Digital & Cryptocurrency — -5.09%
YEAR TO DATE
- Children — -31.02%
- Shipyards — -26.71%
- Exercise & Fitness — -21.10%
YEAR ON YEAR
- Children — -46.05%
- Government Contractor — -40.72%
- Recycling — -35.51%
Capnote tip: common risk factors among these YTD laggard industries include adverse capital markets access, reputation or brand decline and impairment, and macroeconomic decline or recession.
THE READ
Possible drivers: Data Management holds the top YTD spot for a second straight week (+65.63%), while Refining & Smelting continues cooling on both the YTD board (+53.41%, down from +57.73%) and the YoY board (+87.14%, down from +104.58%) — though it still leads YoY. Children remains a laggard across all three windows for yet another week, and now posts its worst YoY reading yet (-46.05%).
What it could mean: Refining & Smelting’s third straight week of easing YTD and YoY gains suggests the energy-linked rally that drove much of September is losing steam, even as Brent itself only eased modestly this week. Children’s deepening YoY loss, alongside its continued presence on the YTD and 1-week laggard lists, is one of the more consistent multi-week patterns in this dataset.
04 · INDICATORS
Where the Big Levels Sit
Positions vs. a 5-year moving average. Level reflects standard deviations from the mean.
| Indicator | 1W % | Last | Level |
|---|---|---|---|
| US 10Y Treasury | +2.28 | 5.28 | High |
| S&P 500 | -0.27 | 7,722.72 | Very High |
| Hang Seng | -2.19 | 23,972.29 | High |
| Crude Oil (Brent) | -1.55 | 102.70 | High |
| US Dollar Index (DXY) | +0.94 | 101.92 | Average |
| Gold | -3.45 | 4,172.10 | High |
| Bitcoin | +0.55 | 84,604.25 | High |
THE READ
Possible drivers: The US 10-year Treasury yield rose again this week (+2.28%) to 5.28%, its fifth consecutive weekly gain. Gold fell 3.45% to $4,172.10, its second straight weekly decline after also dropping last week, while the S&P 500 (-0.27%) and Hang Seng (-2.19%) both pulled back. Bitcoin posted a modest gain (+0.55%), its third straight weekly rise, and the dollar firmed slightly (+0.94%).
What it could mean: Gold’s back-to-back weekly declines alongside a steadily climbing 10-year yield fit a clear pattern: rising real rates are pressuring the metal that typically benefits when rates fall. Bitcoin’s third consecutive weekly gain, even as gold continues to slide, is the clearest divergence between the two assets we’ve tracked yet. Equities holding up relatively well despite five straight weeks of rising yields remains the bigger open question.
05 · WEEKLY MOVERS
Biggest Indicator Swings
▲ GAINS SINCE LAST WEEK
- Sugar · Average — +13.77%
- Turkey 10Y · High — +8.67%
- Coffee · High — +4.36%
- France 10Y · Very High — +2.96%
- Chile 10Y · High — +2.48%
▼ LOSSES SINCE LAST WEEK
- Switzerland 10Y · Average — -19.08%
- Orange Juice · Low — -9.17%
- Baltic Dry · High — -8.35%
- Palladium · Low — -7.18%
- Silver · High — -6.20%
THE READ
Possible drivers: Switzerland’s 10-year yield swung -19.08% this week, the largest single-week move across any indicator in recent memory, following a +16.71% gain just last week — a sharp reversal in the same series. Coffee bounced back +4.36% after five straight weekly declines. Silver fell 6.20%, moving in the same direction as gold this week, while Palladium also dropped sharply (-7.18%).
What it could mean: Switzerland 10Y’s whipsaw move (+16.71% last week, -19.08% this week) is large enough to be an outlier worth double-checking against the source data rather than reading as a market signal. Silver and Gold both falling together this week, alongside Palladium’s drop, points to a broader pullback across precious and industrial metals rather than a gold-specific story.
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Market Trend Monday is provided for information only and reflects what the data shows. It is not investment advice, nor a recommendation to buy or sell any security. Figures are drawn from Capnote’s data and methodology and may differ from other sources. Always do your own research.