News

At the same time, hedge funds have increased their net short positions across various maturities of US Treasury futures. During the reporting period, asset management companies' combined net long positions on Treasury futures, ranging from 10-year contracts to ultra-long-term contracts, rose by $20.2 million/DV01. Most of the net additions were concentrated in long-term Treasury futures, with net long increases of approximately $9 million/DV01. Hedge funds displayed the strongest bearish sentiment toward 10-year Treasury futures that week, increasing their net short positions by $6.5 million/DV01; meanwhile, net short positions on long-term Treasury futures also grew by nearly $4 million/DV01.Note: DV01 refers to the amount by which the value of a bond or bond derivative position changes when Treasury yields move by 1 basis point. It is a common measure of interest rate risk. The differing holding directions between the two types of institutions also reflect a clear divergence in market expectations for the future trajectory of US Treasuries.

This change is likely to drive Dutch TTF natural gas prices higher in the fourth quarter of 2026, approaching 50 euros per megawatt-hour. This expected level is higher than the previous forecast of 40 euros per megawatt-hour provided by the institution.

The Dow Jones Industrial Average closed up 148.01 points, an increase of 0.29%, at 51,712.71 points. The Nasdaq Composite Index closed down 351.33 points, a decline of 1.33%, at 26,166.602 points. The Nasdaq 100 Index closed down 59.111 points, or 0.19%, at 30,347.083 points. The Nasdaq Technology Market Cap Weighted Index closed down 0.80%, at 2,981.2847 points. The Philadelphia Semiconductor Index closed up 2.04%, at 14,634.722 points, continuing to set a new all-time closing high. The Philadelphia Stock Exchange KBW Bank Index closed up 1.45%, at 182.35 points, breaking the all-time closing high of 181.59 points set on June 16. The Dow Jones KBW Regional Banking Index closed up 1.21%, at 140.18 points. The Russell 2000 Index closed up 0.83%, at 3,004.404 points, once again setting a new all-time closing high. The Nasdaq Biotechnology Index closed up 1.87%, at 6,133.30 points. The S&P MidCap 400 Index closed up 0.40%, and the Nasdaq US Mid-Cap Index increased by 0.33%. The Volatility Index (VIX) closed up 2.98%, at 17.28.