NEW YORK, January 2, 2026, 3:30 PM ET — Regular session
- S&P Global shares slid about 1.7% in afternoon trade, lagging the broader market.
- A rise in Treasury yields weighed on higher-valuation data and ratings names, with peers also lower.
- Attention is turning to next week’s U.S. jobs and inflation data and S&P Global’s expected February earnings window.
Shares of S&P Global Inc. fell about 1.7% to $513.81 in afternoon trading on Friday, after closing at $522.59 in the prior session.
The drop came as Treasury yields pushed higher, a headwind for stocks that investors price off long-dated cash flows. The 10-year yield rose about 4.2 basis points — a basis point is 0.01 percentage point — to 4.195%, Reuters reported.
U.S. stocks have been choppy into the first trading day of 2026, with strategists pointing to stretched valuations after a strong year. “Stocks trade expensive on 18 of 20 measures,” Bank of America equity and quant strategist Savita Subramanian said in a note. Reuters
S&P Global’s slide tracked declines across the market-data and ratings group. Moody’s fell about 2.4%, MSCI was down roughly 1.5%, and FactSet slipped about 1.2%.
The broader financial sector held up, leaving S&P Global as a laggard among diversified financials. The Financial Select Sector SPDR Fund was up about 0.2%, and the SPDR S&P 500 ETF was also modestly higher.
S&P Global sells credit ratings, market intelligence and analytics, and it owns the S&P Dow Jones Indices franchise that licenses benchmarks used in many funds. Its results are closely tied to demand for credit ratings, financial data subscriptions and index-linked products.
Investors tend to treat the group as “quality growth,” which can be sensitive to shifts in interest-rate expectations. Higher yields increase the discount rate investors apply to future earnings, which often pressures stocks that trade at richer multiples.
Markets are also watching early-year momentum in capital markets. Stronger corporate bond issuance can lift demand for ratings and related analytics, while firmer trading and asset flows can support index licensing and data demand.
Next week’s macro calendar could reset rate expectations that ripple through the sector. The U.S. jobs report is due Jan. 9 and the consumer price index is scheduled for Jan. 13, Reuters reported, alongside the start of fourth-quarter earnings season with major banks reporting that week; fed funds futures imply little chance of a cut at the Fed’s late-January meeting but roughly a 50% chance in March.
For S&P Global specifically, attention is shifting toward its fourth-quarter results and any updated outlook for 2026. Nasdaq shows the company is estimated to report earnings on Feb. 10, 2026.
S&P Global has also said it does not expect to provide 2026 financial guidance until its fourth-quarter earnings in February.
With peers also lower on Friday, the move in SPGI looked more like a sector and rates-driven trade than a reaction to a fresh company catalyst. Investors will keep one eye on Treasury yields and another on whether next week’s data changes the market’s view on the path for U.S. rates
