The most common and most likely answer to this crossword clue is the 10 letter word ATMOSPHERE
I've seen this crossword clue in Financial Times
A
T
M
O
S
P
H
E
R
E
More clues leading to the result ATMOSPHERE
- The PM arose to change prevailing mood
- Feel source of money in this place is keeping son in work
- Mood cheers up with doctor on department
- Prevailing mood at second ball
- Air rancid horsemeat papa brought in
- PM Theresa struggling to get to grips with ordinary mood of the party
- A most unusual present captures Penny’s character
- We are always enveloped in this mood
- Climate unfortunately heats more round top of pole
- General mood in a newly-built rest home about parking
Buddy explains!

The straight part
We know that "Prevailing mood" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case prevailing mood = atmosphere.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does ATMOSPHERE mean?
ATMOSPHERE noun- The gases surrounding the Earth or any astronomical body.
- The air in a particular place.
- The apparent mood felt in an environment.
- A unit of measurement for pressure equal to 101325 Pa (symbol: atm)