Market close — Yields and oil teamed up to ruin Monday's mood
S&P 500 7,683.69 (-0.77%), Dow 51,481.51 (-0.67%), Nasdaq 26,820.38 (-0.92%), Russell 2000 about 2,825 (-0.6%).
Trump rejected Iran's seven-day ceasefire proposal that would have reopened the Strait of Hormuz and told aides he expects another US bombing campaign against Iran after November's midterms. Brent touched $109 intraday before closing at $105.28. The Treasury selloff deepened: the 10-year hit 5.241% (highest since 2007), the 30-year 5.561% (highest since 2002), the 2-year 4.922% (highest since May 2024), with futures markets pricing roughly 70% odds of a Fed hike in October. OpenAI paused frontier model training for the second time in three months, dragging chip stocks down.
Nvidia gained 2.2% after unveiling a record $150 billion buyback increase — the largest ever by a US company, bringing the authorization to $235 billion — while Intel fell 6.4%, Sandisk 4.6%, and Micron 3.1% ahead of its Wednesday earnings. Meta dropped 4.2% after MongoDB's CEO resigned effective immediately to run Meta's new enterprise AI division; MongoDB fell 18%. Kodiak Sciences soared 170% after two experimental eye drugs hit their goals in a late-stage trial. Energy was the lone bright spot, with Chevron and Exxon each up 1.2%.
In macro, gold tumbled more than 3% to around $4,150 an ounce, the dollar index firmed to about 101.1, and bitcoin slipped toward $83,000 as rising real yields drained risk appetite. After the bell, Jefferies kicked off bank earnings season with a beat: Q3 EPS of $1.08 vs ~$1.00 expected, on record investment-banking revenue of $1.33 billion (+17%).
Tuesday brings a crowded morning: July Case-Shiller home prices at 9:00, September consumer confidence and the August JOLTS report at 10:00, with Chicago Fed president Austan Goolsbee speaking at 1:00 and NY Fed president John Williams at 2:00. Micron's earnings and the core PCE inflation report arrive Wednesday, and the September jobs report closes out the week on Friday.
wsj.com/finance/stocks/u-s-s…
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186
premarket · movers
KOD · +70.4% · 55.13
SOBO · +8.0% · 36.70
BRX · +6.9% · 30.00
TRMD · +4.9% · 35.99
NTES · +4.2% · 120.30
MDB · -14.9% · 349.26
GFI · -13.6% · 34.89
AU · -6.6% · 92.51
KFY · -6.4% · 67.14
HMY · -6.3% · 17.78
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Market open — Relief rally as AKAM deal hype lifts tech
Markets · Fri, Sep 25
Asian markets split overnight — the Nikkei closed +1.3% while the Hang Seng slipped ~1%. Europe is firmer this morning, and US futures are pointing higher, with the S&P up ~0.3%, Nasdaq up ~0.7%, and the Dow up ~0.3%.
Premarket movers: AKAM is up 20% on a $6.7B Anthropic partnership; MU is up 2% and SNDK up 6.2%, bouncing after the memory sell-off; AIOR is up 5.9%, continuing its AI infrastructure run. COST is flat after earnings, though revenue beat.
The calendar: durable goods at 8:30 ET are already out, Michigan sentiment hits at 10:00, and Fed speakers Williams and Hammack are on deck later today.
Macro: the 10-year is at 5.17%, the 2-year at 4.90%, WTI around $92, Brent near $105, gold about $4,260, the dollar index near 101, and bitcoin around $84,600.
Read: Relief-rally setup into the open, but yields near 5.2% keep the leash tight — tech strength has to earn it.
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127
premarket · movers
AKAM · +13.2% · 125.00
PPLI · +8.5% · 39.00
ARM · +5.0% · 321.80
SNPS · +3.7% · 440.51
P · +3.0% · 125.50
CXW · -6.9% · 32.00
TWLO · -4.4% · 286.36
ZS · -3.8% · 206.51
NKE · -2.1% · 35.22
CMCSA · -2.1% · 21.66
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