U.S. equities were mostly lower today. The S&P 500 Index ($SPX) (SPY) declined 0.25%, the Dow Jones Industrial Average ($DOWI) (DIA) fell 0.69%, and the Nasdaq 100 Index ($IUXX) (QQQ) gained 0.12%. E-mini S&P futures (ESU26) were down 0.92%, while September E-mini Nasdaq futures (NQU26) were up 0.11%.
The Dow reached a five-week low as the broader market faced pressure for a second day amid rising inflation risks. WTI crude oil gained more than 2% to a 3.25-month high amid escalating hostilities in the Middle East, raising concerns about energy flows through the Strait of Hormuz. Higher energy prices are lifting inflation expectations and pushing bond yields upward. The 10-year Treasury note yield rose to 4.82%, its highest level in 2.75 years, weighing on stocks.
Chipmakers and stocks tied to artificial intelligence infrastructure supported the Nasdaq 100, while energy producers benefited from the advance in crude oil prices.
Escalating trade tensions between the United States and Canada are also weighing on investor sentiment. On Tuesday, Canada imposed tariffs of 15% to 50% on hundreds of U.S. products in retaliation for Washington’s move last month to levy 50% tariffs on $20 billion of Canadian imports. The U.S. responded by moving to restrict certain Canadian products, imposing new tariffs on others, and seeking to prevent Canadian companies from selling to U.S. government contractors.
U.S. MBA mortgage applications fell 2.7% for the week ended September 4. The purchase mortgage index declined 0.2%, while the refinancing index dropped 6.2%. The average rate on a 30-year fixed mortgage rose six basis points to 6.85%, its highest level in 14 months, from 6.79% the previous week.
October WTI crude oil prices (CLV26) gained more than 2% to a 3.25-month high following the latest escalation in Middle East hostilities. The U.S. destroyed five Iranian tankers carrying crude after two attempts by Iran to strike U.S. Navy ships with ballistic missiles. Iran retaliated by firing missiles at a U.S. air base in Jordan and warning vessels in the Persian Gulf that they would be attacked.
Markets are assigning a 64% probability to a 25-basis-point rate increase at the Federal Open Market Committee’s September 15-16 meeting.
Overseas equities were mixed. The Euro Stoxx 50 declined 1.61% to a five-week low, while China’s Shanghai Composite gained 0.28% and Japan’s Nikkei 225 slipped 0.19%.
Interest Rates
December 10-year Treasury note futures (ZNZ6) lost three ticks today. The 10-year Treasury yield rose 0.8 basis points to 4.810%, while T-notes fell to a 2.75-year low in the nearest contract and the yield reached a 2.75-year high of 4.816%. Higher crude prices, which have pushed inflation expectations upward, are pressuring Treasury securities. Supply concerns are also weighing on prices ahead of the Treasury’s $39 billion 10-year note auction later today.
European government bond yields advanced. The 10-year German bund yield climbed 5.0 basis points to 3.416%, with the contract reaching a 15-year high of 3.423%. The 10-year U.K. gilt yield rose 5.1 basis points to 5.225%.
French manufacturing production unexpectedly declined 0.8% month over month in July, compared with expectations for a 0.4% increase.
Markets see a 100% probability of a 25-basis-point European Central Bank rate increase at its September 10 policy meeting.
U.S. Stock Movers
Weakness in health insurance shares is pressuring the broader market. UnitedHealth Group (UNH) fell more than 5% to lead decliners in the Dow Jones Industrial Average, followed by Centene (CNC), which dropped more than 4%. Humana (HUM) and Molina Healthcare (MOH) each declined more than 3%, while CVS Health (CVS) and Elevance Health (ELV) fell more than 2%. Cigna Group (CI) was down more than 1%.
Chipmakers and artificial intelligence infrastructure stocks advanced, providing support for the overall market. Marvell Technology (MRVL) gained more than 5% to lead S&P 500 and Nasdaq 100 gainers. ARM Holdings (ARM) rose more than 4%, while Advanced Micro Devices (AMD), Micron Technology (MU), and SanDisk (SNDK) each gained more than 3%. Western Digital (WDC) advanced more than 2%, and Qualcomm (QCOM) rose more than 1%.
Energy producers and service companies also benefited as WTI crude climbed more than 2% to a 3.25-month high. APA (APA), Baker Hughes (BKR), Diamondback Energy (FANG), Exxon Mobil (XOM), Halliburton (HAL), Marathon Petroleum (MPC), Occidental Petroleum (OXY), and SLB (SLB) each gained more than 2%. Chevron (CVX) rose more than 2% to lead Dow gainers. ConocoPhillips (COP) and Devon Energy (DVN) advanced more than 1%.
ServiceTitan (TTAN) fell more than 19% after reporting a second-quarter loss of 26 cents per share, wider than the consensus estimate of a 25-cent loss.
Casy’s (CASY) declined more than 17% to lead S&P 500 losers after reporting first-quarter gross margin of 21.8%, below the consensus estimate of 22.3%.
Chewy (CHWY) dropped more than 7% after forecasting a sequential decline in third-quarter gross margin. The company attributed the shift in timing to certain rebate benefits moving from the second half of the year into the second quarter.
Smithfield Foods (SFD) fell more than 6% after reducing its third-quarter earnings outlook, citing “continued compression in the industry fresh pork market spread and lower hog prices.”
Booking Holdings (BKNG) declined more than 4% to lead Nasdaq 100 losers after losing an EU court case involving its proposed acquisition of Sweden’s Etraveli Group. A judge ruled that regulators were correct to conclude that the planned takeover threatened fair competition.
Dyne Therapeutics (DYN) fell more than 3% after JPMorgan Chase downgraded the stock to underweight from neutral and set a $10 price target.
Chime Financial (CHYM) gained more than 7% after raising its full-year revenue forecast to $2.76 billion-$2.77 billion from $2.73 billion-$2.75 billion. The updated guidance exceeded the consensus estimate of $2.74 billion.
Meta Platforms (META) rose more than 5% to lead S&P 500 and Nasdaq 100 gainers after analysts gave positive reviews of the company’s debut of Muse, an AI assistant.
Dell Technologies (DELL) gained more than 5% after Evercore ISI raised its price target to $650 from $575.
Earnings Reports (Sept. 9, 2026)
AeroVironment (AVAV), Chewy (CHWY), The Cooper Companies (COO), Core & Main (CNM), SailPoint Technologies (SAIL), and Sunbelt Rentals Holdings (SUNB).