Stocks slide as oil spikes on Iran standoff, yields climb
Market & SentimentUS equities fell across the board, with the Nasdaq 100 down 1.07% and the S&P 500 off 0.74%. Breadth was weak: only 149 advancers against 329 decliners, and just 25.2% of stocks above their 50-day average. New lows outnumbered highs 37 to 11. The market temperature score of 27 signals a cold risk appetite, pressured by rising oil after Trump rejected an Iran peace proposal.
Sectors & StocksDefensive sectors held up: consumer staples rose 0.4% and health care added 0.28%, while energy gained 0.19% as oil prices climbed 2%. Consumer discretionary lagged with a 1.75% drop, followed by industrials and communication services. Boeing plunged 6.91% after the FAA delayed 737 Max 10 certification over a software issue. DoorDash fell 7.74%, Qualcomm lost 7.17%, and Bloom Energy sank 8.95%. Palo Alto Networks gained 4.63% and CrowdStrike rose 2.82%.
Rates, FX & CryptoTreasury yields rose across the curve, with the 2-year up 11 basis points to 4.92% and the 10-year up 7bp to 5.24%, steepening the 2s10s spread to 32bp. The dollar was mixed: USD/CNY slipped 0.04%, EUR/USD fell 0.22%, and USD/SGD added 0.05%. Bitcoin declined 0.86% to $83,454, while Ethereum gained 0.43% to $2,688.
Earnings & AnnouncementsNo major earnings were reported today. Boeing slid 6.91% after the FAA delayed 737 Max 10 certification due to a software issue, putting 31% of undelivered orders at risk. Apple was ordered by a US jury to pay $5.7 billion in a patent case over haptic technology, though the stock edged higher. Oracle dropped 2.43% as it disclosed an oncology AI tool without commercial details. No FinDog view changes were announced.
- Micron earnings Wednesday; AI memory demand in focus
- US-Iran talks with mediators on Monday or Tuesday
- NHTSA's September 30 deadline for Tesla Cybercab answers
- Boeing Max 10 certification timeline after FAA delay
- Trump dismissed an Iranian overture, lifting oil prices and pressuring equities. Higher energy costs could feed inflation and weigh on consumer spending.Reuters09-27 22:13 UTC
- The FAA will delay certifying Boeing's largest 737 variant until a software issue is resolved. The move puts 31% of undelivered orders at risk and sent Boeing shares down 6.9%.
- A US jury ruled Apple must pay about $5.7 billion over haptic technology patents. Apple plans to appeal; the award is one of the largest patent verdicts.
- Equities declined as Treasury yields rose, with the 2-year up 11bp. The bond market is pricing a higher-for-longer rate path, pressuring rate-sensitive sectors.Reuters09-28 00:50 UTC
- Famed short seller Michael Burry is switching to put options expiring in June for major tech shorts, signaling he expects an AI-driven selloff sooner than previously thought.CNBC09-28 20:43 UTC
- Chinese officials asked ByteDance and Alibaba to report plans for buying Nvidia's RTX Pro chips, potentially allowing some sales in China again. A positive for Nvidia if realized.
- Ireland's Data Protection Commission fined Google €403 million over how it processed users' location data. The penalty keeps EU regulatory risk in focus for Alphabet.
- Oracle invoked force majeure on a large Project Jupiter data center due to permitting delays, while reaffirming commitment. The notice affects a site underpinning part of its cloud buildout.
- Merck and Daiichi Sankyo withdrew an FDA filing for ifinatamab deruxtecan after data fell short. Late-stage studies continue, but the setback delays a potential new lung cancer treatment.
- Anthropic CEO Dario Amodei is set to have dinner with President Trump at the White House, according to Axios. The meeting highlights ongoing dialogue between AI leaders and the administration.CNBC09-27 18:44 UTC
Stories are selected and summarized by AI from the day's news coverage. Click a headline to read the original. Not investment advice.