Market Update: Yields keep pressure on stocks as traders eye inflation, September 25, 2026

Stocks Ended Flat, But Bond Market Stress Stayed Front and Center

Wall Street finished Thursday, September 24, almost exactly where it started after another violent swing in rates and oil. The S&P 500 slipped 1.90 points, or less than 0.1%, to 7,704.13. The Dow Jones Industrial Average fell 161.61 points, or 0.3%, to 51,349.98. The Nasdaq Composite added just 3.34 points, or less than 0.1%, to 26,939.37. The Russell 2000 lost 0.1% to 2,835.57. ABC News/AP, MarketWatch.

The message from the tape was simple: buyers still showed up, but they did not want to lean in while rates were ripping higher. The S&P 500 spent the session reversing between losses and gains, and the Dow was the weakest of the major averages as traders kept fading economically sensitive names. AP, CNBC.

Biggest Stock Movers: Oracle Slips, Costco Delivers, AI Winners Keep Rotation Alive

Oracle was one of the day's clearest losers after Bloomberg reported the company sent a force majeure notice tied to Project Jupiter, the New Mexico data,center campus. The stock was down about 3.5% in premarket trade as investors focused on payment risk and possible timing delays around a major AI infrastructure buildout. Yahoo Finance/Bloomberg, AOL.

Costco was the standout on the earnings side. The warehouse retailer said fourth,quarter fiscal 2026 net income was $2.998 billion, or $6.75 a share, while sales rose 11.2%. Revenue and earnings both topped expectations, and the company's results gave consumer defensives a rare pocket of support in a shaky tape. Yahoo Finance, Business Wire via Markets Insider.

In tech, the AI trade stayed active but more selective. Nvidia and the broader semiconductor complex continued to outperform relative to the Dow, while traders rotated around mega,cap names tied to rate sensitivity. The market's message is that AI leadership is still alive, but it is no longer enough to overpower the bond market on its own. Investor's Business Daily, Yahoo Finance.

Yields Hold Near Multi,Year Highs as Fed Risk Repricings Continue

The 10,year Treasury yield climbed as high as 5.225% intraday Thursday and settled around 5.16%, its highest level since 2007. The 30,year yield reached 5.50%, also the highest since 2007. The move has kept pressure on equity valuations, mortgage rates and longer,duration growth stocks. CNBC, MarketWatch, U.S. Treasury.

Federal Reserve Governor Michael Barr said this week that further policy adjustment may be needed to bring inflation down in a timely manner, while markets are increasingly pricing the chance of another hike. That's the core reason equities are struggling to hold gains even when economic growth data looks resilient. The trade is no longer about recession fear. It is about whether the economy is too hot for the Fed to stay on pause. SeDaily, CNBC.

Oil Rebounds, Gold Stays Elevated, and Commodities Keep the Inflation Story Alive

Oil prices were higher again Thursday as traders balanced geopolitical risk against the impact of tighter financial conditions. Reuters and market reports pointed to Brent and WTI strength as tensions around the Middle East and the Strait of Hormuz kept a risk premium embedded in crude. That matters because rising energy costs feed directly back into inflation expectations and bond yields. Yahoo Finance, USA Today/AP.

Gold stayed bid near record territory as investors looked for a hedge against both policy uncertainty and geopolitical noise. The metal has been trading as a barometer of confidence in central bank control of inflation, and Thursday's rate move kept that bid intact. Industrial commodities were more mixed, but the broader commodity complex still looks firm enough to keep pressure on inflation,sensitive assets. Bullion Exchanges, Investing.com.

Crypto Softer as Rate Hike Bets Bite

Bitcoin traded around $84,000 to $85,000 and Ethereum hovered near $2,650 to $2,700, both lower on the day as the market leaned back toward a tighter,for,longer Fed path. The pullback was not a collapse, but it was enough to show that crypto still trades like a high,beta risk asset when yields are surging. CoinMarketCap, CoinMarketCap, Yahoo Finance.

The important read,through for traders is that crypto is not getting a separate macro regime right now. When Treasury yields are pressing to multi,year highs, digital assets tend to lose some of their momentum unless there is a fresh catalyst of their own. That makes today's rate and inflation signals especially important for the crypto tape. Yahoo Finance, CoinGecko.

Geopolitics Still Matter, But Rates Are Driving the Market

Markets are still watching U.S.,China and Middle East developments, including President Donald Trump's meeting with Chinese leader Xi Jinping and ongoing talk of a possible phased deal around the Strait of Hormuz. The geopolitical backdrop has helped keep crude elevated, but it has not been enough to offset the market's main driver: a sharp repricing of the Fed path via the bond market. CNBC, U.S. News/AP, Wall Street Ramen.

That leaves traders with a market that is simultaneously exposed to inflation risk, supply,side energy shocks and policy hawkishness. In practice, that tends to favor cash,rich defensive names, hurt long,duration growth, and keep volatility pinned to headlines around yields and oil rather than broad macro optimism. Boston Herald/AP, CNBC.

What Traders Should Watch Today

• Fresh follow,through in Treasuries, especially whether the 10,year holds above 5.10% and the 30,year stays above 5.40%. U.S. Treasury
• Any Fed speaker comments that reinforce or soften the case for another rate hike. CNBC
• Whether oil extends its rebound and keeps inflation expectations elevated. USA Today/AP
• Post,earnings reaction in Costco and any spillover into consumer defensive stocks. Yahoo Finance
• Oracle follow,through after the Project Jupiter report, which could set the tone for AI,infrastructure names. Yahoo Finance/Bloomberg
• Crypto reaction to moves in yields, with Bitcoin and Ethereum still behaving like risk assets. CoinGecko