US close: Stocks fall to six-week low on rising yields, oil prices

10th Sep 2026 21:55

(Sharecast News) - US stocks fell to a six-week low on Thursday as bond yields climbed and oil prices continued to rise amid fears that the Middle East conflict could turn into a protracted war following comments from Donald Trump.

According to The Wall Street Journal, White House aides have told the president that the Iran war could drag on until the end of Trump's term in early 2029. Trump had said earlier this week that the conflict could end "immediately" after the midterm elections in November.

Brent crude surged over 6% to $107.63 a barrel, hitting its highest level since mid-May, while 10-year US Treasury yields jumped 12.3 basis points to a three-year high of 4.967%.

The Dow and S&P 500 both fell 0.6% each, while the Nasdaq slipped 0.6%. The S&P 500 and Nasdaq both finished at their lowest levels since late-July.

Also hitting sentiment was the latest US producer price index - which comes a day ahead of the crucial consumer price index reading - with the Bureau of Labor Statistics revealing that the annual rate of factory gate inflation accelerated to 5.4% in August from 4.8% the month before, as energy prices jumped.

The data "signall[ed] that the surge in oil is no longer confined to energy screens. It is beginning to work its way through diesel, freight and the prices businesses pay before goods reach the consumer," said market commentator Stephen Innes.

"For the Federal Reserve, the problem is not simply that oil has risen. It is that the energy shock is beginning to develop legs. Traders have responded by moving another September rate increase from a possibility toward the market's base case. Tomorrow's CPI can still alter the final pricing, but PPI has raised the bar for a dovish surprise."

Elsewhere on the macro front, initial jobless claims fell by 1,000 to 206,000 last week, broadly aligned with expectations for a print of 205,000 and in keeping with a recent run of low claim counts since hitting an almost 60-year low of 189,000 in mid July. The prior week's reading was upwardly revised by 1,000 to 207,000.

US existing home sales decreased by 2% in August, according to the National Association of Realtors, with month-on-month sales holding steady in the West and declining in the Northeast, Midwest and South.

Finally, US wholesale inventories rose by 1.3% to $958.9bn in July, according to the Census Bureau, matching preliminary estimates and following June's upwardly revised 0.4% uptick. July's reading marked the sixth straight monthly increase and the sharpest improvement since March.

In the corporate space, Macy's posted further signs of progress in its turnaround on Thursday as the department store group delivered second‑quarter sales growth across all banners and lifted full‑year guidance. Macy's said it now expects net sales of $21.68bn to $21.83bn, up from prior guidance of $21.5bn to $21.75bn, though shares still fell sharply.

High-growth AI and chip stocks continued their volatile swings, bearing the brunt of reduced risk appetite, with Nvidia, Micron Technology, CoreWeave and Vertiv falling sharply.

However, Apple outperformed, extending gains after unveiling its first-ever foldable phone on Wednesday. The iPhone Duo was also revealed alongside a new iPhone 18 Pro, Airpods 5 and Apple Watch Series 12.

Dow Jones - Risers

Apple Inc. (AAPL) $326.57 3.33%

Walt Disney Co. (DIS) $105.85 1.60%

Dow Chemical Co. (DOW) $29.64 0.85%

Coca-Cola Co. (KO) $87.83 0.33%

Verizon Communications Inc. (VZ) $49.97 0.29%

Procter & Gamble Co. (PG) $143.00 0.25%

Travelers Company Inc. (TRV) $367.56 0.23%

Dowdupont Inc. (DWDP) $0.00 0.00%

Walgreens Boots Alliance, Inc. (WBA) $0.00 0.00%

Walmart Inc. (WMT) $0.00 0.00%

Dow Jones - Fallers

Intel Corp. (INTC) $100.32 -3.68%

International Business Machines Corporation (CDI) (IBM) $234.02 -2.46%

Amgen Inc. (AMGN) $382.47 -2.17%

Cisco Systems Inc. (CSCO) $107.44 -2.00%

Nike Inc. (NKE) $36.62 -1.95%

Merck & Co. Inc. (MRK) $144.71 -1.91%

Home Depot Inc. (HD) $305.69 -1.53%

Caterpillar Inc. (CAT) $805.00 -1.30%

Unitedhealth Group Inc. (UNH) $388.28 -1.22%

Goldman Sachs Group Inc. (GS) $1,019.77 -0.99%

S&P 500 - Risers

Skyworks Solutions Inc. (SWKS) $84.03 10.80%

Qorvo, Inc. (QRVO) $112.36 7.37%

Elevance Health Inc. (ELV) $416.54 5.00%

Expedia Group Inc. (EXPE) $276.88 4.09%

Ford Motor Co. (F) $13.90 3.42%

Apple Inc. (AAPL) $326.57 3.33%

Take-Two Interactive Software Inc. (TTWO) $216.96 3.30%

Celanese Corp. (CE) $45.72 3.04%

General Motors Corp (GM) $86.12 2.87%

Aptiv PLC (APTV) $45.69 2.65%

S&P 500 - Fallers

Coterra Energy Inc. (CTRA) $32.56 -8.62%

Freeport-McMoRan Inc (FCX) $71.23 -6.56%

Hewlett Packard Enterprise (HPE) $55.23 -6.34%

Lam Research Corp. (LRCX) $298.01 -6.00%

Nektar Therapeutics (NKTR) $70.65 -5.52%

Oracle Corp. (ORCL) $153.17 -5.34%

Perrigo Company plc (PRGO) $13.59 -5.23%

Macy's Inc. (M) $20.50 -4.79%

Laboratory Corporation of America Holdings (LH) $306.96 -4.40%

KLA-Tencor Corp. (KLAC) $177.18 -4.40%

Nasdaq 100 - Risers

Skyworks Solutions Inc. (SWKS) $84.03 10.80%

Expedia Group Inc. (EXPE) $276.88 4.09%

Apple Inc. (AAPL) $326.57 3.33%

Take-Two Interactive Software Inc. (TTWO) $216.96 3.30%

Biomarin Pharmaceutical Inc. (BMRN) $65.51 2.65%

Biogen Inc (BIIB) $215.43 2.54%

eBay Inc. (EBAY) $105.03 2.47%

Mercadolibre Inc. (MELI) $1,906.24 2.25%

Intuitive Surgical Inc. (ISRG) $360.46 2.06%

Marriott International - Class A (MAR) $329.07 2.06%

Nasdaq 100 - Fallers

Qvc Group Inc Series A (QVCGA) $0.34 -13.49%

Lam Research Corp. (LRCX) $298.01 -6.00%

KLA-Tencor Corp. (KLAC) $177.18 -4.40%

Western Digital Corp. (WDC) $460.93 -3.95%

Seagate Technology Plc (STX) $862.33 -3.95%

Intel Corp. (INTC) $100.32 -3.68%

Illumina Inc. (ILMN) $201.27 -3.57%

Wynn Resorts Ltd. (WYNN) $88.42 -3.47%

Adobe Systems Inc. (ADBE) $248.83 -3.39%

Applied Materials Inc. (AMAT) $454.01 -3.35%