Today Thu, Sep 10

Wall Street fell for a third day on Wednesday, and for the third day the reason was two prices, not a company. The Dow Jones Industrial Average lost 405 points, or 0.8%, to 52,380.66; the S&P 500 fell 0.5% to 7,636.36; the Nasdaq Composite 0.6% to 26,253.34; the Russell 2000 1.4%. Brent crude settled at $100.71, up 2.9%, its first close in triple figures since July, after Iran said it had attacked ten ships near the Strait of Hormuz in answer to the United States sinking five Iranian tankers — the biggest declared exchange of attacks on shipping since the war began in February — and warned it was ready for a more intense war; the British maritime agency UKMTO reported several merchant ships struck on both sides of the strait. The 10-year Treasury yield rose to 4.857%, its highest since November 2023, after the Treasury said it would buy back up to $6 billion of 10- to 20-year debt today, triple its normal operation but smaller than the market had come to expect; the afternoon’s 10-year auction cleared at 4.834% with strong demand and pulled yields off their highs. Energy was the only one of the eleven sectors to rise, +0.8%; industrials −1.5%, consumer discretionary −1.3%, utilities and staples −1.2% did the damage, and the VIX rose about 5% to around 16.6. Inside that fall, the flip we described at midday held to the bell, and it kept its shape: names, not groups. The iShares semiconductor ETF rose 0.7% on a day the S&P lost 0.5% — the third session running in which the chip fund beat the index — but the leaders faded: Nvidia −0.9% to $223.67, Broadcom −1.1%, TSMC −0.8%, ASML −2.0%, while AMD +3.0% to $521, Micron +2.8% to $1,028, Intel +1.7%, SanDisk +1.5%, Corning +1.5%, Qualcomm +1.3% and Lumentum +1.1% held or extended Tuesday’s moves. The money that left the leaders found software and platform names with a headline attached: Cloudflare +10.5% to $314.13 after launching a vulnerability-remediation service built on OpenAI’s cyber models, Datadog +7.2% to $225.27, Meta +6.6% to $653.69 on the release of its Muse personal agent, Marvell +4.3% after its chief executive raised the two-year revenue outlook, Astera Labs +4.0%. The software ETF itself still fell 0.8%: Shopify −5.5%, ServiceNow −2.3%, Salesforce −2.0%, CoreWeave −4.9%, IonQ −5.8%. Among the largest names, Alphabet −2.3%, Amazon −1.8%, Microsoft −0.5%, Tesla flat; Apple −0.3% to $315.34 after unveiling the iPhone 18 Pro, the foldable iPhone Duo and the 2-nanometre A20 Pro chip. Booking −3.8%, SpaceX −3.9%, Royal Caribbean −1.8% and United −1.0% were sold on the oil; the iShares Canada fund −0.8% on the tariff fight. Our indices on the same closes: Rubin +0.1%, Agentic Winners 40 −1.9%, HALO −1.8%, Euro-AI −1.8%. Zscaler’s three-session window closed at −6.6%, a sold grade; Samsara’s at −0.3%, flat — the first flat window on a card that had never landed inside the band. Asia this morning is selling the oil and keeping most of the chips. The Kospi fell 1.3% to 6,961 by mid-morning and has recovered to 7,043, −0.1%, as of 05:40 UTC, with SK hynix +0.2% at 1,860,000 won and Samsung Electronics −0.2%; the Kosdaq is up 0.4%. The Nikkei is at 64,904, down 0.4% twenty minutes before the close, split the way New York was: Advantest +2.7% and Lasertec +1.5% against Tokyo Electron −2.3%, Disco −0.7% and Furukawa Electric −2.8% after Wednesday’s 13% jump; SoftBank is flat, Toyota +0.3%. Bank of Japan board member Kazuyuki Masu said the bank expects to keep raising rates, citing oil, food, producer-price and yen-driven inflation risks, a week before the September 17–18 meeting. Taiwan is −0.7% with TSMC −0.6% and MediaTek +1.6%; Hong Kong −1.3% with Alibaba −3.2%, Tencent −2.0% and Xiaomi −1.4%; the CSI 300 −0.5%; Australia −1.4% with Rio Tinto −2.9% and BHP −2.5%; Singapore −0.6%. Brent is at $100.64 and WTI about $96; gold $4,463, bitcoin $78,500, the dollar index 98.7; S&P futures are +0.2%, Nasdaq futures +0.1%. Europe closed Wednesday before the last leg of the oil move: the Stoxx 600 −1.4%, the DAX −1.7%, the CAC 40 −1.9%. The ECB decides this afternoon with a quarter-point increase to 2.50% almost fully priced; US producer prices print at 12:30 UTC; Oracle and Adobe report after the close.