The Dow Jones Industrial Average slipped 377 points, a 0.7% decline, and the S&P 500 and Nasdaq Composite each fell 0.5% as the market opened on Monday, September 28, according to data from Bloomberg.
Oil prices pushed the market lower, with Brent crude rising 2.1% to $106.79 a barrel, while West Texas Intermediate futures gained 2.0% to $94.40, reflecting heightened risk sentiment amid renewed US‑Iran tensions.
The 10‑year Treasury yield broke past 5.2% and the 30‑year topped 5.5%, approaching multiyear highs, creating a tighter funding environment that weighed on equity valuations. Treasury moves were corroborated by the latest data from the U.S. Treasury Department.
Technology names dragged the indices down further: Advanced Micro Devices fell 3.0%, Micron Technology 2.2%, Amazon 1.1%, Microsoft 2.0%, and Meta Platforms 3.9%. Nvidia, however, offset some pressure with a $150 billion share‑buyback authorization, boosting its own confidence and adding $235 billion to its total repurchase cap through fiscal 2028.
Traders will now focus on the upcoming August PCE inflation gauge due Wednesday, the U.S. manufacturing PMI on Thursday, and the September jobs report on Friday, all of which will shape the June 2024 Fed policy outlook.
In the meantime, President Donald Trump’s rejection of Tehran’s ceasefire proposal, as reported by Axios, has left geopolitical risk in the back pocket, further tightening the risk‑premium on U.S. equities.