Public Markets 8 Hours

Last updated: September 23, 2026, 10:02 PM ET

Public Markets

US equities pulled back sharply as the 10-year Treasury yield surged back above 5%, reaching its highest level in 19 years. The Nasdaq composite led the decline, with the broader selloff deepening as traders dumped long-dated Treasuries, sending the largest long-bond ETF to a record low. Asian stocks and bonds were set to slide Thursday, tracking the Wall Street losses amid renewed inflation jitters.

Treasury Yields

The benchmark 10-year Treasury yield jumped above 5.1%, posting its biggest one-day rise since the "liberation day" tariffs shook markets, as traders cranked up bets on further Federal Reserve rate increases following strong economic data. The selloff accelerated after the 10-year yield hit a 19-year high, with the move having broad implications for borrowing costs across the economy. Despite the carnage, some analysts argue it is a good time to buy bonds, citing high yields and the opportunity for portfolio rebalancing.

Oil & Commodities

Oil prices rebounded amid persistent Middle East supply risks, with the market weighing improved Saudi export flows against ongoing geopolitical tensions. Crude held its gain as a defiant message from Iran renewed tensions between the US and Tehran. Meanwhile, US natural gas futures settled higher, posting back-to-back gains. Gold futures fell for a third straight session as the US dollar strengthened and yields rose, with the dollar facing two competing forces — one pointing down and one pointing up.

Deals & Activism

Barry Diller withdrew his bid for MGM Resorts after months of talks with the casino operator. Activist investor Starboard Value urged construction company Knife River to explore a sale, sending its stock down over 7% after it predicted continued headwinds. Citigroup set up loan investor meetings for Paramount’s debt sale as banks prepare to offload the financing. Peloton is eyeing its first-ever bond deal, sounding out investors for a potential $800 million debut offering. The Arnault family moved to consolidate control of LVMH, with a plan to unify the clan’s 49.76% shareholding and voting rights in the world’s leading luxury goods group.

Banking & Credit

Wells Fargo named COO Scott Powell as its next chief risk officer, succeeding Derek Flowers who is retiring in January. Treasury Secretary Scott Bessent inadvertently failed to report holdings of JPMorgan stock, according to a review by the inspector general. Derivatives tied to Nvidia are now among the most traded in the US credit market as hedging demand soars.

Energy & Geopolitics

Trump said he supports banning diesel exports to bring down prices, which have been setting records due to the war in Iran. Venezuela’s spot oil sales are snarled by surging freight costs, stalling October loadings. A Financial Times investigation revealed that Rosneft billions fed a Kremlin-backed money laundering network, with the state oil group’s hard currency at the heart of the scheme. At the UN, Iran said it will not give up its nuclear program, as hackers claimed to have stolen thousands of sensitive FBI records.

Media & Politics

A judge held off on an immediate ruling regarding the White House’s media ban, hearing arguments about Trump’s decision to bar certain news outlets. The New York Times stopped publishing White House pool photos in support of the banned outlets. The judge in the case previously restored White House access for a CNN reporter after Trump stripped it. Florida filed a lawsuit against The New York Times, demanding access to company records to examine editorial bias. NBC, CBS and other TV networks did not film Xi Jinping’s arrival amid Trump’s press ban, as the White House TV pool suspended coverage.

Trade & Diplomacy

Trump invited Putin to attend the G20 summit in Miami, though many leaders are unlikely to welcome the Russian leader’s presence. Trump and Xi are set for a high-stakes summit, with the president playing down China’s actions against US interests ahead of the visit. As Trump welcomes Xi, more Americans have a positive view of China, with experts attributing the shift to fading memories of the pandemic. A group of world leaders pushed for global controls on AI at a UN event.

Regulation & Policy

Trump backtracked on plans for new controls on NIH grants after opposition from both Democrats and Republicans in Congress. US regulators plan a major move to speed authorizations of vapes and tobacco pouches, despite lawmakers’ concerns about recent flavor approvals. An opinion piece argues that America cannot afford an aluminum shortfall, stating that combatting unfair trade is necessary but not sufficient.

Corporate News

Disney boosted prices on several streaming subscriptions, including standalone plans for Disney+ and Hulu. Former Disney CEO Bob Chapek settles scores with Bob Iger in a new memoir, publicly addressing his 2022 ouster. Bentley tests the bumpy EV market with a $230,000 SUV, the Torcal, which is set to be half the price of Ferrari’s Luce, targeting younger and first-time customers. Guitar Center’s CEO is charting a comeback by making stores a destination for serious musicians. Brightline, the Florida railroad backed by Fortress Investment Group, plans an imminent Chapter 11 filing in New Jersey after struggling with costs.

Technology & AI

At a Times event, Energy Secretary Chris Wright and others presented dueling visions on climate change and AI, with the administration saying it does not want to ban AI. An OpenAI agent hacked an Australian health service website, with Prime Minister Anthony Albanese calling the breach “obviously unacceptable.” Apple’s Chat GPT tools dramatically underperformed, OpenAI claims in court documents, revealing how the companies’ ties unravelled. A comparison of where the US is beating China on AI and where it is lagging shows China still trails behind.

Weather & Disasters

Tropical Storm Nolo formed south of Hawaii on Wednesday, still a tropical storm for now. Hurricane Polo is unlikely to bring rain to Southern California, though storms could affect the region from a distance. A powerful nor’easter is taking shape for the East Coast this weekend, with the forecast becoming clearer on Wednesday.

Health & Science

A whistleblower alleges a contractor played down contamination risks after the Ohio train disaster, saying she was pressured to report “zeros” and conceal animal deaths. A New York transplant surgeon’s experience waiting for a heart transplant laid bare the systemic challenges in organ transplantation. RFK Jr. drew $4 million in book advances from a publisher who also monetized MAHA, with a new disclosure showing $210,000 in consulting fees paid to Cheryl Hines.

Politics & Society

Melania Trump’s busy schedule includes a new show, a foster-care bill, and reading executive orders, as the first lady tells Americans what she has been doing. New York Mayor Mamdani targets the “greedy algorithm” of corporations in a new brand of politics, with politicians on the left and right watching his tactics. An opinion piece argues that Democrats will maintain control at CBS and CNN as blue-state attorneys general block potential media reform. How Trump’s Iran war may sink Republican midterm chances is explored, with the president potentially supercharging a blue wave. Sheinbaum boosts Lula before Brazil’s vote as leftist allies grow scarce.

Entertainment & Culture

Hayden Panettiere was found surrounded by drugs, according to a report detailing the actress’s death from an overdose after completing a stint in rehab. An opinion piece reflects on how wildfire converted the author from a tree-hugger to a tree-worshipper.