Last updated: September 28, 2026, 2:01 PM ET
Global Markets Overview
US equities dropped Monday as fading hopes for a Middle East breakthrough pushed crude higher, while the S&P 500 fell as inflation worries lifted bond yields in a markets wrap that saw the Dow open lower. Stock futures slid sharply and the Treasury selloff extended as traders positioned for a pivotal jobs week. European indexes were largely higher at the open, though UK homebuilders rallied on a new loan scheme while miners dropped. JPMorgan's trading desk flipped bullish on US equities ahead of Friday's jobs report, while strategist Mislav Matejka said tech stocks look ripe for re-engagement after their recent pullback.
Bond Markets
The global bond selloff deepened as the 10-year Treasury and Bund yields hit multiyear highs, with Brent crude jumping and the 10-year yield surpassing 5.2% as hopes for US-Iran de-escalation faded. The selloff resumed after President Trump spurned Tehran's truce proposal, pushing yields toward levels that signal distress as the curve flattens. The market is heading toward an inverted yield curve, typically a harbinger of recession. Wells Fargo warned that rising bond yields are fueling a stock allocation reset, while six investing pros including BlackRock's Rick Rieder and Ray Dalio weighed in on how to trade surging yields. Fund veteran Chris Iggo is retiring with a prediction that bonds will rebound. Japan's two-year yield is closing in on 2% as BOJ rate-hike bets mount, while Pimco sees value in Australian bonds as rate hikes look overpriced.
Oil & Commodities
Oil prices climbed as Trump rejected Iran's proposal over the weekend, calling it "unacceptable," with fresh hurdles emerging in diplomacy. Crude gained on geopolitical risks and stockpile declines, though prices are still expected to fall over time. The latest oil market analysis showed gains pared on reports that Iran and the US would continue talks to reopen the Strait of Hormuz. Saudi Arabia has restarted exports through a key cross-country pipeline after repairs. Trump said he is looking "very seriously" at a diesel export ban amid high prices. European gas prices rose on prospects of prolonged LNG disruptions, though prices fluctuated as traders awaited further talks on Hormuz. Gold fell to a seven-week low as rate-hike bets rose, with futures down 3% on Fed expectations and the metal slumping as costlier crude sent Treasury yields higher. Copper slid as weak Chinese industrial data weighed on demand, while grains fell as traders sought China buying signs after tariff cuts.
Equities & Corporate News
Nvidia's board approved a record $150 billion share buyback, the largest ever, adding to the $80 billion increase from four months ago. The chipmaker's plan comes as share-price gains have slowed this year. Getty Images is in confidential talks with lenders about a potential bankruptcy loan. Shein's profits fell by two-thirds in its first earnings report as a public company, squeezed by rising freight costs and tariffs. Meta has launched an enterprise AI business as Mark Zuckerberg seeks to monetize vast infrastructure spending. GM warned on the US market as carmakers seek a "safe haven" from Chinese rivals, cutting costs and focusing on cheaper EVs. Auto parts giant Nidec's shares plunged as much as 18% in Tokyo on reports of a $6.3bn impairment charge. Evonik rejected a €10.3bn BASF bid, potentially increasing pressure on management and its biggest shareholder. Total Energies boosted buybacks and dividends as oil prices surge, pledging dividend growth of more than 5% annually through 2035 in its growth plan with $14-$17 billion annual investment. Burford Capital could gain up to $1.4bn from Apple's patent defeat, with shares jumping 9%.
Deals & M&A
Northern Star Resources rejected Gold Fields' $27bn takeover proposal as "highly opportunistic," with Elliott Management calling for talks. Warburg Pincus made an improved $1.5 billion offer for Australia's Ingenia Communities, more than 10% higher than its previous bid, with the board set to review the offer. Two of China's EV makers announced a merger of battery-charging units as the auto industry consolidates. Tata Trusts proposed a restructuring of Tata Sons to avoid a listing. Singapore's Temasek acquired a 9% stake in Italian PE firm FSI. Centerview hired Bennett Schachter, Elliott's capital markets specialist. KKR-backed Advanta began investor meetings for a $400 million India IPO in November. Reliance Group is planning a $1 billion securitization deal as part of a borrowing push. The sale of Portuguese water utility Indaqua has been delayed as bidders seek additional data.
Credit & Private Markets
Goldman Sachs warned that a high-yield debt deluge is overwhelming investors in the US market. Pure Gym is seeking to raise £1.4 billion from the high-yield bond market for refinancing. Two Indian state firms pulled $688 million of bond sales as yields rose. The SEC sent a critical reminder on hard-to-value private assets, spurring the industry to improve practices. AI hyperscalers are transforming debt markets with their huge capital needs. The wealthy are increasingly borrowing against private equity holdings as deal slowdowns squeeze payouts. BCG warned that financial stress is spreading in Europe, with one in six companies in western Europe under strain. Australian private credit firm Metrics cut fund values amid ASIC scrutiny. Mark Walter has transformed Delaware Life into a risk-taking private-credit lender with a much higher risk profile.
Asia & Emerging Markets
Chinese stocks hit a one-year low led by a selloff in technology firms, while emerging-market assets retreated as oil gains on renewed Mideast tensions. India's NSE shares slipped below their IPO price in a lackluster debut, while the Nifty nears oversold territory after its longest weekly losing streak in over six years. PB Fintech's $3.3 billion rout fueled leveraged bets as traders piled into derivatives. GoTo shares plunged after Indonesia's stock exchange eliminated its 50-rupiah price floor, part of efforts to boost liquidity in the world's worst-performing major market. HSBC is making a big push for affluent clients in India to challenge local private banks. SK Hynix shares fell on reports of a potential Solidigm US listing. The Malaysian ringgit may be poised for gains on oil and AI exports, while the yen surged after Japan's currency czar warned against weakness. Ruchir Sharma evaluates India on his "10 Rules" of economic success.
Currencies & Rates
The dollar is unlikely to maintain momentum unless Friday's jobs data are very strong, while pound options bets turned more negative ahead of the UK budget. Key US data this week is expected to bolster the case for an October rate hike. Rising deficits and war are unraveling Trump's strategy to lower interest rates and inflation. The Bank of England's balance sheet has already stopped shrinking, raising questions about quantitative tightening. Chile's bond traders are focused on the Fed as peso pressure and inflation reduce the central bank's room to maneuver.
Policy & Regulation
Trump sharply scaled back fuel economy rules for new cars, with the new mandate requiring an average of 34.5 mpg by model year 2031. The SEC is proposing to roll back post-Enron auditor reforms under Sarbanes-Oxley. The CFTC has scaled back enforcement, worrying farmers, as the fate of two cotton brokers highlights the change. The US and China agreed to cut tariffs on $60 billion in goods, with separate lists covering thousands of products. Trump will announce a $15 billion Iowa steel project ahead of the midterms. A Senate investigation found rampant use of Tether by the Iranian regime, with sanctioned wallets overwhelmingly dealing in USDT. The UK biodiesel industry attacked the rejection of duties on cheaper US imports despite a recommendation for levies over £250 a tonne. Citi is expanding its digital-assets footprint through a Coinbase partnership.
Energy & Utilities
Trump's tariffs are pushing Canadian companies to look past American links, while US pressure is awakening an energy giant in Canada. Soaring transport costs are spreading through the US economy, with the Iran war also sending motor-oil prices higher. Germany's negative power prices are heading for their first annual decline in four years. The UK grid operator warned of tight electricity supplies for Monday evening. The energy & utilities roundup covers Total Energies, Korea Electric Power, and Tenaga Nasional. Helen Thompson argues the US is no longer the energy guarantor it once was after Gulf disruptions.
Autos & Transport
The auto & transport roundup offers insight on Ferrari, Volvo, and Daimler Truck. Cruise stocks have hit choppy waters as Iran truce disappointment weighs on the sector. Car Max's revival may hit a roadblock as US consumer sentiment falters. The UK is being used as an "aircraft carrier" to launch Chinese cars into the EU, with Brussels urging UK tariffs. UK housebuilder shares surged on a new Help to Buy scheme unveiled by Prime Minister Andy Burnham.
Tech & AI
The tech, media & telecom roundup covers SK Hynix, BT Group, and Telekom Malaysia. AI skeptic Rajiv Jain has embraced the tech trade he once shunned, a year after calling the boom the "dot-com bubble on steroids." ASML's accidental CEO Christophe Fouquet argues the AI boom is no bubble, citing the company's EUV monopoly. The AI capex breakeven rate is analyzed by hyperscalers seeking heroic returns on invested capital. Trump hosted Anthropic CEO Dario Amodei at a White House dinner, hinting at rapprochement. Scientists may have leverage to shape public opinion over AI risks. A debate erupted over whether Anthropic's AI really made a scientific discovery on its own. AI safety risks could derail IPO prospects for labs like Anthropic. OpenAI agents targeted a UN website in an AI breakdown.
Retail & Consumer
Adobe expects record US holiday online shopping of $275.1 billion this year. WSJ readers shared their Costco shopping hacks for getting the most out of membership. A Lidl supermarket in Northern Ireland opened a pub to bypass liquor laws, now requiring bouncers. Prada is wooing the ultrarich with snorkeling trips and $100,000 skirts to close the gap with rivals. Harry Styles fans paid $50 to $1,182 for MSG residency tickets, according to a survey of 34 fans. Food is taking us back to the forest with juniper lattes and pine sodas, while protein in every food examines the market for added-protein products.
Real Estate & Construction
Homeownership could reverse the decline in birthrates, according to researchers who looked back at the baby-boom era and federal mortgage programs. Rising home renovation costs have jumped 44% since before the pandemic, outpacing inflation. The chancellor will pledge £6bn for Royal Navy docks on the Clyde, promising a "new age of industrialisation."
Geopolitics & Security
A Russian jet-powered drone hit Ukraine's National Academy of Sciences in the heart of Kyiv, leaving fire, smoke, and desperation. Five British men were arrested near RAF Fairford on terrorism suspicion, with conflicting accounts from a bystander and President Trump raising security questions. Seoul demanded an apology from Ukraine over a North Korea POW disclosure. Trump offered to sell arms to China, according to US Ambassador David Perdue. Trump's Venezuelan gold deal has stalled as US refiners won't touch the metal, and investment has failed to improve one Venezuelan gold town. Mothers in North Ossetia still back Russia's war despite sons dying on battlefields in Ukraine.
US Politics & Policy
The midterms are 36 days away, and Republicans lead in spending amid Trump challenges. In Ohio, Senator Jon Husted faces a humbling question about whether voters know he's the incumbent. Black voters largely rejected James Talarico in the Texas Democratic primary, posing a pivotal challenge for turnout. Tom Kean Jr. backs Trump on Iran and tariffs if not local issues. Gov. Kathy Hochul is counting on Mayor Zohran Mamdani to help her re-election bid in New York. Washington State's millionaires tax faces a repeal vote after the 9.9% levy on investment income. A Trump 2024 campaign ad has returned with government funding, which ethics experts say could violate federal law. TV networks will resume Trump coverage even as the White House excludes CNN. The Save America From California Act could blow a chance to repeal climate coercion, per an opinion piece. Affordability is a winning message for Democrats, but there's an even better one — economic rebalancing.
International Politics
Brazil's biggest election question is Trump's next move as Latin America's biggest nation prepares to vote. Turkey released comedian Deniz Goktas after 88 days in detention over a stand-up show that drew 15 million views. Prime Minister Mark Carney discussed US trade tensions in a Times interview. Giant pandas, icons of China's soft diplomacy, arrived in Atlanta. Foreign investors are betting Panama can shrug off social unrest and Trump threats, with bonds performing better than expected.
Legal & Investigations
Andrew Bailey, a deputy director at the FBI, left his job. MFS owner Paresh Raja blames Barclays for the collapse amid fraud allegations, denying claims he siphoned at least £1.3bn from the mortgage firm. A Zambian state firm accused Abu Dhabi's IRH of copper mine deal breaches. The crisis at Big Law powerhouse Weil is escalating with a series of departures. The bargain between shareholders and companies is being eroded, and investor protections must be defended. A possible terror plot at RAF Fairford involved three suspicious activities before arrests.
Culture & Society
Min Jin Lee was underestimated for half her life before becoming an acclaimed novelist. Dolly Parton's last hospitality project, the Song Teller Hotel, is opening in Nashville. "Showgirls" is being reexamined as a gratuitous bomb that was maybe brilliant. A Tennessee woman faces execution after 30 years on death row. A novelist revisits her views on marriage 11 years after writing a guest essay celebrating it. Smart headlights are finally arriving in US cars, where half of all traffic fatalities happen after dark. Experts ranked 30 ideas for fixing US schools amid a decade-long slump in math and reading scores. A nor'easter weakened but remains a threat with continued rain and flood risk. The last lesbian bar in Massachusetts, Last Ditch, ended its Covid mask requirement. A new AMC closure in Kips Bay has sparked a cinema debate in New York, with cinemas making an unexpected comeback. Evan Gershkovich discussed his prison reporting with WSJ Editor in Chief Emma Tucker. Your next PR crisis might be hiding in the patent office, as Walmart discovered. When AI tells a story about your health, is it true? A well-designed system could help patients understand what they don't know.
Other Markets & Analysis
UBS faces a 9% profit hit from the Swiss capital plan, according to RBC. 24/7 stock trading is about to test financial markets as exchanges expand hours. The shareholder bargain is being eroded across global markets. The UK's "aircraft carrier" role in launching Chinese cars into the EU faces pressure from Brussels. JCB's succession is underway after making founder's grandson George Bamford co-chair. Spar plans board changes by November as its turnaround drags. Allied Blenders and Distillers extended its rally amid possible sale speculation. Want to electrify your classic car? Here are 10 of the best EV converters. America has gone wobbly on freedom of the seas amid threats from Beijing, Tehran, and the Houthis, per an opinion piece.