Last updated: September 10, 2026, 10:07 PM ET
Global Markets
A surge in crude prices above $100 a barrel triggered a broad retreat across risk assets, with Asian stocks and bonds set for declines after the oil spike sparked a selloff in US markets and fresh inflation data reinforced bets on an imminent Federal Reserve rate hike. US equities fell for a fourth consecutive session as Treasury yields hit multiyear highs, while August inflation data revealed the toll of rising energy costs. The S&P 500 slid for a fourth straight day, its longest losing streak since June, as the relentless climb in oil and fresh evidence of sticky inflation boosted yields and rate-hike wagers. Stock futures edged higher and Brent continued to rise as investors positioned ahead of crucial US inflation prints, while Brent held above $100 a barrel after Wednesday's sharp rally, with traders assessing escalating attacks on Gulf shipping and renewed Houthi strikes on Saudi Arabia. Oil extended its rally above $100 a barrel following an escalation of hostilities in the Middle East that stoked fears of deeper supply disruptions. Crude hit its highest levels in months, with bond yields continuing to rise and stocks falling for a fourth consecutive session as investors worried about energy supplies and inflation. The cost of crude has risen 40 percent since the start of the war in Iran, pushing up the price of gasoline, diesel and other refined fuels.
Rates and Credit
The global bond selloff reignited as oil jumped to $109, with US yields reaching highs of the day after Scott Bessent's Treasury buyback operation undershot its target. The bond-market selloff accelerated on Thursday as spiking oil prices fanned inflation fears and the Treasury Department bought fewer bonds than expected during its first expanded buyback operation. Ten-year borrowing costs hit their highest level in nearly three years despite an upsized repurchase programme, while the unrelenting bond selloff put the 10-year yield on the cusp of 5%, threatening to disrupt the stock market and slow the economy. Bonds sold off despite the buyback operation, with oil prices surging above $107 a barrel and wholesale inflation picking up. The 10-year yield neared 5% as oil fueled inflation fears, with US crude topping $102 a barrel and global benchmark Brent hitting $107. Yields on US government debt rose to fresh multiyear highs — stoking demand for an auction of 30-year bonds — as surging oil prices bolstered the case for a Federal Reserve interest-rate hike as soon as next week. Traders won the first round in a showdown with Bessent, as the bond buyback left investors underwhelmed. Treasury Secretary Scott Bessent dismissed any concerns about Thursday's smaller-than-expected debt buyback operation and played down worries about a jump in yields. Municipal bond yields jumped as much as 15 basis points, with the longest-dated securities reaching the highest since 2011 as rising Treasury rates and heavy new issuance pressured the market. A German yield hit a 17-year high as traders upped ECB hike bets after European Central Bank President Christine Lagarde flagged risks to inflation. The European Central Bank raised its benchmark rate to 2.5 percent in a bid to quell price pressures spurred by the war in the Middle East. America is losing its captive creditors, paying a higher cost to induce more price-sensitive investors to buy Treasuries, while the US-China borrowing gap diverged to the widest level ever, threatening to accelerate a shift in capital flows between the world's two largest economies. Stanley Druckenmiller said US borrowing costs remain "a little low" despite the surge in yields, calling Fed officials who argue rates are restrictive "just ridiculous." The dollar rose as strong US producer prices and an oil rally boosted bets on Federal Reserve interest-rate hikes this year, putting more focus on Friday's inflation report, and the WSJ Dollar Index rose 0.35% to 95.18, snapping a three-trading-day losing streak. Gold futures lost ground as a pickup in US producer price inflation in August raised expectations of a Fed rate increase next week.
Oil, Gas and Commodities
Oil futures rose to their highest level in nearly four months as increased fighting across the Persian Gulf region raised supply worries. US diesel futures surged above $5 a gallon for the first time since April 2022, the latest sign of a deepening global fuel squeeze as wars disrupt supplies and rapidly erode fuel stockpiles. European natural gas prices rose to the highest since late 2022 as heightening Middle East tensions boosted concerns about prolonged supply disruptions and winter fuel inventory levels. US natural gas futures settled modestly higher after the EIA reported a fourth straight below-average weekly storage build, although the 40 Bcf injection landed above market expectations. Commercial crude oil stocks fell by 391,000 barrels last week, against analyst expectations of a 1.4 million-barrel decline. Saudi Arabia's oil production plunged last month as Iran-backed Houthi threats disrupted exports from the kingdom's west coast, while OPEC lowered its 2026 oil demand forecast. Riyadh reported to OPEC that its crude output plunged again last month, hitting the lowest since 1990 as renewed US-Iran hostilities squeezed the kingdom's export routes. Saudi Arabia cut output to a yearly low after the rebels announced a "maritime embargo" against the kingdom's exports in July, forcing the world's biggest exporter to cut production. With few good options for safely shipping oil, Saudi Arabia's exports have fallen to a 13-year low. Iraq is holding a tender to hire two or more oil supertankers to perform transits through the Strait of Hormuz, the latest evidence that regional producers are trying to take greater control of their exports. Russia's crude output shrank in August, lagging further behind its OPEC+ quota after Ukraine stepped up attacks on the nation's oil assets. Ukraine's unprecedented attacks on gas assets in a remote Arctic region revealed new risks for the Kremlin's battered energy industry and the global market. The Iran war is pushing global coal use to record highs five years after world leaders agreed to "phase down" the fuel. Data centers are lighting a fire under uranium prices as hyperscalers talk up nuclear power to run their facilities.
Technology and AI Infrastructure
Oracle's data centre revenue surged, with faster sales growth suggesting progress in its risky push to compete in the AI infrastructure race. Oracle posted higher profit and revenue on continued cloud infrastructure strength, with gains in the cloud business helping offset falling revenue in its software unit. Oracle shares are struggling this year as investors balk at the massive debt load the company has taken on to build out AI infrastructure. Adobe boosted its full-year outlook, projecting adjusted earnings between $24.45 and $24.50 a share and revenue between $26.576 billion and $26.626 billion, as it hit 1 billion monthly active users. Vantage Data Centers is seeking $2 billion in loans from Pimco and PGIM, tapping new investors for AI infrastructure as Wall Street banks limit exposure. The Pentagon is in talks to enter AI infrastructure funding with a $5 billion loan to Fluidstack, advised by the bank started by Palmer Luckey. Clay, an AI sales tool provider, raised $115 million at a $7.1 billion valuation in a round led by Wellington Management. Rogo, a Wall Street favorite, set its sights on wealth management after signing a new round of strategic investments. Latham & Watkins bought Nvidia servers to set up in-house AI systems, customizing open-weight models as an alternative to OpenAI and Anthropic. Private equity's AI binge is testing investors' appetite for risk, with Apollo and Blackstone facing pressure to disclose more on AI-related holdings. AI debt issuance is reordering the risk hierarchy, with bond investors starting to view some emerging-market peers as safer bets than US Big Tech borrowers. Anthropic said it blocked attempts to use AI for potential biological weapons, disclosing five examples of actors who "circumvented controls" and tried to "obfuscate" their research. In a new report, the AI start-up added it could not determine whether the research was legitimate or nefarious, leading it to shut down the work. A controversy around OpenAI's latest math proof raised fears that AI tools could take valuable insights from one user and hand them to another. A New York University mathematician was crushed between OpenAI and Anthropic over a Navier-Stokes proof. Hugging Face's co-founder said commercial AI tools failed to defend the platform against an attack, arguing the solution lies in open-weight models. A separate account of the OpenAI hack reached the same conclusion. Employee token limits have become commonplace among companies managing AI costs, but putting them in place can be tricky. Air pollution from data centers is expected to add at least $20 billion in annual health care costs by 2028, former EPA officials warned. Big Tech has replaced Big Oil as Public Enemy No. 1, said Diamondback Energy CEO Kaes Van't Hof. The AI data-center backlash is growing, as Big Tech fooled America once and the second time is not going so well.
Tech, Media and Telecom
Apple unveiled a new foldable iPhone priced at $1,999, with the economics behind the price tag drawing scrutiny. The screens of foldable phones are a triumph of materials science and microengineering, bending without breaking. Consumer technology journalists are vetting Apple's new iPhone duo through a rigorous process at The Times and Wirecutter. Apple's big goal after the foldable iPhone will be for new CEO John Ternus to make AI an everyday reality on its devices. SoftBank, Apple and Meta drew market focus in the latest tech, media and telecom roundup. Jimmy Kimmel moved his Talarico interview to YouTube because of an FCC "threat," saying the network faced pressure over "traditional editorial decisions." The late-night host said an interview with Texas Senate candidate James Talarico couldn't air on ABC because of concerns over equal-time rules. A conversation with the Democratic Senate hopeful moved off air over what Kimmel called FCC "threats." Ad forecasts keep defying gravity, while a gambling app's unofficial "Entourage" reunion has the show's creator fuming. The EU's social media ban proposal to restrict children's access to platforms risks reigniting tensions with Washington over tech regulation. Huawei faces a US criminal trial weeks before a Trump-Xi meeting, while the DOJ probes a Fox-Roku deal.
Deals, IPOs and Private Capital
The National Stock Exchange of India downsized its initial public offering, a sign of rising concern over investor willingness to buy into elevated valuations. Belron Group is reaching out to investment banks to pitch for roles on a potential Amsterdam IPO that could be one of Europe's largest in recent years. The windscreen replacement business, which counts Autoglass, Carglass and Safelite among its brands, is weighing a potential listing. Brooks Automation confidentially filed for a US IPO, with private-equity firm THL owning the company. Amman Mineral picked banks for a Hong Kong listing that could raise at least $1 billion. A 177% debut surge by Excelland Robotics Wuxi spotlighted Hong Kong's allocation rules after the listing left almost 94% of shares with a small group. SB Energy's offering features $430 billion in data-center deals, no operating sites and a clause giving OpenAI free rent for delays. Regulatory uncertainty clouds Chinese robot firm Galaxea AI's Hong Kong IPO plan. Intesa Sanpaolo shareholders approved the issuance of new shares to finance the €35.4 billion ($41.2 billion) takeover bid for Banca Monte dei Paschi di Siena. TotalEnergies and its partners plan to invest $10 billion in Angola's oil sector over the next five years. Saudi Aramco is considering a potential sale of its specialty chemicals business Arlanxeo. Merlin Entertainments is using the London Eye and other UK attractions as security for £657 million ($889 million) of new loans. Barington Capital took a new stake in Bath & Body Works and is recommending changes at the retailer. Private equity aggression during times of corporate distress carries a steeper price tag: 60 basis points. Emeria's largest creditors signed non-disclosure agreements as talks step up over a €3 billion debt restructuring. Two litigation funders are backing rival law firms in a fight for control of a £36 billion ($48.8 billion) suit over a Brazilian dam disaster. Mubadala bought into China's Luckin Coffee with a $1 billion deal, widening its presence in the world's second-largest consumer market. Linklaters poached Wachtell partner Mark Gordon in the latest raid on the Wall Street firm. European private equity has overhauled its leadership in recent years. Private capital is targeting elite sports franchises, with Arctos founders discussing soaring valuations. ProShares wants to launch interval funds and target individual, self-directed traders. Polymarket appointed Warren Jenson, a former finance chief of Amazon, Electronic Arts, Delta Air Lines and NBC, as its first CFO. Prediction markets are "rife with insider trading," warned EU watchdog Esma, contrasting with the US's more welcoming stance. Trust companies are turning away crypto-rich clients on money-laundering fears. PSP Investments plans to increase its Canadian investments by about a third to C$100 billion ($72.4 billion).
Corporate and Industry News
Associated British Foods shares slumped after the conglomerate cautioned on the outlook for its sugar and grocery units ahead of the split of its food operations and fashion arm Primark. Primark launched a delivery service to arrest a sales slump, a shift for a retailer long skeptical of online economics. John Lewis Partnership's loss widened in the first half due to higher costs and shoppers reining in spending. The employee-owned retailer's losses widened to £89 million in the six months to August. Macy's raised its full-year outlook again, partly driven by higher prices on its products. Designer Brands boosted its outlook on a positive start to the third quarter. Aritzia's style advisers are central to the clothing chain's success. Burger King is investing in better Whoppers and nuggets amid rising food costs. Starbucks is betting $1 billion on a coffee-house antidote to lonely digital lives. JetBlue cut its third-quarter capacity outlook after weather and air traffic control disruptions snarled operations in the northeastern US. The airline said it expects available seat miles to increase 1.5% to 3.5% in the third quarter, versus prior guidance of 3%-to-6% growth. HSBC is searching for a new finance chief after Pam Kaur said she intends to stand down next year. The announcement came less than two years after her appointment. FirstRand's profit fell for the first time in six years after a £807 million ($1.1 billion) provision for UK clients' claims over missold car loans. Sanlam's profit dropped 22% as weather-related claims in South Africa grew and rand strength trimmed translated earnings. Boston Scientific restored key operations after a cyberattack, saying products are moving through its distribution network at or above normal levels. Novartis shareholder Artisan Partners said the Swiss drugmaker needs a board shakeup and better dealmaking. Lineage sued a solar-panel operator over an LA warehouse fire, seeking over $1 billion in damages. Ryanair investors revolted over Michael O'Leary's €150 million pay deal. The airline CEO disputed an account of a passenger sucked out of a plane window. JSW Group's talks with Volkswagen on a potential India partnership now center on cost cuts and export-market access. Vietnam Grab drivers plan a weekend boycott over commission fees. Adani stocks rebounded as the group stepped up fundraising, with overseas investors returning. A top Chinese fund with a 182% return sees a bullish case for optical stocks. Indian small-cap funds drew record inflows in August as investors favored smaller companies. Franklin Templeton turned the tide as the Western Asset crisis receded, reaching $1.8 trillion in assets.