Public Markets 24 Hours

Last updated: September 23, 2026, 10:01 PM ET

Public Markets

U.S. stocks dropped sharply as the 10-year Treasury yield jumped back over 5%, with the Nasdaq leading the decline. The broad selloff deepened as the Nasdaq composite fell alongside rising bond yields and persistent inflation concerns. The S&P 500 also retreated as the benchmark yield reached a 19-year high, putting broad pressure on borrowing costs across the economy. Equity analysts have turned net negative on the outlook for US corporate earnings, ending the longest run of upgrades in five years.

Rates & Bonds

The Treasury market rout intensified, with the 10-year yield soaring to around 5.1% as traders cranked up bets on Federal Reserve rate rises after strong economic data. The selloff marked the biggest one-day rise since the “liberation day” tariffs shook markets, fueled by fears the economy is overheating. The long-bond ETF tracking long-dated Treasuries hit a record low as traders dumped the securities. The US Treasury said it will purchase up to $6 billion of longer-dated government bonds in a buyback operation. The OECD sounded the alarm on surging government bond yields, warning that governments’ debt interest bills are increasing pressure on fiscal positions. Despite the carnage, some see opportunity, with one opinion piece arguing that high yields make it a good time to buy bonds.

Currencies & Commodities

The U.S. dollar jumped to an 8-week high against a basket of currencies on Fed rate-hike bets, while the euro fell to a two-month low as options traders added downside hedges. The dollar strengthened further after the Fed defied Trump with a rate rise, making it more attractive. The dollar rallied after US business activity rose at the fastest pace on record, reinforcing the case for tighter policy. Oil prices rebounded amid persistent Middle East supply risks, with Brent crude falling below $99 in Asian trading before recovering. Oil held a gain on renewed US-Iran tensions, while US crude stockpiles posted an unexpected build of 3 million barrels. Gold settled lower for a third straight session as the dollar and yields rose. Natural gas futures posted back-to-back gains with the October contract settling higher. Copper retreated from near-record levels as traders weighed the Fed outlook, while palm oil dropped to a seven-week low on worries over ample reserves. Soybeans and corn slumped with Xi’s arrival in the US awaited, as no sales of American supplies to China were reported.

Energy & Policy

The White House is considering a ban on diesel exports as prices keep rising, with Trump saying he supports the idea to bring down costs. The US is weighing a 90-day ban on diesel exports, Politico reported, though the Energy Secretary hinted at a voluntary cap instead. Oil companies are fiercely opposed to the plan, warning of unintended consequences. European diesel prices climbed over the prospect of a US export ban, which analysts say would be a calamity for the market. The global fuel crisis is driving up the costs of home heating oil in the Northeast and Alaska. Oil tanker costs hit a record $1.2 million a day as the Iran war disrupts shipping, more than doubling rates on key routes.

Corporate & Deals

Barry Diller withdrew his bid for MGM Resorts after offering in June. Citigroup will kick off meetings with loan investors for Paramount’s debt sale. Peloton is eyeing its first-ever bond deal of up to $800 million. The Arnault family is moving to consolidate control of LVMH, unifying their 49.76% shareholding and voting rights. Blackstone is developing a hybrid CLO that blends broadly syndicated loans with private credit. Legal & General will cut 10% of its workforce by mid-2027, with the FT reporting the move will slash 1,000 jobs. Disney boosted prices on several streaming subscriptions, while former CEO Bob Chapek settled scores with Bob Iger in a new book. McDonald’s pledged $8.5 billion in investments to help franchisees and is betting on chicken to win back diners as beef prices soar. Wells Fargo named COO Scott Powell as its next chief risk officer. Diageo poached WPP’s finance chief Joanne Wilson as its next CFO. Activist Starboard urged Knife River to explore a sale after its stock dropped over 7%. Brightline, the Florida railroad, plans an imminent Chapter 11 filing in New Jersey. General Mills posted a profit of $397 million and is betting on new products to drive a turnaround. Cracker Barrel posted a fiscal Q4 profit gain and guided for sales growth. JD Sports’ profit fell amid sector challenges. Paychex’s sales growth slowed as it posted a fiscal Q1 profit.

Tech & AI

Nvidia is among the top traded US credit swaps as hedging demand soars. Apple’s Chat GPT tools “dramatically underperformed”, OpenAI claimed in court documents. Meta’s Muse app topped charts as Zuckerberg unveiled new AI products. OpenAI’s agent hacked an Australian health service website, drawing a rebuke from the Prime Minister. A group of world leaders pushed for global controls on AI. Anthropic’s leaders backed a startup developing a biological threat detection system. AI agents are upending stocks in banking, travel and other sectors. Chinese AI stocks fell on a report of a probe into DeepSeek and Moonshot. Dan Ives is launching an AI-focused closed-end fund. The AI rally and a weaker yen set the stage for Japan’s market return. Nvidia-backed Nscale buried a ByteDance deal in its push to a $35 billion IPO.

IPOs & Fundraising

Airtel Money, the African fintech, plans a London IPO targeting a valuation of up to $9 billion and seeking to raise at least $800 million. Finnish drone group Sensofusion seeks €300 million in a Helsinki IPO. Can Semi Tech joined China’s chip IPO wave with a $919 million Shenzhen deal. Kenya’s Quickmart plans a Nairobi listing as its owner offers a 50% stake. Ghana International Bank eyes the US market as Africa appetite grows. Triton Partners is mulling a sale or IPO of Trench Group. Drone specialist Tekever’s valuation soared fivefold to $6.4 billion after a $580 million raise. Novo Nordisk is open to upgrading its US listing, with the boss seeing “advantages” in direct access for US investors.

Politics & Policy

A judge held off on an immediate ruling on the White House’s media ban, while the White House defended Trump’s ban on CNN, MS NOW and Politico. The New York Times stopped publishing White House pool photos in support of the banned outlets. Fox News found itself at odds with Trump on the press ban. Florida filed a lawsuit against The New York Times over editorial bias. Trump backtracked on plans for new controls on NIH grants after bipartisan opposition. The Big Beautiful Bill is starting to bite voters before the 2026 election. Trump officials may undo nursing home mandates for reporting Covid. The midterms are the first big test for a new independent movement. How Trump’s Iran war may sink Republican midterm chances was examined. Trump invited Putin to attend the G20 summit in Miami. Xi and Trump are set for a high-stakes summit, with Trump playing down China’s actions against US interests. More Americans have a positive view of China ahead of the visit.

Geopolitics & Defense

Iran said it will not give up its nuclear program in a defiant UN speech, with President Pezeshkian saying Iran will not be bullied. Countries canceled Iran flights after the US threatened to “shut down” airlines. Zelensky said Putin is unlikely to curb attacks without US pressure. Germany urged the US to allow Patriot missile production in Europe. Todd Boehly secured US and Gulf backing for a bid on Lukoil assets. South Korea bet on a Texas gas plant to satisfy Trump, funding a $22 billion power plant. Ethiopia canceled Tigray flights as rebels took an airport. Italy cleared the path for a nuclear power revival. Trump’s major retreat on Greenland was noted.

Regulation & Legal

US regulators plan a major move to speed authorizations of vapes and tobacco pouches. Switzerland’s upper house backed tougher bank capital rules for UBS, while the same house later eased new demands. Global banks warned the UK that a windfall tax will trigger a shift away from London. Pornhub’s age checks are being probed by the UK watchdog. Flock Safety detailed new search guardrails amid Congressional scrutiny, cutting data retention to seven days. The US plans to crack down on imports of polysilicon for chips. RFK Jr. drew $4 million in book advances from a publisher who also monetized MAHA. Kennedy keeps finding new ways to undermine trust in vaccines amid a measles outbreak.

Weather & Climate

Tropical Storm Nolo formed near Hawaii on Wednesday, while Hurricane Polo’s explosive growth was fueled by El Niño. A powerful nor’easter is taking shape for the East Coast this weekend. Could Hurricane Polo bring rain to Southern California? Probably not, but it could affect conditions from a distance. Storms in the Pacific threaten Hawaii and Mexico. At a Times event, dueling visions on climate change and AI were presented. Energy Secretary Chris Wright sold Trump’s “energy dominance” vision of fossil fuel abundance. The UK must “electrify now,” said the energy secretary. A blow for drought-hit England came as the opening of a new reservoir was delayed by five years.

Transport & Automotive

Bentley’s first EV, the Torcal SUV, will be half the price of Ferrari’s Luce, aimed at younger buyers. Bentley is testing the bumpy EV market with a $230,000 SUV. China’s Geely unveiled ultrafast EV charging under five minutes, rivaling BYD. The sub-5 minute charging was also reported by the FT. Qantas plans nonstop Sydney-New York flights as part of Project Sunrise, starting in 2028. Ryanair’s boss told investors to “grow up” over his €150 million share scheme, warning fares could rise. Ryanair is trimming winter flight frequency as oil prices tick upward. Self-driving cars are getting better, but the risks of automation complacency are getting bigger. A Waymo held up a Secret Service motorcade, refusing to move. Why some schools are hitting the brakes on electric buses was explored.

Emerging Markets & Global

Asian stocks and bonds are set to slide on inflation jitters, tracking Wall Street losses. Sheinbaum boosted Lula before Brazil’s vote as leftist allies grow scarce. The ETF boom drew nearly 1 million retail investors in Brazil. Venezuela’s spot oil sales are snarled by surging freight costs. Turkey arrested the founder of a brokerage at the center of an $18 billion alleged Ponzi scheme. Thames Water’s creditors plan a new rescue deal to avert state control. Black Sea upheaval sent India wheat back to neighbor Bangladesh. China’s coking coal supply squeeze is seen lingering into 2027. South Africa tapped Gulf know-how for a $9.5 billion property plan. India consumer stocks drew bullish bets on festive spending. The Philippines eyes a new retail peso bond at a 25-year milestone. Hong Kong Exchange will discuss extended stock trading hours. The Guangzhou Futures Exchange may list lithium hydroxide futures this year.

Media & Entertainment

YouTube is battling Netflix over top talent, rolling out better tools for digital producers. Guitar Center lost its way, and its CEO is charting a comeback by targeting serious musicians. Seth Meyers prefers Trump without audio, joking about the president’s silent event. Dolly Parton’s manager accused the singer’s nephew of threats and extortion. Hayden Panettiere was found surrounded by drugs, a report detailed. Danny Meyer learned lessons from closing a hit restaurant. The model making vegan shoes sexy collaborated with Aera. MrBeast and Rajiv Shah argued for using video for good to help charity.

Other Notable Stories

A whistleblower alleged a contractor played down contamination risks after the Ohio train disaster. A transplant surgeon’s experience waiting for a heart laid bare the system’s flaws. Hackers said they stole thousands of sensitive FBI personnel records. The urgent mystery of where viruses hide was explored. Our forests are demanding a sacrifice, a personal essay on wildfire. A $1 billion donation to the University of Oregon made history. The Guna people, who kept outsiders away for 500 years, face a changing world.