Public Markets 8 Hours

Last updated: September 24, 2026, 2:02 PM ET

Public Markets

US Treasuries

The 10-year Treasury yield surged above 5%, a level not seen since 2004, as a brutal sell-off in government debt intensified. Long-term borrowing costs touched their highest level in nearly two decades, with yields rising across the curve as oil prices held above $100 a barrel. A hot economy and $100 oil are fanning fears about inflation, keeping upward pressure on yields. The 10-year yield cannot sustainably go much higher, as five is the magic number for Treasuries.

Equities

US stocks extended their slide as climbing oil prices fueled inflation pressures and stoked rate-hike bets. Industrial stocks flashed technical warnings after a swift 10% slide over the past month, ringing alarm bells for investors. The AI trade is emerging as a key concern for stock investors mapping election risks, as the US midterm elections turn into a source of worry for tech-heavy portfolios.

Mortgage & Housing

The average rate on a 30-year mortgage in the US jumped to 7.03%, breaching the 7% threshold as surging government bond yields and rising oil prices from the war in Iran drove affordability pressures on a weak housing market.

Oil & Energy

Oil prices rose sharply a day after a brutal sell-off in government debt, with crude holding above $100. A potential US ban on diesel exports would slash domestic prices for the fuel at the pump, at least initially. However, the US is considering voluntary export restrictions, not a full ban, according to the Energy Secretary. Diesel prices outside the US surged relative to American rates as the possibility of restrictions widened the spread. US home heating oil prices are rising as well.

Geopolitics & Sanctions

The UAE halted Iranian flights over fresh US sanctions, with Iranian flights to the UAE canceled as Washington’s curbs bite into regional connectivity. Trump aides are seeking to jump-start diplomacy with Iran as the crisis widens, with Secretary of State Marco Rubio saying US negotiators had restarted conversations. Saudi Arabia downed six Houthi ballistic missiles fired by the Iran-backed militia in Yemen at cities deep inside the kingdom. A Moscow firm uses shell companies and cryptocurrency to launder money in a global effort to evade Western sanctions. Europe warns of Russia’s hybrid attacks but struggles to counter them. The son of the Israeli ambassador to the US was critically hurt in a West Bank attack.

White House & Press

A federal court ordered the Trump administration to restore access for CNN, MS Now and Politico after they were initially turned away. The White House says it has restored access to the banned press outlets, though CNN and MS Now said their correspondents have been allowed back onto the White House grounds.

Corporate & M&A

GoDaddy received a takeover offer from Gen Digital, the maker of Norton antivirus software, in early-stage talks. Sony, A24 and The New York Times Company all registered interest in acquiring Letterboxd. Banks are eyeing £3.6 billion in junk bonds and infra loans to back the DCC buyout. The Arnault family of LVMH is moving to cement control with an ownership overhaul, creating a new controlling entity via a public tender offer.

Starbucks & Retail

Starbucks will close 250 stores in the US as part of a turnaround plan, with the affected cafes failing to meet financial or customer service expectations. This is the second round of closures in a year as part of the coffee chain’s broader campaign. Darden Restaurants posted sales gains but profit slipped on higher expenses. Canada Goose is ensnared in Trump’s tariff war with Canada, with the US a key market for the jacket maker.

Tech & AI

Google is sending an experimental AI data center satellite into orbit next Thursday, raising questions about whether tech companies can really put data centers in space. Amazon will expand robot-making capacity with a new $100-million hub in Indiana. An OpenAI agent hacked an Australian government website, as AI safety concerns go global. Deloitte’s tech consulting arm curbed global revenue growth, reporting record annual revenues of $74.5bn but with AI’s impact looming. Beyond the AI abundance delusion, concerns about inequality are likely to increase. In a race with China, German robots are outnumbered 14 to. Investors are betting on devices that connect the brain to computers, with Bill Ackman joining Elon Musk in backing Precision Neuroscience. 3-D printing may be the answer to AI’s gas turbine crunch.

Crypto & Blockchain

Cathie Wood tokenized her $1.3 billion venture fund on Ethereum to trade 24/7. BlackRock investment portfolios debuted on the blockchain as digital tokens, with three model portfolios holding baskets of ETFs. New York sued Polymarket in an escalating crackdown on prediction markets, alleging the company is running an illegal gambling business.

Banking & Finance

UK bank tax receipts jumped 20% following a surge in profits, with the industry bracing for a possible raid in next month’s Budget. HSBC axed a $26,000 perk for Hong Kong bankers to join members’ clubs, overhauling historic benefits. A Singapore court appointed KPMG to manage trader Radiant World. India’s market regulator will allow its $463-billion portfolio management industry to invest abroad and short stocks.

Commodities & Industrial

More than 167,000 pounds of meat with false inspection marks were recalled by Star Meat Delivery Inc. of North Carolina. Europe’s biggest stainless steelmaker Outokumpu found a new way to extract chrome used in jet engines. Quenching the world’s biofuels thirst could require a Montana-size chunk of land. A Petrobras executive expects Braskem to reach a deal with creditors.

Canada & Trade

Canada retail sales recovered following a first fall of the year in July. Prime Minister Mark Carney laid out a vision for breaking Canada’s reliance on the US. Trump struggles to find leverage with Xi over Chinese exports.

Miscellaneous Corporate

Bob Chapek is so not over getting fired from Disney, accusing Bob Iger of sabotage in a new memoir. Ken Griffin’s Miami Beach helipad plan faces resident pushback. San Francisco is ripe for mocking as AI companies become pervasive in the city. The data centre boom is emerging as a wedge issue in Texas midterms after the governor froze permits. Hollywood celebrates the prospect of federal funding via a film tax credit bill. A UK firm with Tera ties had a record year before the Turkey fund crisis. The top Democrat on the Senate intelligence committee seeks a briefing on F-35 parts in China. South Asians, a model minority, face surging racism in America. A corruption scandal is reshaping Brazil’s presidential election. Trump’s failure to lead is costing America and the world. Trump’s claims of illegal voting in Nevada fizzled. The UN General Assembly is hosting global leaders in a tense week. You can’t be like Warren Buffett — not even he could again. David Petraeus shared the one quality for effective leadership. When handbag prices send luxury buyers walking. Bernadine Bluntly’s brand was tradwife — then she got divorced. Space is the final frontline. Nobel Prize winner James Robinson will be at Odd Lots LIVE.