Public Markets 8 Hours

Last updated: September 28, 2026, 2:01 PM ET

Global Markets

Global markets opened the week on the back foot as fading hopes for a Middle East breakthrough pushed oil higher. US stocks declined Monday, extending a Treasury selloff that has sent yields to multiyear highs. The 10-year Treasury yield surpassed 5.2% as Brent crude jumped, with the bond rout deepening across both US and European government debt. Futures pointed lower at the start of a week dominated by the US jobs report.

Fixed Income

The selloff in government bonds intensified, pushing 10-year Treasury and Bund yields to multiyear highs as the Iran conflict keeps energy costs elevated. Gold fell to a seven-week low as traders priced in a greater chance of rate hikes. The market is now heading toward an inverted yield curve, typically a harbinger of economic distress. Wells Fargo warned that rising bond yields are fueling a stock allocation reset, as equities face stiffer competition from fixed income for the first time in years.

Credit Markets

A deluge of high-yield supply is overwhelming investors, according to Goldman Sachs, as companies rush to refinance before yields climb further. Pure Gym is seeking £1.4 billion ($1.9 billion) from the high-yield market for a refinancing. The SEC sent a “critical” reminder to the financial industry about valuing hard-to-value private assets. Two Indian state-run companies pulled $688 million of bond sales as yields rise.

Equities

JPMorgan’s trading desk flipped to a bullish view on US equities ahead of Friday’s jobs report. The dollar is unlikely to maintain its recent momentum unless jobs data are very strong, strategists said. Car Max’s revival may hit a roadblock as US consumer sentiment falters, analysts warned. Cruise stocks have hit choppy waters as post-pandemic demand normalizes and Iran truce disappointment weighs on the sector.

Nvidia

Nvidia’s board approved a record $150 billion stock buyback, bringing the total repurchase program to new heights. The increase comes four months after the chip giant added $80 billion to its buyback, and the plan to repurchase shares comes as the stock’s price gains have slowed this year.

Tech & AI

Meta launched an enterprise AI business as Mark Zuckerberg opens a new front in his push to monetize vast AI infrastructure spending. AI skeptic Rajiv Jain has embraced the tech trade he once called the “dot-com bubble on steroids,” piling into tech stocks. OpenAI agents targeted a U.N. website in a demonstration of AI capabilities. Big liability questions loom over AI labs like Anthropic as safety risks could derail IPO prospects. Hyperscalers are analyzing the AI capex breakeven rate, with heroic ROIC assumptions under scrutiny.

Deals & M&A

Getty Images is holding confidential talks with lenders about a potential bankruptcy loan. Evonik rejected a €10.3bn BASF bid aimed at consolidating the chemicals industry, with the size of the premium potentially increasing pressure on management. Centerview hired Elliott’s capital markets specialist Bennett Schachter. Tata Trusts proposed a restructuring of Tata Sons to avoid a listing. The sale of Portuguese water utility Indaqua has been delayed as bidders seek additional data.

Banking & Financials

UBS faces a 9% profit hit from the Swiss capital plan adopted by lawmakers, RBC said. The owner of MFS blames Barclays for the firm’s collapse amid fraud allegations, with Paresh Raja denying claims he siphoned at least £1.3bn from the mortgage firm. Citi expanded its digital-assets footprint with a Coinbase partnership that will provide digital rails for institutional clients.

Energy & Commodities

Oil prices climbed as President Trump rejected Iran’s proposal over the weekend, calling it “unacceptable.” Saudi Arabia has started exporting oil using a key cross-country pipeline after repairs. Soaring transport costs are spreading through the US economy amid the Iran war and a driver shortage. A Zambian state firm accused Abu Dhabi’s IRH of copper mine deal breaches. The Energy & Utilities roundup covers Total Energies, Korea Electric Power and Tenaga Nasional.

Autos & Transport

The Trump administration sharply scaled back fuel economy rules for new cars, marking the final step in dismantling policies aimed at cutting emissions. The new mandate will require an average of 34.5 miles a gallon by model year 2031. Two of China’s leading EV makers announced a deal to merge their battery charging units as the auto industry moves toward consolidation. The UK is serving as an “aircraft carrier” launching Chinese cars into the EU, though Brussels is urging UK tariffs on Chinese EVs. The Auto & Transport roundup covers Ferrari, Volvo and Daimler Truck.

Retail & Consumer

Shein’s profits fell by two-thirds in its first earnings report as a public company, squeezed by rising freight costs and increased tariffs. Adobe’s analytics division projected $275.1 billion in US online sales for the holiday season, a record. New York’s film-goers are on the warpath after the AMC Kips Bay closure sparked a debate about the future of cinemas. Food companies are turning to forest flavors like juniper and pine for drinks and snacks. The market for added protein products is booming, though experts question the health benefits.

Real Estate & Housing

A new study suggests homeownership could reverse the decline in birthrates, looking back at the baby-boom era and federal mortgage programs. UK housebuilder shares surged on a new Help to Buy scheme unveiled by Prime Minister Andy Burnham. Home renovation costs have jumped 44% since before the pandemic, outpacing inflation.

Politics & Policy

America has gone “wobbly” on freedom of the seas, an opinion piece argues, amid threats from Beijing, Tehran and the Houthis. The US and China agreed to cut tariffs on $60 billion in goods, unveiling separate lists covering thousands of products. Trump will unveil a planned $15 billion Iowa steel project ahead of tough midterms. A Senate investigation found rampant use of Tether by the Iranian regime, with sanctioned wallets overwhelmingly dealing in USDT. Trump brought Venezuelan gold to the US, but refiners won’t touch it amid corruption concerns.

Elections & Politics

In Ohio, Senator Jon Husted faces a humbling question: are you the incumbent? Even some devoted conservatives know more about Sherrod Brown, the Democratic challenger. Brazil’s biggest election question is Donald Trump’s next move as Latin America’s biggest nation prepares for elections. Black voters largely rejected James Talarico in the Texas Democratic primary, posing a pivotal challenge for the Senate candidate. Republicans lead in midterm spending with 36 days until the elections.

International

A Russian jet-powered drone hit Ukraine’s National Academy of Sciences in the heart of Kyiv, causing fire and smoke. Five British men were arrested as they approached R.A.F. Fairford, a base used by US forces, in a possible terrorist plot. Conflicting accounts from a bystander and President Trump raise questions over security at the air base. Turkey released comedian Deniz Goktas after 88 days in detention over a stand-up show that drew 15 million views. The EU is mulling a NATO-style response to Russian hybrid attacks.

Currencies

The Chilean bond market is dominated by Fed attention, with pressure on the peso and inflation reducing the central bank’s room to maneuver. Traders are ramping up wagers against the pound ahead of the UK budget.

Legal & Regulatory

Burford Capital could gain up to $1.4bn from Apple’s patent defeat, with the litigation funder’s share price jumping 9% after a US jury’s decision. Your next PR crisis might be hiding in the patent office, as Walmart discovered. Entain and Flutter are taking stock of Brazil’s online-betting ban, with Entain expecting the lower end of its earnings guidance.

Space & Defense

SpaceX launched Starship for its first orbital mission, the 14th test of the massive rocket. The system is pivotal to Elon Musk’s ambitions to win more Nasa contracts and transport satellites.

Markets Structure

24/7 stock trading is about to test financial markets as exchanges expand hours beyond traditional sessions. The Tech, Media & Telecom roundup covers SK Hynix, BT Group and Telekom Malaysia.

Media & Culture

Evan Gershkovich sat down with WSJ Editor in Chief Emma Tucker to discuss his arrest and how he kept reporting from inside Russia’s prison system. Andrew Bailey, a deputy director at the FBI, left his job after being part of a three-person leadership team. Experts ranked 30 ideas for fixing US schools as math and reading scores slump.