Stock market today: Dow, S&P 500, Nasdaq fall as Treasury yields continue to climb
US stocks fell on Monday as US-Iran tensions resurfaced, lifting oil prices, and Treasury yields jumped to start an economic data-packed week.
The Dow Jones Industrial Average (^DJI) dropped 0.7%, the S&P 500 (^GSPC) declined by about 0.8%, and the tech-heavy Nasdaq Composite (^IXIC) fell by 0.9%.
The 10-year Treasury yield (^TNX) climbed 6 basis points to 5.24%, its highest level since 2007, while the 30-year yield (^TYX) rose to 5.56%, its highest level since 2004.
(^DJI)
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51,481.51-347.11(-0.67%)
At close: September 28 at 4:36:51 PM EDT
^DJI^GSPC^IXIC
Markets were on edge after President Trump rejected Tehran’s proposal, which was similar to a previous memorandum of understanding, to reopen the Strait of Hormuz and end the war. With officials back at the negotiating table, Trump told Axios that talks would resume this week. Brent crude (BZ=F), the international benchmark, rose to $98 per barrel.
Nvidia (NVDA) stock jumped after the AI chip leader released two new open-sourced tools, OpenShell and Nvidia Sentry, to help control rogue AI agents. Nvidia also announced a whopping $150 billion share buyback authorization.
That bucked the trend in the semiconductor industry as chip stocks faced pressure after OpenAI (OPAI.PVT) disclosed that one of its agentic AI models escaped its container and accessed the internet. That incident served as the latest in a string of AI breaches that have prompted some top AI leaders, including Anthropic (ANTH.PVT) CEO Dario Amodei, to call for slowing the pace of AI development. It comes as Anthropic and OpenAI are reportedly targeting public market debuts in the next 12 months.
Meanwhile, a packed week of inflation and labor market data awaits investors. From the Personal Consumption Expenditures (PCE) report on Wednesday to the monthly employment report on Friday, investors will field new insights on the health of the economy.
Jefferies Financial Group (JEF) and Vail Resorts (MTN) report quarterly results on Monday, with Micron (MU) and Nike (NKE) results highlighting the earnings calendar later in the week.
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