The S&P 500 Index ($SPX) (SPY) is down by -0.27% today, the Dow Jones Industrial Average ($DOWI) (DIA) is down by -0.33%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.43%. December E-mini S&P futures (ESZ26) are down -0.36%, and December E-mini Nasdaq futures (NQZ26) are down -0.57%.
Stock indexes are under pressure today after crude prices erased an overnight decline and turned higher, lifting bond yields and undercutting market sentiment. The 10-year T-note yield jumped to a 19-year high of 5.04%. Also, chipmakers and AI-infrastructure stocks are sliding today, weighing on the broader market and giving back some of Tuesday’s gains that pushed the Nasdaq 100 to a new record high.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Today’s US economic news was better than expected, supporting stocks but pushing bond yields higher after the Sep S&P manufacturing PMI unexpectedly rose +3.1 to 57.0, stronger than expectations of a decline to 53.7 and the fastest pace of expansion in 4.25 years.
Stocks have support on positive anticipation ahead of a summit later this week between Presidents Trump and Xi Jinping.
Stocks found some support today after the Organization for Economic Co-operation and Development (OECD) raised its US GDP forecast and cut its inflation forecast for this year. The OECD raised its 2026 US GDP forecast by +0.2 to 2.2% from a June forecast of 2.0%. The OECD cut its 2026 US inflation forecast -0.1 to 3.6% from a June forecast of 3.7%.
US MBA mortgage applications fell -1.5% in the week ended September 18, with the purchase mortgage sub-index down -0.8% and the refinancing mortgage sub-index down -2.6%. The average 30-year fixed-rate mortgage rose +15 bp to a 2.25-year high of 7.12% from 6.97% in the prior week.
Nov WTI crude oil prices (CLX26) recovered from overnight losses and are slightly higher as the US and Iran remain at odds over key issues, including control over the Strait of Hormuz. Crude prices initially fell in overnight trading on signs of more crude supplies leaving the Middle East. Data compiled by Bloomberg from the European Union's Copernicus satellite shows oil supertankers with the capacity to ship 12 million barrels of crude were at Saudi Arabia's Persian Gulf export installations on Tuesday. Saudi Arabia also said it plans for a meaningful resumption of its East-West pipeline to the Red Sea by Saturday.
Markets are discounting a 55% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets are lower today. The Euro Stoxx 50 fell from a 2-week high and is down -0.39%. China's Shanghai Composite closed down -0.39%. Japan's Nikkei-225 Stock Average did not trade today, with Japanese markets closed for the Autumnal Equinox Day holiday.
Interest Rates
December 10-year T-notes (ZNZ6) are down by -12 ticks today. The 10-year T-note yield is up +7.4 bp to 5.035%. Dec T-notes retreated today and dropped to a 2.75-year low, and the 10-year T-note yield rose to a 19-year high of 5.042%. T-notes are under pressure after WTI crude oil erased an overnight decline and turned higher, raising inflation expectations. Supply pressures are also weighing on T-notes as the Treasury will auction $28 billion of 2-year floating-rate notes and $70 billion of 5-year T-notes later today. Losses in T-notes accelerated today after the US Sep S&P manufacturing PMI unexpectedly rose to a 4.25-year high.
European government bond yields are moving higher today. The 10-year German bund yield is up +3.0 bp to 3.493%. The 10-year UK gilt yield is up +2.9 bp to 5.267%.
The Eurozone Sep S&P manufacturing PMI was unchanged at 52.7, stronger than expectations of a decline to 52.6.
The Eurozone Sep S&P composite PMI unexpectedly rose +1.1 to 53.1, stronger than expectations of a decline to 51.7 and the fastest pace of expansion in 3.25 years.
ECB Governing Council member and Bundesbank President Joachim Nagel said Eurozone inflation is above 3% and is projected to stay above the ECB's 2% goal for another year. Therefore, the ECB may have to raise interest rates to a level at which they hold back economic growth.
The OECD raised its 2026 Eurozone GDP forecast by +0.2 to 1.0% from a June forecast of 0.8%. The OECD also raised its 2026 Eurozone inflation forecast by +0.2 to 3.0% from a June forecast of 2.8%.
Markets are discounting a 54% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI stocks are under pressure today, weighing on the overall market. The iShares Semiconductor ETF (SOXX) is down more than -1%. Western Digital (WDC) and Seagate Technology Holdings Plc (STX) are down more than -2%. Also, Intel (INTC), Broadcom (AVGO), Advanced Micro Devices (AMD), Analog Devices (ADI), Lam Research (LRCX), KLA Corp (KLAC), ASML Holding NV (ASML), Microchip Technology (MCHP), and SanDisk (SNDK) are down more than -1%.
Software stocks are climbing today, a supportive factor for the broader market. Palantir Technologies (PLTR) is up more than +4% to lead gainers in the S&P 500 and Nasdaq 100. Also, Atlassian Corp (TEAM) is up more than +3%, and Cadence Design Systems (CDNS) is up more than +2%. In addition, Datadog (DDOG), IBM (IBM), Microsoft (MSFT), ServiceNow (NOW), Thomson Reuters (TRI), and Workday (WDAY) are up more than +1%. Finally, Salesforce (CRM) is up more than +1% to lead gainers in the Dow Jones Industrials.
Energy stocks and service providers are moving higher today with the strength in crude oil prices. Valero Energy (VLO) and Devon Energy (DVN) are up more than +2%. Also, APA Corp (APA), Marathon Petroleum (MPC), Phillips 66 (PSX), Occidental Petroleum (OXY), ConocoPhillips (COP), Chevron (CVX), ExxonMobil Holdings (XOM), and Slb Ltd (SLB) are up more than +1%.
Voyager Technologies (VOYG) is down more than -11% after announcing its intention to offer $350 million of convertible senior notes in a private offering.
Paychex (PAYX) is down more than -5% to lead losers in the Nasdaq 100 after reporting Q1 management solutions revenue of $1.21 billion, weaker than the consensus of $1.23 billion.
IonQ (IONQ) is up more than +4% after announcing that it developed the industry’s first end-to-end real-time quantum error correction decoder that runs on a single standard central processing unit.
Earnings Reports (9/23/2026)
Cintas Corp (CTAS), Cracker Barrel Old Country Store (CBRL), General Mills Inc (GIS), HB Fuller Co (FUL), NioCorp Developments Ltd (NB), Paychex Inc (PAYX), Stitch Fix Inc (SFIX), ZenaTech Inc (ZENA).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
More news from Barchart
Stock Index Futures Slip as Oil Snaps Five-Day Losing Run; PMI Data and Fed Speak on Tap What Does Last Night's Trade Tell Us About Tuesday's Session? Stock Index Futures Muted as Chip Rally Stalls; Oil Falls on Report Iran Offered to Reopen Hormuz U.S. Stock Futures Climb as Oil Falls, Optimism Builds Ahead of Trump-Xi Summit