The S&P 500 Index ($SPX) (SPY) is up by +0.09% today, the Dow Jones Industrial Average ($DOWI) (DIA) is down by -0.13%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.52%. December E-mini S&P futures (ESZ26) are up +0.05%, and December E-mini Nasdaq futures (NQZ26) are up +0.46%.
Stock indexes have added to Monday’s gains today, with the S&P 500 posting a 5-week high and the Nasdaq 100 posting a 3.5-month high. Weaker crude oil prices today are easing inflation risks, lowering bond yields, and boosting market sentiment. WTI crude oil is down more than -2% today at a 3-week low after Japan’s Kyodo News Agency reported that Iran has proposed to reopen the Strait of Hormuz within seven days if the US blockade is lifted. President Trump will address the United Nations General Assembly in New York later today. The 10-year T-note yield is down -3 bp to 4.93% on the weakness in crude prices.
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Stocks also have support on positive anticipation ahead of a summit later this week between Presidents Trump and Xi Jinping. In addition, stock indexes rose on support from a rally in chipmakers and AI-infrastructure stocks.
Oct WTI crude oil prices (CLV26) are down more than -2% today at a 3-week low after Japan's Kyodo News Agency reported that Iran has proposed to reopen the Strait of Hormuz within seven days if the US blockade of Iranian ports is lifted. Crude prices added to their losses on signs that diplomacy may bring an end to Middle East hostilities after a spokesman for Iran's Islamic Revolutionary Guard said that "if our national interests require us to negotiate alongside the war, we must negotiate." In addition, people familiar with the matter said Saudi Arabia is in the early stages of restarting its East-West pipeline and resuming crude exports from its Red Sea port of Yanbu later this week.
Markets are discounting a 53% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets are higher today. The Euro Stoxx 50 rose to a 1.5-week high and is up +0.61%. China's Shanghai Composite climbed to a 2-week high and closed up +0.067%. Japan's Nikkei-225 Stock Average did not trade today with Japanese markets closed for a National holiday.
Interest Rates
December 10-year T-notes (ZNZ6) are up by +6 ticks today. The 10-year T-note yield is down -1.8 bp to 4.933%. T-notes are moving higher today as WTI crude oil fell more than -2% to a 3-week low, easing inflation expectations. Supply pressures may limit additional upside in T-note prices as the Treasury will auction $211 billion of T-notes and floating-rate notes this week, beginning with today’s auction of $69 billion of 2-year T-notes.
European government bond yields are moving lower today. The 10-year German bund yield slid to a 1.5-week low of 3.425% and is down -2.8 bp to 3.430%. The 10-year UK gilt yield fell to a 2-week low of 5.166% and is down -2.4 bp to 5.188%.
ECB Chief Economist Philip Lane said a new wave of high energy prices means Eurozone inflation will stay elevated longer than the ECB initially anticipated.
Markets are discounting a 43% 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 moving higher today, supporting gains in the broader market. The iShares Semiconductor ETF (SOXX) is up +0.55% at a 5-week high. SanDisk (SNDK) is up more than +7% to lead gainers in the S&P 500, and Seagate Technology Holdings Plc (STX) and Western Digital (WDC) are up more than +4%. Also, Micron Technology (MU) is up more than +3%, and Marvell Technology (MRVL) is up more than +1%.
Airlines and cruise line operators are climbing today, as a -2% decline in WTI crude oil to a 3-week low reduces fuel costs and boosts profitability prospects for the companies. Carnival (CCL) and Norwegian Cruise Line Holdings (NCLH) are up more than +4%, and American Airlines Group (AAL), United Airlines Holdings (UAL), Delta Air Lines (DAL), Southwest Airlines (LUV), Alaska Air Group (ALK), and Royal Caribbean Cruises (RCL) are up more than +3%. Also, Delta Air Lines (DAL) is up more than +2%.
Trucking and freight companies are moving higher today, as crude oil prices slide to a 3-week low. Knight-Swift Transportation Holdings (KNX), ArcBest (ARCB), Saia Inc (SAIA), and XPO Inc (XPO) are up more than +2%. Also, FedEx Freight Holding (FDXF), JB Hunt Transport Services (JBHT), and Marten Transport Ltd (MRTN) are up more than +1%.
Energy stocks and service providers are under pressure today, with WTI crude oil down more than -2% to a 3-week low. Valero Energy (VLO) is down more than -3%, and Marathon Petroleum (MPC) is down more than -2%. Also, ConocoPhillips (COP), Phillips 66 (PSX), Diamondback Energy (FANG), APA Corp (APA), Baker Hughes (BKR), and Halliburton (HAL) are down more than -1%.
Viking Therapeutics (VKTX) is up more than +32% after announcing results from a study showing patients taking its VK2735 GLP-1 weight-loss drug maintained up to 97% of weight loss versus 61% for placebo.
Vicor Corp (VICR) is up more than +13% after raising its guidance on Q3 revenue growth to over 20% q/q from a previous estimate of 10%, citing royalties from a non-exclusive license to Vertical Power Delivery.
Shopify (SHOP) is up more than +7% to lead gainers in the Nasdaq 100 after announcing that it was “partnering deeply” with Meta Platforms’ Muse artificial intelligence agent.
AutoZone (AZO) is up more than +4% after reporting Q4 EPS of $56.05, better than the consensus of $54.03.
Amgen (AMGN) is up more than +3% to lead gainers in the Dow Jones industrials after saying the primary endpoint was met in a Phase 3 study evaluating its dazodalibep drug in adults with Sjogren’s disease, a chronic autoimmune condition.
Quest Diagnostics (DGX) is down more than -3%, and Labcorp Holdings (LH) is down more than -2% after the Centers for Medicare and Medicaid Services (CMS) released new preliminary medicare payment rates for lab services.
Earnings Reports (9/22/2026)
AutoZone Inc (AZO), KB Home (KBH), MillerKnoll Inc (MLKN), Thor Industries Inc (THO), Worthington Enterprises Inc (WOR).
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.
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