US EQUITY OPEN: Indices lower amid higher oil prices and Treasury yields
Newsquwak European Market Wrap - 28th September 2026
Iranian Foreign Minister Aragchi to meet with mediators in New York today, ISNA reports citing sources; no US representatives will be present at the meeting
US EQUITY OPEN: Indices lower amid higher oil prices and Treasury yields
ECB President Lagarde says wages not showing material response to energy shock
Russia is reportedly preparing to extend the diesel export ban for another month, TASS reports
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OPEN:
US indices opened the first trading session of the week in the red, as did all sectors, aside from Energy, which is supported by gains of c. USD 1.80/bbl in crude benchmarks after US President Trump overnight rejected a deal fro Iran to open the Strait of Hormuz, but noted Iran wants to make a deal in which they open the Strait immediately. He expects talks with Iran to resume this week even though he rejected Iran’s latest proposal. However, crude prices are off highs on reports Saudi Arabia's East-West pipeline has resumed oil exports. There has been mixed reporting on the status of further US/Iran talks, but it appears that Iran's Foreign Minister Araghchi will be holding meetings with mediators in New York, not directly with the US.
Elsewhere, precious metals are lower with spot silver underperforming its counterpart, while Treasuries are lower across the curve following the chunky moves seen last week. Dollar Index is seeing slight gains, with G10 FX performance mixed; JPY strengthens on further jawboning from officials. There is a few Fed speakers ahead, with Jefferies earnings due after-hours. Later this week, highlights include US NFP, PCE, ISM Manufacturing PMI, and earnings from MU, ACN, NKE.
STOCK SPECIFICS:
- Nvidia (NVDA) board authorised a USD 150bln increase to the share repurchase prog., raising total prog. to $235bln
- Apple (AAPL) ordered to pay USD 5.7bln in patent case
- Boeing (BA) identified 737 MAX software glitch that could cause an automated navigation feature to fail during landing
- Northern Star Resources rejected a cash-and-shares takeover approach from Gold Fields (GFI) valuing it at AUD 38.7bln
- Snowflake (SNOW) to offer USD 3.5bln of convertible senior notes
- MongoDB (MDB) announces CEO transition and Desai has stepped down as President and CEO, effective immediately and is leaving to pursue a senior role at Meta (META); reaffirms guidance.
Sessions where crude and yields rise together while equities fall broadly sit in the supply-shock template: when the oil move traces to a geopolitical chokepoint rather than demand strength, the transmission runs through inflation expectations and the inflation-linked segment of the curve, lifting nominal yields in a way that pressure duration-sensitive equity multiples, with Energy the customary lone outperforming sector. The Strait of Hormuz pattern is well worn: headline-driven spikes on closure risk, partial retracements on any sign of diplomatic engagement or alternative supply routing, exactly as seen here with the pipeline resumption report trimming crude off highs. The sequencing in past Hormuz episodes has been asymmetric, with the risk premium building faster than it dissipates, and freight and insurance costs in the Gulf serving as a cleaner gauge of genuine disruption than the futures strip. The distinction that matters is between rhetoric and physical interruption: rejected proposals with talks still scheduled have historically faded within sessions, whereas actual interference with tanker traffic has sustained the premium. The follow-ons are the mediator-track meetings rather than the principals, any tanker or insurance repricing, and whether Fed speakers reframe the oil move as an inflation input ahead of a heavy data slate. Jawboning on JPY alongside firmer yields fits the established pattern of officials leaning against depreciation when rate differentials widen.
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