U.S. equities closed lower for a third straight session on September 10, with all three major indices finishing in the red as Treasury yields climbed. Brent crude oil broke through the $100 per barrel threshold, settling above $101, while copper prices reached new record highs. Gold's earlier gains narrowed by the close of trading.
Among the top 20 most actively traded stocks on U.S. exchanges, Meta surged more than 6% following bullish analyst commentary on its newly unveiled AI agent, Muse. The broader market saw mixed performance, with most Chinese ADRs declining—Alibaba fell 2.89% and NetEase dropped approximately 3%.
European markets suffered their steepest two-month decline as traders intensified bets on further interest rate hikes. Commodity markets remained volatile, with geopolitical tensions driving energy prices higher while base metals continued their upward trajectory.
Where to Begin
President Trump indicated that the U.S.-Iran conflict would conclude "immediately" after the midterm elections. The escalating cycle of retaliation at sea between the two nations has drawn international attention, with Tehran outlining specific conditions for de-escalation. Meanwhile, an emergency slide on Trump's aircraft was inadvertently deployed due to operator error.
In diplomatic developments, Trump stated that Russian President Putin is "ready to make a deal," prompting Washington to pursue a new round of negotiations aimed at resolving the Ukraine conflict. Treasury Secretary Bessent suggested that if GDP growth reaches 3%, the nation could rely on economic expansion to address its debt burden. Despite Bessent tripling the scale of long-dated bond buybacks, the 10-year Treasury yield continued its upward march.
Saudi Arabia reported fresh attacks by Houthi forces across multiple southern regions. Russia's foreign intelligence chief confirmed ongoing contact between Russian and U.S. intelligence agencies, adding that a visit to Washington remains a possibility. Iranian officials declared that Tehran is prepared for intense conflict and will not yield to American pressure.
Corporate Highlights
Apple is set to launch its first foldable iPhone in October, marking what many describe as the most significant design overhaul in the company's history. Analysts express optimism about the device's prospects but caution that profit margins could face headwinds.
An Anthropic researcher resigned, warning that AI giants are "gambling with human life." Analog Devices agreed to acquire Alif Semiconductor for $1.35 billion. Meta shares jumped 6% as Wall Street embraced its new AI agent strategy. Chewy reported growth in both profit and revenue, with its customer base continuing to expand.
JPMorgan Chase is approaching the $1 trillion market capitalization milestone, with Bank of America highlighting its "scarcity premium." Insiders revealed that OpenAI expects to allocate approximately $750 billion toward computing infrastructure by 2030. Amazon conducted its inaugural four-part sterling bond issuance, reportedly attracting over £11.65 billion in subscriptions.
Market Commentary
Copper prices in both New York and London reached unprecedented highs. Bessent's remarks on the yen have sparked significant market speculation, with concerns that insufficient central bank rate hikes could trigger selling pressure. Traders are now pricing in four rate increases from both the European Central Bank and the Bank of England, as surging oil prices amplify inflation worries.
Canadian support for retaliatory tariffs against the U.S. has reached record levels. U.S. officials stated that the latest buyback program demonstrates the Treasury's continued optimization of the initiative. However, disappointment permeated markets after the Treasury announced a $6 billion cap on long-dated debt buybacks. Think tanks warn that UK AI data centers will create far fewer jobs than the technology sector anticipates. JPMorgan projects that in a prolonged Strait of Hormuz closure scenario, Brent crude could average $87 per barrel next year.
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