Stock Market Recap — Sep 24, 2026
Nasdaq falls with 10-year Treasury yield at a 19-year high
Rising borrowing costs and an oil risk premium pressured growth stocks, while a major AI contract produced a standout gain. Crude reversed an early inventory-driven decline before easing in later Asian trading. Diplomatic signals on Iran and China offered little certainty. • Rates/Equities: The 10-year Treasury yield reached 5.20%, extending its climb beyond a 19-year high, while the Nasdaq fell nearly 1% by midday. Initial jobless claims of 197,000 reinforced expectations of another Fed increase. The average 30-year mortgage rate topped 7%. • Oil/Hormuz: Brent rose 3.4% to $106.60 as Iran threatened to restrict navigation through Hormuz and Saudi Arabia reported intercepting Houthi missiles. It later slipped to $105.95 after Iran proposed a conditional reopening, but Gulf mediators remained divided. • AI Infrastructure: Anthropic signed a seven-year, $11.6 billion computing contract with Akamai. Akamai rose 17% in late trading and expects roughly $5.5 billion in related capital spending. • Data Centers: Reports raised questions about Oracle’s exposure to delays at a New Mexico data center. Oracle said the project remained on schedule, but the FT reported it would owe investors a fee even if electricity delays prevent an on-time opening. • US/China: Trump and Xi offered conciliatory remarks without concrete trade measures. Hong Kong-listed Chinese stocks subsequently fell in thin trading.
Intraday Updates
- 00:32 ET: Treasury yield reaches 5.113% as oil retreats on surprise US inventory build (48 stories)
- 05:30 ET: Nasdaq futures slide after 30-year Treasury yield hits highest level since 2004 (73 stories)
- 09:00 ET: Saudi Arabia intercepts Houthi missiles as US jobless claims fall to 197,000 (100 stories)
- 12:00 ET: Nasdaq falls after 10-year Treasury yield reaches 5.16% (122 stories)
- 16:32 ET: Akamai jumps 17% after Anthropic signs $11.6 billion computing deal (100 stories)
- 21:11 ET: Oil slips after Iran offers seven-day plan to reopen Hormuz (100 stories)