Stock Market Recap — Sep 26, 2026
US and China agree to lower tariffs as Trump rejects Iran's Hormuz proposal
A tariff agreement offered a potential trade tailwind, while the unresolved standoff over Hormuz kept energy risks elevated. Later developments shifted attention to aerospace deliveries and automakers' compliance costs. Neither the tariff timetable nor a reopening of the oil route was settled. • US-China Trade: The countries agreed to lower tariffs on $30 billion of trade but gave no rates or implementation date. The White House also said China would buy at least 10 million metric tons of US coal annually in 2027 and 2028. • Iran/Oil: Trump confirmed an earlier report that he rejected Iran's proposal to reopen Hormuz. He said the US naval blockade was pressuring Tehran; mediated talks continued, but no reopening was confirmed. • Boeing: Boeing said a navigation-software glitch could delay its latest 737 Max models. The FAA is reviewing whether the issue poses a flight-safety risk. • Auto Rules: The administration plans to release looser fuel-economy standards Monday, potentially reducing compliance costs for gasoline-vehicle makers. The final requirements remain unknown. • Banking M&A: Nubank is reportedly in early talks to buy Monzo for a possible £8 billion–£10 billion. No deal is assured.
Intraday Updates
- 01:00 ET: Trump reportedly rejects Iran ceasefire as China commits to US coal purchases (45 stories)
- 15:01 ET: US and China agree to cut tariffs as Trump confirms rejection of Iran proposal (30 stories)