11th September 2026 – (New York) U.S. stocks retreated for a fourth straight day on Thursday as a fresh spike in oil prices and a jump in Treasury yields revived inflation worries. The Dow Jones Industrial Average fell 316.56 points, or 0.6 per cent, to 52,064.10. The S&P 500 slipped 0.58 per cent to 7,591.70, while the Nasdaq Composite dropped 0.65 per cent to 26,081.72, extending a broad risk‑off move across equities.
Energy markets set the tone after West Texas Intermediate settled at $102.48, up 6.7 per cent, and Brent crude rose 5.9 per cent to $107.63, the highest closes since 19th May. Since the outbreak of the Iran war at the end of February, WTI has climbed 52.9 per cent and is up 78.5 per cent year‑to‑date. The surge helped push the 10‑year U.S. Treasury yield above 4.95 per cent, its loftiest level since October 2023, intensifying concerns that higher borrowing costs could slow growth.
Rate‑sensitive technology names underperformed. High‑beta chipmakers slid, with Intel down 5.6 per cent and Micron Technology off 4.7 per cent. Megacap “hyperscalers” Alphabet and Microsoft eked out gains of less than 1 per cent, while Apple rallied 3.6 per cent after the successful debut of its first foldable iPhone, cushioning parts of the tech complex.
A wholesale‑price update did little to calm nerves. The producer price index rose 0.4 per cent in August, matching consensus and leaving annual PPI at 5.4 per cent, still well above the Federal Reserve’s 2 per cent inflation target. Investors now turn to Friday’s consumer price index, with both reports feeding into the personal consumption expenditures price index due after the Fed’s 16th September rate decision. Market pricing implied a 73 per cent probability of a quarter‑point hike following next week’s meeting.
In the bond market, the U.S. Treasury completed a $5.19 billion buyback of long‑dated securities out of a planned $6 billion tranche, part of a broader effort to manage the yield curve as energy‑driven price pressures build. The operation followed last month’s move to more than double the size of routine repurchases, and came amid debate over whether larger interventions are needed to steady rates.
Strategists said the combination of higher oil, rising yields and the possibility of further Fed tightening has left equities on edge. Beneath the headline indices, equal‑weight and small‑cap benchmarks showed deeper drawdowns, reflecting pressure on consumer‑facing businesses from fuel costs and on interest‑sensitive firms from pricier financing. Traders now await the CPI print for clearer direction on inflation and policy into the Fed meeting.
