[BRIEFING.COM] The major averages finished Monday broadly lower after a volatile session shaped by sharp swings in crude oil, elevated Treasury yields, and shifting headlines surrounding U.S.-Iran negotiations. The S&P 500 (-0.8%), Nasdaq Composite (-0.9%), and DJIA (-0.7%) ended near their late-session lows, though still above the worst levels reached during the morning.

Oil and interest rates provided the primary macro headwinds. WTI crude surged more than 3.0% to above $95 per barrel during the morning after President Trump rejected Iran's ceasefire proposal, while the 10-year note yield climbed as high as 5.26%. Those moves fueled broad selling that briefly pushed losses in the major averages toward or beyond 1.0%.

The tone improved considerably around midday as a series of headlines suggested that diplomatic channels remain open despite substantial differences between the U.S. and Iran. President Trump was reported by CNN to be open to sanctions relief in exchange for progress toward a nuclear deal, while Alhadath reported that Iran had agreed to halt uranium enrichment in exchange for easing U.S. sanctions. Other reports indicated that talks between the two sides are expected to continue this week. Those developments prompted a sharp reversal in crude oil, although uncertainty surrounding negotiations remained elevated.

A later Bloomberg report indicated that Iranian officials are pessimistic about reaching an agreement to end the war and reopen the Strait of Hormuz before the midterms. WTI ultimately settled just $0.27 higher (+0.3%) at $92.44 per barrel, far below its morning high.

Despite the intraday recovery, selling remained relatively broad into the close, with cyclical and growth-oriented areas accounting for much of the weakness. The communication services (-1.7%), consumer discretionary (-1.6%), financials (-1.1%), and industrials (-1.0%) sectors were among the largest laggards. Mega-cap stocks also remained under pressure, leaving the Vanguard Mega Cap Growth ETF down 0.9%, with Meta Platforms (META 715.62, -36.04, -4.79%) a particular laggard back after last week's double-digit advance.

Semiconductor stocks were another source of weakness, with the PHLX Semiconductor Index falling 1.6%. NVIDIA (NVDA 228.86, +3.79, +1.68%) remained a notable exception after increasing its share repurchase authorization by $150 billion to $235 billion and launching its Open Agent Safety Platform, helping the information technology sector (-0.7%) hold up better than several other growth-oriented areas.

Defensive-oriented stocks provided relative support. The consumer staples (+0.4%) and health care (+0.3%) sectors finished higher, while the energy sector (+0.2%) eked out a gain after surrendering much of its earlier advance as crude oil retreated.

Weakness also extended beyond the largest companies, with the Russell 2000 and S&P Mid Cap 400 both falling 0.7%.

There were several notable stock-specific moves outside the broader market narrative. MongoDB (MDB 334.68, -75.76, -18.46%) plunged after President and CEO Chirantan "CJ" Desai stepped down effective immediately to take a senior role at Meta Platforms, marking the company's second CEO transition in less than a year just ahead of its September 29 Investor Day. Former CEO Dev Ittycheria was named interim president and CEO as the company begins an external search, while MDB reaffirmed its Q3 and FY27 guidance.

NIKE (NKE 36.37, +0.62, +1.73%), meanwhile, displayed notable relative strength ahead of its fiscal Q1 report Thursday afternoon. The gain provided a reprieve from a difficult year for the stock, which remains down roughly 43% year-to-date amid an uneven turnaround marked by weakness in Greater China, discounting, competitive pressures, and questions surrounding the company's product pipeline and direct-to-consumer strategy.

Ultimately, the market was unable to sustain its midday recovery as elevated Treasury yields and lingering uncertainty surrounding the U.S.-Iran conflict kept pressure on equities. The sharp reversal in crude oil removed one of the morning's biggest headwinds, but weakness across cyclical stocks, mega-cap names, and semiconductors left the major averages with sizable losses at the close.

U.S. Treasuries had a rough start to the week, pinched at first by rising oil prices and then languishing on the back of ongoing secular issues that include stubbornly high inflation and increased debt issuance to cover a large budget deficit. Notably, Treasuries didn't recover much ground after oil prices scaled lower amid reports that the U.S. and Iran might be making progress toward a deal. The 2-year note yield settled up eight basis points to 4.93%, and the 10-year note yield settled up nine basis points to 4.25%. 

There was no economic data of note today.

• Nasdaq Composite: +15.4% YTD
• Russell 2000: +13.5% YTD
• S&P 500: +12.2% YTD
• S&P Mid Cap 400: +9.6% YTD
• DJIA: +7.1% YTD

[BRIEFING.COM] The S&P 500 (-0.7%), Nasdaq Composite (-0.8%), and DJIA (-0.6%) remain firmly lower as the market enters the final half hour of the session.

NIKE (NKE 36.40, +0.64, +1.80%) is displaying notable relative strength today, making it one of the top-performing Dow components ahead of its fiscal Q1 report Thursday afternoon, although shares remain down roughly 43% year-to-date and about 47% over the past 12 months. The prolonged decline reflects NKE's uneven turnaround, including weak demand and excess inventory in Greater China, aggressive discounting, lost market share to faster-growing competitors, and concerns that its product pipeline and direct-to-consumer strategy have not restored sustainable growth.

The FactSet Consensus calls for EPS of approximately $0.44 on revenue around $11.3 bln, with another year-over-year sales decline expected as wholesale improvement is offset by continued pressure in China and Nike Direct. Investors will focus less on a narrow quarterly beat than on gross-margin quality, inventory normalization, new-product traction, and whether management's Q2 and FY27 outlook shows that the "Win Now" strategy is finally producing a credible revenue and earnings recovery.

[BRIEFING.COM] The S&P 500 (-0.6%), Nasdaq Composite (-0.6%), and DJIA (-0.5%) have spent the afternoon in a relatively tight range after some midday volatility.

Crude oil futures settled today's session $0.27 higher (+0.3%) at $92.44 per barrel, well off this morning's highs. The energy sector (+0.1%) has conceded much of its earlier gain as a result, but remains one of just three S&P 500 sectors that trade higher.

[BRIEFING.COM] The S&P 500 (-0.58%) is in second place on Monday afternoon, down about 45 points.

Briefly, S&P 500 constituents Carvana (CVNA 60.27, -4.79, -7.36%), Qualcomm (QCOM 188.43, -13.54, -6.70%), and DoorDash (DASH 180.35, -13.01, -6.73%) pepper the bottom of the average. CVNA, QCOM, and DASH are all being pressured by today's risk-off backdrop, with higher oil prices, rising Treasury yields and broader selling in consumer-discretionary and technology stocks weighing on growth-sensitive names, while QCOM also faces profit-taking after its recent rally and DASH remains under pressure from its $131.5 mln NYC delivery-worker settlement.

Meanwhile, Palo Alto Networks (PANW 391.13, +16.39, +4.37%) is atop the standings after BTIG Research upped their target to $425 (from $404) citing on constructive platform growth outlook.

[BRIEFING.COM] The tech-heavy Nasdaq Composite (-0.59%) is in last place on Monday afternoon, down about 160 points.

Gold futures settled $152.80 lower (-3.5%) at $4,168.40/oz, as higher oil prices stoke inflation concerns, pushing Treasury yields and the dollar higher while boosting expectations for another Fed rate hike. The combination of rising yields, a stronger dollar and fading hopes for an Iran breakthrough is weighing on demand for non-yielding gold.

Meanwhile, the U.S. Dollar Index is up just shy of +0.2% to $101.13.

[BRIEFING.COM] The Dow Jones Industrial Average (-0.47%) is down about 242 points this afternoon, the "best" performing major average with more aggressive losses being had elsewhere.

A look inside the DJIA shows that Boeing (BA 188.88, -9.19, -4.64%), Salesforce (CRM 229.08, -4.93, -2.11%), and IBM (IBM 221.51, -4.00, -1.77%) are underperforming.

Meanwhile, Nike (NKE 36.41, +0.66, +1.85%) is near the top of the standings.

The DJIA is now down -3.00% on the month.

[BRIEFING.COM] The major averages remain firmly lower at midday, but have recovered substantially from their session lows following a sharp reversal in crude oil and some easing in Treasury yields. The S&P 500 (-0.6%), Nasdaq Composite (-0.7%), and DJIA (-0.5%) are all off their worst levels after losses approached or exceeded 1.0% earlier in the session.

Oil prices and Treasury yields have been central influences on today's action. WTI crude approached its overnight high earlier, rising more than 3.0% to above $95 per barrel after President Trump rejected Iran's conditional approval to reopen the Strait of Hormuz. The 10-year note yield simultaneously climbed as high as 5.26%, creating another significant headwind for equities.

That backdrop changed around midday following a CNN report that President Trump is open to providing Iran sanctions relief in exchange for progress toward a nuclear deal. Crude oil quickly reversed much of its advance and is now up just $0.79 (+0.9%) at $93.20 per barrel. Treasury yields have also backed away from their highs, although the 10-year note yield remains up nine basis points at 5.25%.

Despite the rebound, weakness remains relatively broad. The communication services (-1.8%) and consumer discretionary (-1.3%) sectors are among the largest laggards as several mega-cap stocks retreat, leaving the Vanguard Mega Cap Growth ETF down 0.6%. Meta Platforms (META 722.81, -28.85, -3.84%) is a particularly weak performer after posting a double-digit advance last week.

The industrials (-0.9%) and financials (-0.8%) sectors also face sizable losses.

Technology stocks are holding up somewhat better than the broader market, with the information technology sector down 0.3%, largely thanks to strength in NVIDIA (NVDA 231.07, +6.00, +2.67%). The stock is bucking broader semiconductor weakness after increasing its share repurchase authorization by $150 billion to $235 billion and launching its Open Agent Safety Platform. The announcements underscore the company's substantial cash generation from the AI infrastructure buildout while expanding its full-stack strategy into AI safety.

The broader semiconductor group remains under pressure, however, with the PHLX Semiconductor Index down 1.8%.

Elsewhere, the energy (+0.4%), health care (+0.4%), and consumer staples (+0.3%) sectors are the only S&P 500 sectors trading higher. The energy sector is supported by higher crude prices, while the health care and consumer staples sectors benefit from relative strength in defensive-oriented stocks as growth stocks retreat.

Today's session has therefore been shaped by pronounced swings in two of the market's recent macro pressure points. The earlier surge in crude oil and Treasury yields drove broad selling and pronounced weakness across mega-cap and semiconductor stocks, while the subsequent diplomatic headline surrounding Iran has helped reverse much of the move in oil and allowed the major averages to recover from their lows.

There is no economic data of note today. 

[BRIEFING.COM] The S&P 500 (-0.4%), Nasdaq Composite (-0.5%), and DJIA (-0.3%) have risen sharply in recent trade following a CNN report that President Trump is open to providing Iran sanctions relief in exchange for progress toward a nuclear deal.

The headline has driven a pronounced reversal in crude oil, which is now down $0.32 (-0.3%) at $92.10 per barrel after trading sharply higher earlier. Treasury yields have also retreated from their highs, with the 10-year note yield now up six basis points at 5.22%, helping the major averages recover a sizable portion of their earlier losses.

[BRIEFING.COM] The major averages are little changed from previous levels at midday.

NVIDIA (NVDA 230.12, +5.05, +2.24%) remains a notable outperformer despite broader semiconductor weakness after increasing its share repurchase authorization by $150 billion to $235 billion and launching its Open Agent Safety Platform. The announcements underscore NVDA's substantial cash generation from the AI infrastructure buildout while extending its full-stack strategy into AI safety as increasingly capable autonomous agents create new challenges around containment and deployment.

In other mega-cap news, SpaceX (SPCX 147.28, -1.40, -0.94%) is trading lower despite Starship reaching orbit for the first time and deploying 26 next-generation Starlink V3 satellites, suggesting a sell-the-news response after expectations rose ahead of the landmark Flight 14 mission. The flight was not flawless: one Starship engine shut down early, briefly creating doubt about orbital insertion, and mission managers shortened the planned 10-hour, six-orbit flight to roughly three hours, leaving reentry and splashdown as important remaining tests. The stock's decline indicates that investors are balancing today's major technical achievement against the unfinished work required to prove reliable reentry, rapid reusability, high launch cadence, and readiness for NASA lunar missions.

The Vanguard Mega Cap Growth ETF is down 0.8%.

[BRIEFING.COM] The S&P 500 (-0.8%), Nasdaq Composite (-1.0%), and DJIA (-0.7%) sit a touch above their session lows just before midday as rising oil prices and Treasury yields renew pressure on equities. WTI crude is approaching its overnight high, up $3.00 (+3.3%) to $95.41 per barrel following President Trump's rejection of Iran's conditional approval to reopen the Strait of Hormuz. Meanwhile, the 10-year note yield is up 10 basis points to 5.26%.

The resulting weakness is broad, with decliners outpacing advancers by roughly 4-to-1 on the NYSE and 3-to-1 on the Nasdaq. Eight S&P 500 sectors trade lower, while pressure on mega-cap stocks has left the communication services (-1.8%) and consumer discretionary (-1.4%) sectors among the weakest performers. Meta Platforms (META 719.96, -31.70, -4.22%) is a notable laggard, giving back a portion of last week's double-digit advance.

NVIDIA (NVDA 230.14, +5.07, +2.25%) is helping limit the decline in the information technology sector (-0.8%) after announcing a $150 billion increase to its share repurchase authorization and an AI-safety platform. Semiconductor stocks are otherwise under pronounced pressure, with the PHLX Semiconductor Index down 2.6%.

The Russell 2000 (-1.0%) and S&P Mid Cap 400 (-1.1%) are also firmly lower, reinforcing the broad nature of today's retreat.

[BRIEFING.COM] The major averages are charting session lows as losses widen across semiconductor and other tech names, with the information technology sector now down 1.3%.

Meanwhile, more defensive-oriented pockets of the market are seeing some modest gains amid the weakness in growth stocks. The consumer staples sector (+0.4%) is among the best-performing S&P 500 sectors, with Casey's General (CASY 611.15, +12.69, +2.12%), Dollar Tree (DLTR 116.49, +2.42, +2.12%), and Kroger (KR 59.81, +1.07, +1.82%) among the index's top components today.

The health care sector (+0.1%) also holds a modest gain, while rising Treasury yields continue to weigh on the utilities sector (-0.7%).

[BRIEFING.COM] The S&P 500 (-0.5%), Nasdaq Composite (-0.7%), and DJIA (-0.4%) remain firmly lower this morning.

MongoDB (MDB 329.70, -80.74, -19.67%) is plummeting after President and CEO Chirantan "CJ" Desai stepped down effective immediately to take a senior role at Meta Platforms (META 722.51, -29.15, -3.88%), forcing a second CEO transition in less than a year just ahead of the company's Sept. 29 Investor Day. Former CEO Dev Ittycheria was appointed interim president and CEO while the board conducts an external search. MDB also reaffirmed Q3 non-GAAP EPS of $1.57-$1.61 and revenue of $756-$761 million, along with FY27 non-GAAP EPS of $6.39-$6.58 and revenue of $2.99-$3.03 billion, limiting concern about an immediate operating disruption but providing no estimate increase to offset the abrupt departure.

Elsewhere in the software space, Microsoft (MSFT 507.82, -8.34, -1.62%) also trades firmly lower alongside most mega-cap tech stocks.

[BRIEFING.COM] The S&P 500 (-0.5%), Nasdaq Composite (-0.6%), and DJIA (-0.5%) are lower just after the open, pressured by broad weakness as oil prices and Treasury yields move higher and relative weakness across mega-cap stocks.

Eight S&P 500 sectors trade lower, with the communication services (-1.3%) and consumer discretionary (-1.3%) sectors facing the widest losses as their largest components trade lower. Meta Platforms (META 720.75, -30.91, -4.11%) is conceding a chunk of last week's double-digit gain, while Tesla (TSLA 363.00, -9.11, -2.45%) is also a laggard.

NVIDIA (NVDA 232.21, +7.14, +3.17%) is an exception to the trend and is among the best-performing S&P 500 components after releasing software that helps stop rogue AI agents and announcing a $150 billion boost to its share buyback program. The gain helps soften losses in the information technology sector (-0.2%), even as the PHLX Semiconductor Index (-1.2%) and the iShares Expanded Tech-Software ETF (-1.5%) both face relatively sharp retreats.

Elsewhere, the energy sector (+0.7%) is the early standout as crude prices rise this morning, while the real estate (+0.4%) and consumer staples (+0.2%) sectors also hold modest gains.

The stock market remains on track for a lower open amid some upward pressure on oil prices and Treasury yields this morning.

MongoDB (MDB 310.99, -99.45, -24.2%) is sharply lower in the premarket after announcing that Chirantan "CJ" Desai stepped down as president and CEO, effective immediately and is leaving for a senior role at Meta Platforms (META 745.30, -6.36, -0.9%). The board appointed Dev Ittycheria as interim president and CEO, who previously led MongoDB from 2014 to 2025.

The company reaffirmed Q3 and FY27 guidance issued on Sept. 1 and is scheduled to host an Investor Day on Sept. 29.

The S&P 500 futures currently trade 23 points below fair value. 

Asian markets finished mostly lower on Monday, with renewed pressure on technology shares adding to a cautious backdrop following the Trump-Xi summit. Japan's Nikkei 225 fell 0.7%, snapping a five-session winning streak, with Kioxia (-4.4%), Ibiden (-4.4%), and Lasertec (-2.2%) leading technology losses ahead of Micron's earnings later this week. China's Shanghai Composite dropped 1.7% to a nearly two-month low. In comparison, the Shenzhen Component plunged 3.4% after the Trump-Xi summit produced limited progress beyond tariff reductions and an extension of the trade truce through January. Technology shares led the mainland selloff, with GigaDevice Semiconductor (-6.6%), Cambricon Technologies (-6.6%), Eoptolink Technology (-4.5%), and Zhongji Innolight (-4.4%) sharply lower. Hong Kong's Hang Seng Index bucked the regional weakness with a 0.5% gain, snapping a three-session losing streak, with China Resources Land (+2.9%), Wuxi Biologics (+0.8%), Tencent (+0.7%), and AIA (+0.4%) advancing. China also reported industrial profits increased 15.7% year-over-year through August, slowing from the 17.6% pace recorded through July.

• In economic data:
  • China's August industrial profits increased 15.7% year-to-date (prior 17.6%).
  • Japan's Corporate Services Price Index increased 3.7% (expected 3.6%; prior 3.6%).
  • India's August industrial production increased 8.0% (expected 6.5%; prior 6.7%).

European markets trade modestly higher on Monday, showing some resilience despite the renewed Middle East tensions, expressed through higher oil prices, and broader pressure on technology shares. Germany's DAX is up 0.4% with Siemens Healthineers (+3.0%), Fresenius (+1.5%), and Fresenius Medical Care (+1.3%) advancing, while Infineon Technologies, Siemens Energy, and Hochtief fall between 1% and 2%. France's CAC 40 rises 0.6%, supported by EssilorLuxottica (+2.7%), Herms (+1.9%), L'Oral (+1.8%), and Sanofi (+1.1%), while TotalEnergies (+0.7%) gains after outlining plans for dividend growth of more than 5% annually through 2030 and expanding its share-buyback program. London's FTSE 100 advances 0.4%, with Barratt Redrow surging nearly 15%, Howden Joinery (+5.1%), and Kingfisher (+4.2%) rallying on expectations for a revival of the UK's Help to Buy scheme. Higher crude prices provide additional support to Shell and BP, each up around 1%, while Fresnillo, Endeavour, Antofagasta, Anglo American, Glencore, and Rio Tinto decline between 1.8% and 5.5%. The geopolitical backdrop remains unsettled after the latest US-Iran truce attempt failed to gain traction, with President Trump rejecting Iran's proposal, although indirect talks are expected to resume this week.

• In economic data:
  • There was no economic data of note.

The S&P 500 futures currently trade 29 points below fair value. 

NVIDIA (NVDA 228.80, +3.73, +1.7%) CEO Jensen Huang discussed AI development and safety in an interview with CNBC, emphasizing that public confidence will be important as the technology becomes more widely deployed. Huang said AI agents should operate within sandboxed systems with minimal permissions and highlighted NVIDIA's recently released open platform for AI safety, which allows companies to use individual components of its software. He also called for industrial-level standards around AI safety and performance, while expressing confidence that the industry can get those issues right. Looking at the scale of future investment, Huang said AI will represent the largest infrastructure buildout in U.S. history.

Equity futures are pointing to a lower open amid an unsettled U.S.-Iran backdrop. President Trump rejected Iran's ceasefire proposal, while U.S. officials indicated that talks are continuing and the two sides remain far apart.

Oil prices are higher as a result, with crude oil currently up $3.22 (+3.5%) to $95.63 per barrel. In turn, Treasury yields are climbing as well, with the 10-year note yield up six basis points to 5.22%.

Last week's action featured a big backup in Treasury yields, though the major averages were largely able to shake off the yield-driven volatility. Strength across mega-cap tech stocks helped offset broader weakness, with the Nasdaq Composite climbing over 2% as a result.

There are no U.S. economic releases today, leaving geopolitical developments and company-specific catalysts in focus ahead of the open.

In corporate news:

• OpenAI agents accessed government websites, according to The Wall Street Journal.
• Boeing (BA 193.00, -5.07, -2.6%) discovered a 737 max software issue, according to The Wall Street Journal.
• NVIDIA (NVDA 227.47, +2.40, +1.1%) authorized an additional $150 billion to its share buyback program. The company also announced a software program aimed at keeping AI agents from misbehaving.

Reviewing overnight developments:

According to Nikkei, Asian markets finished mostly lower as technology shares weakened following limited progress at the Trump-Xi summit, while Hong Kong bucked the broader regional pressure.

In news:

• The Trump-Xi summit produced tariff reductions and extended the trade truce through January, but broader progress was limited.
• Technology shares led losses in Japan and mainland China ahead of Micron's earnings later this week.

In economic data:

• Chian's August Industrial Profit 15.7% year-to-date (prior 17.6%)
• Japan's Corporate Services Price Index 3.7% (expected 3.6%; prior 3.6%)
• India's August Industrial Production 8.0% (expected 6.5%; prior 6.7%)

Equity Markets:

• Japan's Nikkei: -0.7%
• Hong Kong's Hang Seng: +0.5%
• China's Shanghai Composite: -1.7%
• India's Sensex: -1.5%
• South Korea's Kospi: -2.7%
• Australia's All Ordinaries: +0.1%

European markets trade modestly higher despite renewed Middle East tensions and broader pressure on technology shares, with higher oil prices supporting energy names.

In news:

• President Trump rejected Iran's latest truce proposal, although indirect talks are expected to resume this week.
• TotalEnergies outlined plans for annual dividend growth of more than 5% through 2030 and an expanded share-buyback program.
• U.K. homebuilders and related names advanced on expectations for a revival of the Help to Buy scheme.

In economic data:

• There was no economic data of note

Equity Markets:

• STOXX Europe 600 : +0.1%
• Germany's DAX : flat
• U.K.'s FTSE 100 : +0.2%
• France's CAC 40 : +0.2%
• Italy's FTSE MIB : +0.1%
• Spain's IBEX 35 : -0.3%