TLDR
- The Dow, S&P 500, and Nasdaq are all down for a fourth consecutive session on Thursday
- Oil prices crossed $100 per barrel after Iran targeted US Navy warships in the Middle East
- The 10-year Treasury yield passed 4.9%, hitting a three-year high
- Producer prices rose 5.4% year-on-year, with consumer inflation data due Friday
- President Trump floated a $5,000 check proposal for every American adult if Republicans hold Congress
US stocks fell again on Thursday morning, marking the fourth straight session of losses for all three major indexes.
The Dow Jones Industrial Average dropped 0.4%, the S&P 500 fell 0.5%, and the Nasdaq Composite slid around 0.8% to 1%.
Oil and Yields Drive the Selling
Oil prices have been the main driver this week. Brent crude crossed $105 per barrel and West Texas Intermediate topped $100 after Iran targeted US Navy warships in the Strait of Hormuz.
BREAKING: US oil prices surge above $100/barrel for the first time since May 21st.
This comes as Yemen's Houthis have seized Yemen’s port city of Mocha and are moving toward the Bab el-Mandeb Strait.
US oil prices are officially up +50% since July 2nd. pic.twitter.com/yH6scHwiPZ
— The Kobeissi Letter (@KobeissiLetter) September 10, 2026
The ongoing conflict has raised concerns about a broader energy shock. Higher oil prices tend to push inflation up, which could pressure the Federal Reserve to raise interest rates.
The 10-year Treasury yield climbed past 4.9% on Thursday, reaching a three-year high. That followed a Wednesday move higher after the Treasury Department said it would buy up to $6 billion in longer-term debt.
Rising yields make borrowing more expensive and can weigh on stock prices, particularly tech stocks.
Inflation Data Comes In as Expected
Fresh wholesale inflation numbers landed Thursday morning. The Producer Price Index rose 5.4% year-on-year, and 4.6% on a core basis.
The figures came in largely in line with expectations. Consumer inflation data is due out Friday, which will give another read on where prices are heading.
The European Central Bank announced a 25 basis-point rate hike on Thursday. Investors now widely expect the Federal Reserve to follow with a similar move.
President Trump said Wednesday that oil prices may not come down until after the midterm elections, which are now two months away.
Other Market Factors
Trump also floated the idea of sending every American adult a $5,000 check if Republicans keep control of Congress. It is not clear how that would be funded, as it would require approval from Congress.
Oracle is set to report earnings after the closing bell on Thursday. The report will be watched closely for any update on AI capital spending and demand.
Nasdaq futures had already turned lower in premarket trading before the open, following the wholesale inflation data release.
All three indexes have now lost ground in each of the past four sessions, with no clear near-term catalyst to reverse the trend.
The market is waiting on Friday’s consumer inflation report, though analysts note that a single data point is unlikely to change the Fed’s outlook while oil and yields continue to rise.
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