On Thursday, September 24, 2026, U.S. stocks experienced a mixed day, as developments regarding a possible deal to reopen the Strait of Hormuz helped counterbalance ongoing concerns over rising bond yields and inflation. The Dow Jones Industrial Average fell by 0.3%, while the tech-heavy Nasdaq Composite remained close to unchanged. The S&P 500 fell slightly below the flat line.
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Earlier in the week, the 10-year Treasury yield reached its highest point since 2007, corresponding with a significant sell-off in bonds. The 30-year yield also hit its peak since 2004. Nonetheless, stocks regained some losses following a Reuters report indicating U.S. and Iranian negotiators were discussing a plan to end the conflict in the Middle East and facilitate shipping traffic through the Strait of Hormuz. Crude oil futures increased by over 3%, although they dipped from their earlier highs on Thursday.
As investors looked ahead, President Trump's upcoming meeting with Chinese leader Xi Jinping was poised as a focal point for the markets. Treasury Secretary Scott Bessent announced an extension of the U.S.-China trade truce, initially set to expire in November, for an additional two months, shifting the deadline to January 10, 2027. Bessent indicated that key issues such as artificial intelligence, the conflict in Iran, and critical minerals would dominate discussions. A dinner with several prominent U.S. tech CEOs is also scheduled for Thursday.
In corporate news, shares of Darden Restaurants dropped after the company reported Q1 results that did not meet expectations. Meanwhile, Oracle shares fell sharply after news emerged regarding a force majeure notice tied to a New Mexico data center project. Costco Wholesale Corporation is expected to report earnings later in the day.
As the trading day ended, U.S. stock indexes showed mixed results. The Dow and S&P 500 concluded slightly lower, but the Nasdaq gained ground, buoyed by renewed optimism surrounding a deal in the Strait of Hormuz and notable increases in shares of Meta, which rose by 4% following CEO Mark Zuckerberg's announcement of plans for the company's AI platform.
In further developments, Argentine President Javier Milei promoted the country's potential for AI investments at an event in New York, asserting that Argentina would not impose regulations on AI development. He emphasized the country's natural resources and significant opportunities for tech investment.
Overall, the trading landscape was characterized by fluctuating stock prices, rising mortgage rates, and ongoing discussions concerning monetary policy amidst inflationary pressures. Mortgage rates surged to 7.37%, the highest in over two years, as the bond market grappled with rising yields, further influencing housing market dynamics.