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US Equity Indexes Fall in Midday Trading

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US equity indexes fell in midday trading on Wednesday as oil prices and bond yields gained while traders awaited updates on a potential breakthrough in US-Iran relations ahead of Chinese President Xi Jinping's visit to Washington later today.

The Nasdaq Composite fell 1.1% to 26,944.1. The Dow Jones Industrial Average fell 0.6% to 51,561.9, while the S&P 500 declined by 0.7% to 7,712.7. Utilities and the consumer discretionary sectors led decliners, while the energy sector led the gainers.

The US West Texas Intermediate crude oil contract gained 2.4% to $92.67 per barrel.

US Treasury yields rose across the curve intraday, with the 10-year yield edging up 12.4 basis points to 5.09% and the 30-year rate 8.6 basis points to 5.39%.

In economic news, US crude oil stocks, including those in the Strategic Petroleum Reserve, rose by 2.6 million barrels in the week ended Sept. 18, following a decrease of 1.0 million barrels in the previous week.

Commercial crude oil stocks, excluding SPR inventories, rose by 3 million barrels following a 600,000-barrel decrease in the week prior, and compared to the 690,000-barrel decline expected in a survey compiled by Bloomberg.

Gasoline stocks declined by 1.7 million barrels, compared to the 500,000-barrel increase expected in a Bloomberg survey.

The September flash reading of manufacturing conditions from S&P Global rose to a 52-month high of 57 compared with 53.9 in August and an expected reading of 53.7 in a survey compiled by Bloomberg.

US mortgage applications fell 1.5% for the week ending September 18, compared with a decline of 4.1% in the week prior, as the 30-year fixed-rate mortgage rate increased to 7.12% from 6.97% over the same period.

In company news, McDonald's (MCD) said Wednesday it will provide $8.5 billion in support to franchisees through 2036 to accelerate restaurant modernization, technology deployment, and operational improvements. Unit expansion is expected to contribute 2.5% to systemwide sales growth in 2027 and moderate to around 2% by 2030, the company stated. Shares of McDonald's fell 6.1% around midday.

What else is happening in Japan?

Japan

US Equity Markets Mixed After Data Shows Cooling Trend, Crude Oil Price Drops

US equity indexes were mixed Tuesday as crude oil prices fell and economic data pointed to weaker manufacturing and service-sector activity.* US President Donald Trump told the UN General Assembly that a deal with Iran is possible after the midterm elections, but his other choice is to "annihilate the Islamic Republic," CNN reported.* Redbook US same-store sales rose by 7.6% from a year earlier in the week ended Sept. 19 after an 8.5% year-over-year increase in the previous week.* The Richmond Fed's monthly manufacturing index fell to minus 2 in September from 4 in August, compared with the expectations for 2 in a survey compiled by Bloomberg.* The Philadelphia Federal Reserve Bank's monthly non-manufacturing activity index worsened to minus 22.0 in September from minus 10.6 in the previous month, compared with the expectations for an improvement to minus 8.7 in a Bloomberg-compiled survey.* October West Texas Intermediate crude oil fell $1.19 to settle at $94.59 per barrel, while November Brent crude, the global benchmark, was last seen down $1.89 at $98.45.* Shopify (SHOP) shares were up 7.1%, one of the top gainers on the Nasdaq, after the company said it will incorporate Meta Platforms' (META) Muse agentic AI into its checkout options.

Dow JonesNasdaq CompositeS&P 500$META$SHOP
Japan

Update: US Equity Indexes Trade Mixed in Final Leg; Nasdaq Makes New Record Intraday

(Updates with index/price moves from the first paragraph.)US equity indexes were mixed in the final leg of trading on Tuesday, with financials among the steepest decliners and materials leading the gainers.The Nasdaq Composite rose 0.6% to 27,274.5, after hitting an intraday record earlier in the session, and the S&P 500 climbed 0.2% to 7,776.9. The Dow Jones Industrial Average fell 0.2% to 51,959.7. Financials and communication services led decliners.US President Donald Trump told the UN General Assembly that a deal with Iran is possible after the midterm elections, but his other choice is to "annihilate the Islamic Republic," CNN reported.The front-month US West Texas Intermediate crude oil contract dropped 1.2% to $94.59 per barrel, and the global benchmark North Sea Brent declined 2% to $98.36 per barrel.US Treasury yields were mixed in the final leg of trading, with the 10-year yield unchanged at 4.96% and the two-year rate less than one basis point lower to 4.75%.

Dow JonesNasdaq CompositeS&P 500
Japan

Update: US Equity Indexes, Crude Oil Prices Mixed in Midday Trading

(Updates with index/price moves and company/geopolitical news from the first paragraph.)US equity indexes traded mixed, with materials leading gainers and financials fronting decliners after midday on Tuesday.The Nasdaq Composite edged up 0.2% to 27,181.3, while the Dow Jones Industrial Average fell 0.5% to 51,781.1 and the S&P 500 slipped less than 0.1% to 7,759.8.US Treasury yields traded mostly higher, with the 10-year yield adding 1.5 basis points at 4.98% and the two-year rate up 1.3 basis points at 4.77%.US President Donald Trump told the UN General Assembly that a deal with Iran is possible after the midterm elections, but his other choice is to "annihilate the Islamic Republic," CNN reported.The front-month US West Texas Intermediate crude oil contract climbed 0.4% to $96.12 per barrel, while the global benchmark North Sea Brent declined 0.2% to $100.19 per barrel.In company news, Amgen's (AMGN) phase 3 study of dazodalibep met its primary endpoint, showing statistically significant and clinically meaningful improvement in systemic disease activity at week 48 in adults with Sjogren's disease, the drugmaker said. Shares jumped 3.6%, the Dow's top gainer.

Dow JonesNasdaq CompositeS&P 500$AMGN