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US Equity Markets End Higher as US Treasury Plans Expanded Long-Bond Buybacks

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US equity indexes ended higher Wednesday after the Treasury Department said it would increase buybacks of long-dated US government debt.

* Moderna (MRNA) shares almost tripled, the top gainer on the S&P 500, and Merck (MRK) gained 13%, the biggest increase on the Dow, after the companies said a late-stage trial of an experimental skin cancer treatment yielded positive topline results

* Nebius Group (NBIS) shares fell 9.9%, the biggest drop on the Nasdaq, after the company said it plans to offer $4.5 billion of convertible senior notes in a private offering.

* September West Texas Intermediate crude oil rose $0.48 to settle at $85.42 per barrel, while October Brent crude, the global benchmark, was last seen up $0.27 at $91.29.

* US crude oil stocks, including the Strategic Petroleum Reserve, fell by 900,000 barrels in the week ended Friday, following an increase of 11.3 million in the previous week. Excluding SPR inventories, commercial crude oil stocks rose by 4.4 million compared with the gain of 17.4 million the week prior, and the 200,000 increase expected in a survey compiled by Bloomberg.

* US mortgage applications fell by 0.4% in the week ended Friday with an increase in refinancing activity offset by declining home purchase applications, according to the Mortgage Bankers Association.

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US Equity Markets End Lower Amid Rise in Government Bond Yields Following Deadlock in US-Iran Talks

US equity indexes ended lower Tuesday after crude oil prices rose and the 30-year government bond yield hit a 19-year high following President Donald Trump's declaration that the US is not negotiating any deal with Iran.* "There are no talks or conversations going on, or scheduled, with the Islamic Republic of Iran," Trump posted on his social media platform and claimed that the Strait of Hormuz is "New U.S. Territory."* The Strait of Hormuz will remain closed until the US meets the conditions of an interim deal signed with Iran in June, Reuters reported Tuesday, citing Iran's negotiator Mohammad Baqer Qalibaf in state media.* US housing starts dropped 12% sequentially to a seasonally adjusted rate of 1.24 million units last month, the Census Bureau and the Department of Housing and Urban Development said. The analyst consensus stood at 1.35 million in a Bloomberg-compiled survey.* Pending home sales fell 2.3% in July, compared with a 4.8% drop in June, according to the National Association of Realtors. Analysts expected no change in a Bloomberg-compiled survey.* September West Texas Intermediate crude oil rose $0.49 to settle at $84.99 per barrel, while October Brent crude, the global benchmark, was last seen up $0.10 at $90.97.* Targa Resources (TRGP) shares were up about 7.4%, the top performer on the S&P 500, a day after the company secured 20-year, fee-based agreements with ExxonMobil (XOM).* Nvidia (NVDA) talent is being recruited by Etched, with about 15% of the AI startup's 400 employees having previously worked at Nvidia, The Wall Street Journal reported. Nvidia shares were down 2.3%, the second-worst performer on the Dow.

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Update: US Equity Indexes Fall as 30-Year Yield Hits 19-Year High, Crude Oil Advances

(Updates with index/price moves and geopolitical news from the first paragraph.)US equity indexes declined, with chipmakers helping drive technology to the bottom of sector charts, after the 30-year government bond yield touched levels last seen around the 2007 global financial crisis and crude oil prices extended gains.The Nasdaq Composite dropped 1.3% to 26,304.5, and the S&P 500 declined 0.6% to 7,698.6 ahead of Tuesday's close. The Dow Jones Industrial Average slipped 0.1% to 53,402.9. Technology and industrials led decliners.Most US Treasury yields retreated after midday. The 30-year yield fell 2.5 basis points to 5.29% after touching 5.34% intraday, the highest since 2007.The increase in the 30-year yield to a 19-year high comes amid concerns that an imminent escalation in the Middle East sent Brent crude prices above $90 a barrel and will fan fears of inflation, according to a D.A. Davidson research note Tuesday.The front-month US West Texas Intermediate crude oil contract rose 0.6% to $85.01 per barrel, and global benchmark North Sea Brent edged up 0.1% to $91.00 per barrel a day after the deadline to reach a permanent peace deal with Iran expired."There are no talks or conversations going on, or scheduled, with the Islamic Republic of Iran," President Trump posted on his social media platform.The Strait of Hormuz will remain closed until the US meets the conditions of an interim deal signed with Iran in June, Reuters reported Tuesday, citing Iran's negotiator Mohammad Baqer Qalibaf in state media.On the same day, Trump posted an image that showed the Strait of Hormuz as "New U.S. Territory." More than 80% of vessel transits through the Strait of Hormuz over the past two weeks have taken the Omani route - a UN-authorized shipping channel that Iran vehemently opposes - according to Kpler, which tracks ships using transponders and satellite data, CNN reported.

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Update: US Equity Indexes Fall as 30-Year Yield Remains Elevated, Crude Oil Jumps

(Updates with index/price moves, analyst comments and geopolitical news from the first paragraph.)US equity indexes fell after crude oil advanced amid worsening geopolitics related to Iran, while the 30-year government bond yield hovered close to levels seen around the 2007 global financial crisis.The Nasdaq Composite dropped 1.1% to 26,348.1, and the S&P 500 declined 0.5% to 7,702.9 after midday Tuesday. The Dow Jones Industrial Average slipped less than 0.2% to 53,378.7.Technology, industrials and communication services led decliners.Most US Treasury yields retreated after midday. The 30-year yield hovered at around 5.29% after touching 5.34% intraday, the highest since 2007.The increase in the 30-year yield to a 19-year high comes amid concerns that an imminent escalation in the Middle East sent Brent crude prices above $90 a barrel and will fan fears of inflation, according to a D.A. Davidson research note Tuesday.The front-month US West Texas Intermediate crude oil contract rose 0.9% to $85.25 per barrel, and global benchmark North Sea Brent edged up 0.7% to $91.47 per barrel a day after the deadline to reach a permanent peace deal with Iran expired and as tensions mounted between the warring sides."There are no talks or conversations going on, or scheduled, with the Islamic Republic of Iran," Trump posted on his social media platform. "The Hormuz Strait is open and operating. All water mines have been removed or detonated."Hormuz will remain closed until the US meets the conditions of an interim deal signed with Iran in June, Reuters reported, citing Iran's negotiator Mohammad Baqer Qalibaf in state media on Tuesday. On the same day, Trump posted an image that showed the Strait of Hormuz as "New U.S. Territory."

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