U.S. stock futures were lower early Monday, September 28, while oil rose as doubts about a U.S.–Iran truce returned to the foreground. The move followed a positive week for Wall Street, but higher Treasury yields and the prospect of renewed inflation kept investors cautious.
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The early market picture
Dow futures fell about 180 points, or 0.4%; S&P 500 futures lost 0.4%, and Nasdaq-100 futures were down 0.7%. Brent crude rose 1.6% to about $106 a barrel, while U.S. crude gained 1.1% to $93.47.
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Asian markets started cautiously, according to a Monday morning report. The available reporting does not establish a clear, comparable early direction for European stocks or silver. Gold readings also varied by snapshot: one September 28 briefing reported spot gold at $4,286 an ounce, up 0.49%, while a later report cited a 2.06% decline at 10 a.m. Pakistan Standard Time. Those figures reflect different reporting times and should not be read as a single opening price.
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Wall Street ended the week higher, but yields weighed on tech
The Dow gained 0.3% over the week, ending a three-week slide. On Friday, the Dow rose 0.91%, the S&P 500 gained 0.49%, and the Nasdaq Composite advanced 0.47%.
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The weekly finish came despite a sharp rise in Treasury yields: the 10-year yield reached its highest level since 2007, according to a weekly market review. Technology stocks were under pressure midweek, when the Nasdaq fell 1.1% as bond selling weighed on the sector. Available reporting does not provide reliable weekly returns for individual major technology stocks, so a stock-by-stock comparison would be misleading.
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Why the Iran dispute and oil mattered
Over the weekend, President Donald Trump rejected an Iranian proposal related to reopening the Strait of Hormuz. The renewed uncertainty around a truce coincided with higher crude prices, which can add to inflation concerns.
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That combination mattered for interest rates as well as energy costs. Investors were already contending with high Treasury yields and expectations of possible further Federal Reserve rate increases. Higher borrowing costs can weigh on stocks, with technology shares particularly exposed when investors reassess the value of future earnings.
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The U.S. reports markets were watching
Investors were looking ahead to a busy calendar: the PCE inflation report was scheduled for September 30, the ISM manufacturing index for October 1, and the September employment report for October 2. Together, the releases could add evidence about inflation and economic activity—and shape expectations for the Fed’s next moves.
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