NXP Semiconductors N.V. offers various semiconductor products. The company's product portfolio includes microcontrollers; application processors, including i.MX application processors, and i.MX 8 and 9 family of applications processors; communication processors; wireless connectivity solutions, such as near field communications, ultra-wideband, Bluetooth low-energy, Zigbee, and Wi-Fi and Wi-Fi/Bluetooth integrated SoCs; analog and interface devices; radio frequency power amplifiers; and security controllers, as well as semiconductor-based environmental and inertial sensors, including pressure, inertial, magnetic, and gyroscopic sensors. Its products are used in various applications, including automotive, industrial and Internet of Things, mobile, and communication infrastructure. The company markets its products to various original equipment manufacturers, contract manufacturers, and distributors. It operates in China, the Netherlands, the United States, Singapore, Germany, Japan, South Korea, Taiwan, and internationally. N.V. was incorporated in 2006 and is headquartered in Eindhoven, the Netherlands.

NXP looks like a high-quality but no longer cheap asset: operating profitability and return on capital remain very strong, yet the market valuation already reflects a significant part of these advantages. The picture across valuation multiples is mixed: P/E is below the industry median, which looks supportive, but P/S, P/B, and especially P/FCF are noticeably above industry levels, limiting re-rating potential. P/E dynamics in recent periods have been volatile, indicating sensitivity of the valuation to earnings fluctuations rather than a steady cheapening of the stock. Gross margin is holding around 56% and remains resilient, while operating margin of around 32% is a very strong level for the semiconductor business. ROE, ROA, and ROI are materially above the industry median and are generally improving year by year, confirming high capital quality and good operating discipline. At the same time, return on tangible equity is zero, which looks like a technical weak spot in the capital structure and reduces the quality of part of the balance-sheet metrics. Revenue, gross profit, and EBITDA have generally increased compared with earlier periods, but quarterly EBITDA and earnings trends do not look linearly upward, so it would be premature to price in aggressive upside. Net income and operating income remain high, and net margin is above the industry, supporting the company’s intrinsic value. Leverage is noticeably above the industry median: debt/equity and long-term debt require attention, although current liquidity remains acceptable thanks to a current ratio above 2.0 and a significant amount of cash on hand. The quick ratio is slightly weaker than the industry median, so the margin of safety in immediate liquidity is not ideal, but there are no critical short-term obligation risks. Dividend yield is low and changes very little, so the dividend factor is secondary here and not a valuation driver. Overall, the fundamentals support the premium quality of the business, but the elevated valuation on revenue, balance sheet, and free cash flow limits room for a higher target price. For an investor, this is a story of strong operating efficiency and durable profitability, but with a moderate risk of overvaluation and limited upside without an acceleration in results.

NXP Semiconductors N.V.

Сильный индекс, значительно упал. Быки в растерянности.

Strong index, significantly down. The bulls are confused.

Сильный индекс, без изменений. Рынок на стороне быков.

Strong index, flat. The market is on the bulls' side.

Средний индекс, значительно вырос. Увеличился приток средств в лонги.

Medium index, significantly up. The inflow of funds into longs has increased.

NXP demonstrates strong profitability and high margins, but its expensive P/S, P/B, and P/FCF ratios, together with elevated debt, limit the potential for upward revaluation.

The S&P 500 Index ($SPX) (SPY) closed up by +0.51% on Friday, the Dow Jones Industrial Average ($DOWI) (DIA) closed up by +0.93%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.42%. December E-mini S&P futures (ESZ26) rose +0.47%, and December E-mini Nasdaq futures (NQZ26) rose +0.39%.
Stock indexes settled higher on Friday amid a slide in crude oil prices. WTI crude oil tumbled more than -2% on Friday on hopes for diplomacy to end the US-Iran war that would reopen the Strait of Hormuz. Also, strength in chipmakers and AI stocks on Friday supported stocks amid optimism over AI and demand for AI infrastructure.
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Friday’s US economic news was better than expected and supportive for stocks after Aug nondefense ex-aircraft capital goods new orders, a proxy for capital spending, rose +1.6% m/m, stronger than expectations of +0.6% m/m. July was also revised upward to +0.6% m/m from the previously reported unchanged m/m. In addition, the University of Michigan US Sep consumer sentiment index was unexpectedly revised upward by +0.3 to 48.1, stronger than expectations of a downward revision to 47.5.
Gains in stock indexes were limited on Friday after the 10-year T-note yield climbed to a new 19-year high of 5.23% on fears the Fed will continue to raise interest rates. New York Fed President John Williams said Friday that the Fed needs to return inflation to target, and it can't ignore supply shocks if they have a persistent effect on prices.
Nov WTI crude oil prices (CLX26) fell more than -2% on Friday after Iran proposed a 7-day plan to end the war and reopen the Strait of Hormuz. Under the conditions Iran has set for the agreement, all hostilities would end during the seven days, including in Lebanon; the US would release Iran’s frozen assets (estimated at $12 billion), waive sanctions on Iranian oil, and lift the naval blockade on Iran. Then, on the last day, the Strait of Hormuz would be reopened. Iran’s foreign minister, Abbas Araghchi, said that after the seven days, comprehensive negotiations over Iran’s nuclear program would immediately begin.
Markets are discounting a 64% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets settled higher on Friday. The Euro Stoxx 50 closed up +0.48%. China's Shanghai Composite did not trade Friday, with markets in China closed for the Mid-Autumn Festival holiday. Japan's Nikkei-225 Stock Average rose to a 2.5-week high and closed up +1.30%.
Interest Rates
December 10-year T-notes (ZNZ6) settled unchanged on Friday. The 10-year T-note yield fell -1.2 bp to 5.165%. Dec T-notes recovered from early losses on Friday and moved higher after WTI crude oil fell more than -2%, which eased inflation expectations and sparked some short covering.
T-notes initially moved lower on Friday, and the 10-year T-note yield rose to a new 19-year high of 5.225%. T-notes came under pressure on hawkish comments from New York Fed President John Williams, who stressed that the Fed needs to return inflation to target. T-notes were also undercut by better-than-expected US economic news, including Aug nondefense ex-aircraft capital goods new orders and the University of Michigan Sep US consumer sentiment index.
European government bond yields were mixed on Friday. The 10-year German bund yield rose to a 17-year high of 3.632% and finished up +0.2 bp to 3.601%. The 10-year UK gilt yield fell from a 1.5-week high of 5.408% and finished down -1.5 bp to 5.366%.
The German Oct GfK consumer confidence index fell -3.8 to a 5-month low of -30.6, weaker than expectations of -27.2.
Markets are discounting a 42% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI stocks rallied on Friday, supporting the overall market. The iShares Semiconductor ETF (SOXX) closed up more than +1%. Microchip Technology (MCHP) closed up more than +5% to lead gainers in the Nasdaq 100, and ON Semiconductor (ON) closed up more than +5%. Also, NXP Semiconductors NV (NXPI) and Qualcomm (QCOM) closed up more than +3%, and Analog Devices (ADI), Applied Materials (AMAT), Lam Research (LRCX), and Texas Instruments (TXN) closed up more than +2%. In addition, ARM Holdings Plc (ARM), SanDisk (SNDK), ASML Holding NV (ASML), Western Digital (WDC), Marvell Technology (MRVL), and Seagate Technology Holdings Plc (STX) closed up more than +1%.
Cybersecurity stocks were under pressure on Friday, led by a -10% decline in Zscaler (ZS) after announcing Ross Tackett as the new chief revenue officer, effective October 1. Also, Gen Digital (GEN) closed down more than -6% to lead losers in the S&P 500, and SentinelOne (S) closed down more than -6%. In addition, Okta (OKTA) closed down more than -5%, and Palo Alto Networks (PANW) closed down more than -3% to lead losers in the Nasdaq 100. Finally, Fortinet (FTNT), CrowdStrike Holdings (CRWD), and Cloudflare (NET) closed down more than -2%.
Atlas Energy Solutions (AESI) closed up more than +13% after announcing a purchase agreement with Wyoming Machinery Company for $340.5 million of Balance of Plant equipment for a power generation project.
People Inc. (PPLI) closed up more than +11% after the Wall Street Journal reported that MGM Resorts International is discussing making a bid for the company.
Humana (HUM) closed up more than +4% after Barclays upgraded the stock to overweight from equal weight with a price target of $515.
Akamai Technologies (AKAM) closed up more than +3% after agreeing to a seven-year $11.6 billion deal to provide computing power to Anthropic.
Twilio (TWLO) closed down more than -7% after HSBC downgraded the stock to reduce from hold with a price target of $211.
Otis Worldwide (OTIS) closed down more than -1% after Wells Fargo & Co initiated coverage on the stock with a recommendation of underweight.
Comcast Corp (CMCSA) closed down -1% after KeyBanc Capital Markets downgraded the stock to underweight from sector weight with a price target of $18.
Earnings Reports (9/28/2026)
IDT Corp (IDT), Jefferies Financial Group Inc (JEF), Liberty Live Holdings Inc (LLYVA), ReposiTrak Inc (TRAK), SR Bancorp Inc (SRBK), Vail Resorts Inc (MTN).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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Stocks Settle Higher as Crude Prices Fall on US-Iran Deal Hopes

The S&P 500 Index ($SPX) (SPY) is up by +0.25% today, the Dow Jones Industrial Average ($DOWI) (DIA) is up by +0.36%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.30%. December E-mini S&P futures (ESZ26) are up +0.25%, and December E-mini Nasdaq futures (NQZ26) are up +0.31%.
Stock indexes are moving higher today amid weakness in crude oil prices. WTI crude oil is down more than -1% on a report that US and Iranian negotiators are exploring a phased deal to reopen the Strait of Hormuz. Also, strength in chipmakers and AI stocks today is also a supportive factor for stocks amid optimism over AI and demand for AI infrastructure.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Today’s US economic news was better than expected and supportive for stocks after Aug nondefense ex-aircraft capital goods new orders, a proxy for capital spending, rose +1.6% m/m, stronger than expectations of +0.6% m/m. July was also revised upward to +0.6% m/m from the previously reported unchanged m/m. Also, the University of Michigan US Sep consumer sentiment index was unexpectedly revised upward by +0.3 to 48.1, stronger than expectations of a downward revision to 47.5.
Stock indexes fell from their highs today as bond yields rose. The 10-year T-note yield climbed to a new 19-year high of 5.23% today on concerns the Fed will continue to raise interest rates after New York Fed President John Williams said the Fed can't ignore supply shocks if they have a persistent effect on prices and it needs to return inflation to target.
Nov WTI crude oil prices (CLX26) are down more than -1% today as US and Iranian negotiators explored a phased deal that would see Iran reopen the Strait of Hormuz. The Financial Times reported that Iranian Foreign Minister Abbas Araghchi had submitted a new seven-day proposal to the US to reopen Hormuz if certain conditions were met.
Markets are discounting a 66% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets are higher today. The Euro Stoxx 50 is up +0.37%. China's Shanghai Composite did not trade today, with markets in China closed for the Mid-Autumn Festival holiday. Japan's Nikkei-225 Stock Average rose to a 2.5-week high and closed up +1.30%.
Interest Rates
December 10-year T-notes (ZNZ6) are down by -9 ticks today. The 10-year T-note yield is up +2.3 bp to 5.225%. Dec T-notes are under pressure today and are just above Thursday’s 19-year nearest-futures low, and the 10-year T-note yield rose to a new 19-year high of 5.223%. T-notes gave up an overnight advance and turned lower on hawkish comments from New York Fed President John Williams, who stressed that the Fed needs to return inflation to target. T-notes also fell today on better-than-expected US economic news, including Aug nondefense ex-aircraft capital goods new orders and the University of Michigan Sep US consumer sentiment index. T-notes initially moved higher today as WTI crude oil prices fell more than -1%, easing inflation expectations and sparking some mid short covering.
European government bond yields are moving higher today. The 10-year German bund yield rose to a 17-year high of 3.632% and is up +2.8 bp to 3.628%. The 10-year UK gilt yield climbed to a 1.5-week high of 5.408% and is up +1.6 bp to 5.397%.
The German Oct GfK consumer confidence index fell -3.8 to a 5-month low of -30.6, weaker than expectations of -27.2.
Markets are discounting a 47% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI stocks are moving higher today, supporting the overall market. The iShares Semiconductor ETF (SOXX) is up more than +1%. ARM Holdings Plc (ARM), NXP Semiconductors NV (NXPI), and Qualcomm (QCOM) are up more than +3%, and Microchip Technology (MCHP), Analog Devices (ADI), and Texas Instruments (TXN) are up more than +2%. Also, SanDisk (SNDK), ASML Holding NV (ASML), Applied Materials (AMAT), and Lam Researach (LRCX) are up, more than +1%.
Cybersecurity stocks are under pressure today, led by an -8% decline in Zscaler (ZS) after announcing Ross Tackett as the new chief revenue officer, effective October 1. Also, Okta (OKTA) and SentinelOne (S) are down more than -3%, and Palo Alto Networks (PANW), Fortinet (FTNT) and Gen Digital (GEN) are down more than -2%. In addition, CrowdStrike Holdings (CRWD) is down more than -1%.
Energy stocks and service providers are weaker today, with WTI crude oil down more than -1%. Valero Energy (VLO) and Devon Energy (DVN) are down more than -2%, and Phillips 66 (PSX), Marathon Petroleum (MPC), APA Corp (APA), ConocoPhillips (COP), Diamondback Energy (FANG), and Occidental Petroleum (OXY) are down more than -1%.
Atlas Energy Solutions (AESI) is up more than +19% after announcing a purchase agreement with Wyoming Machinery Company for $340.5 million of Balance of Plant equipment for a power generation project.
People Inc. (PPLI) is up more than +9% after the Wall Street Journal reported that MGM Resorts International is discussing making a bid for the company.
Humana (HUM) is up more than +8% to lead gainers in the S&P 500 after Barclays upgraded the stock to overweight from equal weight with a price target of $515.
Akamai Technologies (AKAM) is up more than +7% after agreeing to a seven-year $11.6 billion deal to provide computing power to Anthropic.
Twilio (TWLO) is down more than -6% after HSBC downgraded the stock to reduce from hold with a price target of $211.
Lionsgate Studios (LION) is down more than -4% after JPMorgan Chase initiated coverage on the stock with a recommendation of underweight and a price target of $9.
Comcast Corp (CMCSA) is down more than -2% after KeyBanc Capital Markets downgraded the stock to underweight from sector weight with a price target of $18.
Earnings Reports (9/25/2026)
None.
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Stocks Supported by Lower Crude Prices and Strength in Chipmakers

The S&P 500 Index ($SPX) (SPY) closed down by -0.02% on Thursday, the Dow Jones Industrial Average ($DOWI) (DIA) closed down by -0.31%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.03%. December E-mini S&P futures (ESZ26) fell -0.10%, and December E-mini Nasdaq futures (NQZ26) fell -0.03%.
Stock indexes settled mostly lower on Thursday, with the Dow Jones Industrials falling to a 1-week low. Higher crude oil prices on Thursday fueled inflation concerns and pushed up bond yields worldwide. WTI crude rose more than +2% on Thursday after an Iranian official warned Iran may expand the war to the Indian Ocean if the US or Israel attacks again.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
However, crude prices fell from their highs on Thursday and sparked short covering in stocks, after a Reuters report said that US and Iranian negotiators are exploring a phased deal that would see Iran reopen the Strait of Hormuz and the US lift its blockade of Iranian ports. Qatari officials are mediating the negotiations.
The jump in crude oil prices on Thursday sparked a sell-off in global bond markets, with the 10-year T-note yield climbing to a 19-year high of 5.22%, the German 10-year Bund yield rising to a 17-year high of 3.62%, and Japan’s 10-year JGB bond yield soaring to a 30-year high of 3.09%. The surge in bond yields weighed on interest rate-sensitive technology stocks Thursday, with chipmakers and AI-infrastructure stocks retreating.
Better-than-expected US news on Thursday showed signs of strength in the US economy, a supportive factor for stocks, after weekly jobless claims unexpectedly fell to a 2-month low and Aug new home sales rose to an 8-month high. Stocks also found support after Treasury Secretary Bessent said late Wednesday that the US and China agreed to extend their trade truce an additional two months until January 10.
US weekly initial unemployment claims unexpectedly fell -1,000 to a 2-month low of 197,000, showing a stronger labor market than expectations of an increase to 200,000.
US Aug new home sales rose +6.4% m/m to an 8-month high of 684,000, stronger than expectations of 616,000.
Hawkish Fed comments on Thursday signaled support for additional rate hikes and weighed on stocks and bonds. New York Fed President John Williams said the Fed still has a lot of work to do given high energy prices and demand driven by investment in artificial intelligence. Also, Philadelphia Fed President Anna Paulson said underlying measures of inflation remain "stubbornly elevated" and have shown little to no progress. "Looking ahead, if conditions evolve as I expect, some modest further tightening of monetary policy may be warranted" to ensure inflation returns to the Fed's 2% goal.
Nov WTI crude oil prices (CLX26) rose up more than +2% on Thursday after Iran threatened to expand the war in the Middle East after a senior member of Iran's Revolutionary Guard Corps warned that Iran may expand the war to the Indian Ocean if the US or Israel attacks again. Also, Saudi Arabia came under attack from Iran-backed Houthi rebels on Thursday, saying it intercepted missiles fired toward the Red Sea port of Yanbu and the city of Taif.
Markets are discounting a 71% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets settled mixed on Thursday. The Euro Stoxx 50 closed down -0.43%. China's Shanghai Composite closed down -1.22%. Japan's Nikkei-225 Stock Average rallied to a 2-week high and closed up +0.76%.
Interest Rates
December 10-year T-notes (ZNZ6) closed down by -5.5 ticks on Thursday. The 10-year T-note yield rose +6.3 bp to 5.177%. Dec T-notes sank to a 19-year nearest-futures low on Thursday, and the 10-year T-note yield climbed to a 19-year high of 5.221%. Thursday’s +2% increase in WTI crude oil prices boosted inflation expectations and weighed on T-notes. Also, Thursday’s better-than-expected US economic news on weekly jobless claims and Aug new home sales showed economic strength and was hawkish for Fed policy. In addition, hawkish Fed comments on Thursday weighed on T-notes prices after New York Fed President John Williams and Philadelphia Fed President Anna Paulson signaled their support for tighter Fed policy. Finally, weak demand for the Treasury’s $44 billion auction of 7-year T-notes was bearish for T-notes as the auction had a bid-to-cover ratio of 2.42, below the 10-auction average of 2.49.
European government bond yields moved higher on Thursday. The 10-year German bund yield rose to a 17-year high of 3.616% and finished up +4.4 bp to 3.599%. The 10-year UK gilt yield rose to a 1-week high of 5.393% and finished up +3.4 bp to 5.381%.
Eurozone Aug new car registrations rose +4.5% y/y to 708,000 units.
The German Sep IFO business climate survey rose +1.1 to a 3.25-year high of 89.9, stronger than expectations of 89.0.
ECB Executive Board member Isabel Schnabel said the energy shock caused by the Iran war is proving to be longer-lasting than initially thought and is spreading beyond just oil.
ECB Governing Council member Dimitar Radev said policymakers must give recent interest rate hikes time to work before assessing whether additional hikes are needed.
Markets are discounting a 54% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI stocks are under pressure today, weighing on the overall market. ARM Holdings Plc (ARM) closed down more than -8% to lead losers in the Nasdaq 100, and Western Digital closed down more than -4%. Also, SanDisk (SNDK) closed down more than -3%, and NXP Semiconductors NV (NXPI), and Seagate Technology Holdings Plc (STX) closed down more than -2%. In addition, ASML Holding NV (ASML), Broadcom (AVGO), Qualcomm (QCOM), and Microchip Technology (MCHP) closed down more than -1%.
Software stocks are under pressure today, led by a -3% fall in Oracle (ORCL) after it sent a notice citing force majeure to the project’s developer of a data center, a unit of Blue Owl Capital, in New Mexico in an attempt to put off payments should the data center dubbed Project Jupiter get derailed and fail to come online in 2028 as planned. Also, Intuit (INTU) closed down more than -3%, and Autodesk (ADSK), ServiceNow (NOW), and IBM (IBM) closed down more than -2%. In addition, Atlassian (TEAM) closed down more than -1%.
Trucking and freight companies fell on Thursday after WTI crude oil rose more than+2%, raising fuel costs and dampening the profitability prospects for the companies. FedEx Freight Holding (FDXF) closed down more than -4%, and United Parcel Service (UPS) and Saia Inc (SAIA) closed down more than -3%. Also, Knight-Swift Transportation Holdings (KNX), ArcBest (ARCB), JB Hunt Transport Services (JBHT), Marten Transport Ltd (MRTN), CH Robinson Worldwide (CHRW), and XPO Inc (XPO) closed down more than -2%.
Gen Digital (GEN) closed down more than -12% to lead losers in the S&P 500 after the Financial Times reported the company has made an offer to acquire GoDaddy.
MGM Resorts International (MGM) closed down more than -10% after People Inc. dropped its plans to acquire the remaining shares of the company.
Rollins (ROL) closed down more than -6% after Piper Sandler downgraded the stock to neutral from overweight.
Dropbox (DBX) closed down more than -4% after Citigroup downgraded the stock to sell from neutral with a price target of $29.
Alkami Technology (ALKT) closed down more than -2% after JPMorgan Chase double-downgraded the stock to underweight from overweight with a price target of $14.
Everpure (P) closed up more than +11% to lead gainers in the S&P 500 after forecasting 2028 revenue of $7.0 billion to $7.3 billion, well above the consensus of $6.19 billion.
Charles River Laboratories (CRL) closed up more than +6% after reaffirming its 2026 financial guidance.
Revvity (RVTY) closed up more than +6% after launching an IVDR-certified Type 1 diabetes screening kit.
GoDaddy (GDDY) closed up more than +4% after the Financial Times reported that Gen Digital has made an offer to acquire the company.
Earnings Reports (9/25/2026)
None.
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
More news from Barchart

Stocks Finish Mostly Lower as Bond Yields Soar

The S&P 500 Index ($SPX) (SPY) is down by -0.41% today, the Dow Jones Industrial Average ($DOWI) (DIA) is down by -0.58%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.68%. December E-mini S&P futures (ESZ26) are down -0.48%, and December E-mini Nasdaq futures (NQZ26) are down -0.70%.
Stock indexes are under pressure today, with the Dow Jones Industrials falling to a 1-week low as higher crude oil prices fuel inflation concerns and push up bond yields worldwide. WTI crude is up more than +2% today after an Iranian official warned Iran may expand the war to the Indian Ocean if the US or Israel attacks again.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
The jump in crude oil prices has sparked a sell-off in global bond markets, with the 10-year T-note yield climbing to a 19-year high of 5.15%, the German 10-year Bund yield rising to a 17-year high of 3.59%, and Japan’s 10-year JGB bond yield soaring to a 30-year high of 3.09%. The surge in bond yields is weighing on interest rate-sensitive technology stocks today, with chipmakers and AI-infrastructure stocks retreating.
However, stocks recovered from their worst levels on signs of strength in the US economy after weekly jobless claims unexpectedly fell to a 2-month low and Aug new home sales rose to an 8-month high. Also, T-note yields fell from their early highs and stabilized.
Also on the positive side for stocks, Treasury Secretary Bessent said late Wednesday that the US and China agreed to extend their trade truce an additional two months until January 10.
US weekly initial unemployment claims unexpectedly fell -1,000 to a 2-month low of 197,000, showing a stronger labor market than expectations of an increase to 200,000.
US Aug new home sales rose +6.4% m/m to an 8-month high of 684,000, stronger than expectations of 616,000.
Hawkish Fed comments today signal support for additional rate hikes and are negative for stocks and bonds. New York Fed President John Williams said the Fed still has a lot of work to do given high energy prices and demand driven by investment in artificial intelligence. Also, Philadelphia Fed President Anna Paulson said underlying measures of inflation remain "stubbornly elevated" and have shown little to no progress. "Looking ahead, if conditions evolve as I expect, some modest further tightening of monetary policy may be warranted" to ensure inflation returns to the Fed's 2% goal.
Nov WTI crude oil prices (CLX26) are up more than +2% after Iran threatened to expand the war in the Middle East after a senior member of Iran's Revolutionary Guard Corps warned that Iran may expand the war to the Indian Ocean if the US or Israel attacks again. Optimism that the US and Iran could reach a settlement that would help normalize energy flows through the Strait of Hormuz has receded over the past two days amid aggressive rhetoric from President Trump and defiance from Iran.
Markets are discounting a 65% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets are mixed today. The Euro Stoxx 50 is down -0.03%. China's Shanghai Composite closed down -1.22%. Japan's Nikkei-225 Stock Average rallied to a 2-week high and closed up +0.76%.
Interest Rates
December 10-year T-notes (ZNZ6) are down by +3 ticks today. The 10-year T-note yield is up +1.3 bp to 5.127%. Dec T-notes matched Wednesday’s 19-year nearest-futures low today, and the 10-year T-note yield climbed to a 19-year high of 5.148%. Today’s +2% increase in WTI crude oil prices has boosted inflation expectations and is weighing on T-notes. Also, today’s better-than-expected US economic news on weekly jobless claims and Aug new home sales show economic strength and are hawkish for Fed policy. In addition, hawkish Fed comments today are weighing on T-notes prices after New York Fed President John Williams and Philadelphia Fed President Anna Paulson signaled their support for tighter Fed policy. Finally, supply pressures are bearish for T-notes as the Treasury will auction $44 billion of 7-year T-notes later today.
European government bond yields are moving higher today. The 10-year German bund yield rose to a 17-year high of 3.594% and is up +3.4 bp to 3.589%. The 10-year UK gilt yield rose to a 1-week high of 5.388% and is up +0.5 bp to 5.352%.
Eurozone Aug new car registrations rose +4.5% y/y to 708,000 units.
The German Sep IFO business climate survey rose +1.1 to a 3.25-year high of 89.9, stronger than expectations of 89.0.
ECB Executive Board member Isabel Schnabel said the energy shock caused by the Iran war is proving to be longer-lasting than initially thought and is spreading beyond just oil.
ECB Governing Council member Dimitar Radev said policymakers must give recent interest rate hikes time to work before assessing whether additional hikes are needed.
Markets are discounting a 55% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI stocks are under pressure today, weighing on the overall market. The iShares Semiconductor ETF (SOXX) is down more than -1%. Western Digital is down more than -3% to lead losers in the Nasdaq 100 and ARM Holdings Plc (ARM) is down more than -3%. Also, SanDisk (SNDK), Microchip Technology (MCHP), Applied Materials (AMAT), Marvell Technology (MRVL), KLA Corp (KLAC),Broadcom (AVGO), Qualcomm (QCOM), NXP Semiconductors NV (NXPI), and Lam Research (LRCX) are down more than -2%. In addition, Micron Technology (MU), ASML Holding NV (ASML), Nvidia (NVDA), Analog Devices (ADI), and Texas Instruments (TXN) are down more than -1%.
Software stocks are under pressure today, led by a -5% fall in Oracle (ORCL) after it sent a notice citing force majeure to the project’s developer of a data center, a unit of Blue Owl Capital, in New Mexico in an attempt to put off payments should the data center dubbed Project Jupiter get derailed and fail to come online in 2028 as planned. Also, IBM (IBM) is down more than -2% to lead losers in the Dow Jones Industrials. In addition, ServiceNow (NOW), Microsoft (MSFT), and Autodesk (ADSK) are down more than -1%.
Energy stocks and service providers are climbing today, with WTI crude oil up more than +2%. Valero Energy (VLO) is up more than +3%, and Devon Energy (DVN), Diamondback Energy (FANG), Marathon Petroleum (MPC), and Phillips 66 (PSX) are up more than +2%. APA Corp (APA), Chevron (CVX), ConocoPhillips (COP), Occidental Petroleum (OXY), ExxonMobil Holdings (XOM), and Halliburton (HAL) are up more than +1%.
MGM Resorts International (MGM) is down more than -9% to lead losers in the S&P 500 after People Inc. dropped its plans to acquire the remaining shares of the company.
Gen Digital (GEN) is down more than -6% after the Financial Times reported the company has made an offer to acquire GoDaddy.
Rollins (ROL) is down more than -6% after Piper Sandler downgraded the stock to neutral from overweight.
Dropbox (DBX) is down more than -3% after Citigroup downgraded the stock to sell from neutral with a price target of $29.
Alkami Technology (ALKT) is down more than -3% after JPMorgan Chase double-downgraded the stock to underweight from overweight with a price target of $14.
Everpure (P) is up more than +17% to lead gainers in the S&P 500 after forecasting 2028 revenue of $7.0 billion to $7.3 billion, well above the consensus of $6.19 billion.
GoDaddy (GDDY) is up more than +7% after the Financial Times reported that Gen Digital has made an offer to acquire the company.
Charles River Laboratories (CRL) is up more than +5% after reaffirming its 2026 financial guidance.
Dollar General (DG) is up more than +2% after HSBC upgraded the stock to buy from hold with a price target of $160.
Earnings Reports (9/24/2026)
Costco Wholesale Corp (COST), Darden Restaurants Inc (DRI), NexPoint Diversified Real Estate Trust (NXDT), Scholastic Corp (SCHL), TD SYNNEX Corp (SNX).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Stocks Retreat as Bond Yields Climb on Inflation Risks

The S&P 500 Index ($SPX) (SPY) is down by -0.36% today, the Dow Jones Industrial Average ($DOWI) (DIA) is down by -0.44%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.55%. December E-mini S&P futures (ESZ26) are down -0.36%, and December E-mini Nasdaq futures (NQZ26) are down -0.60%.
Stock indexes are under pressure today, with the Dow Jones Industrials falling to a 1-week low as higher crude oil prices fuel inflation concerns and push up bond yields worldwide. WTI crude is up more than +2% today after an Iranian official warned Iran may expand the war to the Indian Ocean if the US or Israel attacks again.
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The jump in crude oil prices has sparked a sell-off in global bond markets, with the 10-year T-note yield climbing to a 19-year high of 5.15%, the German 10-year Bund yield rising to a 17-year high of 3.59%, and Japan’s 10-year JGB bond yield soaring to a 30-year high of 3.09%. The surge in bond yields is weighing on interest rate-sensitive technology stocks today, with chipmakers and AI-infrastructure stocks retreating.
Today’s US economic news showed weekly initial unemployment claims unexpectedly fell -1,000 to a 2-month low of 197,000, showing a stronger labor market than expectations of an increase to 200,000.
Hawkish comments today from New York Fed President John Williams signal he favors additional Fed rate hikes and are bearish for stocks and bonds. He said the Fed still has a lot of work to do given high energy prices and demand driven by investment in artificial intelligence.
On the positive side for stocks, Treasury Secretary Bessent said late Wednesday that the US and China agreed to extend their trade truce an additional two months until January 10.
Nov WTI crude oil prices (CLX26) are up more than +2% after Iran threatened to expand the war in the Middle East after a senior member of Iran's Revolutionary Guard Corps warned that Iran may expand the war to the Indian Ocean if the US or Israel attacks again. Optimism that the US and Iran could reach a settlement that would help normalize energy flows through the Strait of Hormuz has receded over the past two days amid aggressive rhetoric from President Trump and defiance from Iran.
Markets are discounting a 64% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets are mixed today. The Euro Stoxx 50 is down -0.21%. China's Shanghai Composite closed down -1.22%. Japan's Nikkei-225 Stock Average rallied to a 2-week high and closed up +0.76%.
Interest Rates
December 10-year T-notes (ZNZ6) are up by +4 ticks today. The 10-year T-note yield is down -1.7 bp to 5.098%. Dec T-notes erased early losses today and moved higher, and the 10-year T-note yield fell from a 19-year high of 5.148% and turned lower. Comments from Richmond Fed President Barkin sparked short covering in T-notes today, when he said new job growth in the US labor market remains slow.
T-notes initially fell today on the +2% increase in WTI crude oil prices, which boosts inflation expectations. Also, today’s unexpected decline in weekly jobless claims to a 2-month low signals labor market strength that is hawkish for Fed policy. In addition, hawkish comments from New York Fed President John Williams weighed on T-notes today when he signaled he favors additional Fed rate hikes, saying the Fed still has a lot of work to do to contain inflation. Finally, supply pressures are bearish for T-notes as the Treasury will auction $44 billion of 7-year T-notes later today.
European government bond yields are mixed today. The 10-year German bund yield rose to a 17-year high of 3.589% and is up +1.2 bp to 3.567%. The 10-year UK gilt yield fell from a 1-week high of 5.388% and is down -1.7 bp to 5.330%.
Eurozone Aug new car registrations rose +4.5% y/y to 708,000 units.
The German Sep IFO business climate survey rose +1.1 to a 3.25-year high of 89.9, stronger than expectations of 89.0.
ECB Executive Board member Isabel Schnabel said the energy shock caused by the Iran war is proving to be longer-lasting than initially thought and is spreading beyond just oil.
ECB Governing Council member Dimitar Radev said policymakers must give recent interest rate hikes time to work before assessing whether additional hikes are needed.
Markets are discounting a 52% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI stocks are under pressure today, weighing on the overall market. The iShares Semiconductor ETF (SOXX) is down more than -1%. Western Digital is down more than -3% to lead losers in the Nasdaq 100 and SanDisk (SNDK) is down more than -3%. Also, ARM Holdings Plc (ARM), Microchip Technology (MCHP), KLA Corp (KLAC), NXP Semiconductors NV (NXPI), Micron Technology (MU), and Lam Research (LRCX) are down more than -2%. In addition, Applied Materials (AMAT), ASML Holding NV (ASML), Nvidia (NVDA), Broadcom (AVGO), Analog Devices (ADI), and Texas Instruments (TXN) are down more than -1%.
Software stocks are under pressure today, led by a -7% fall in Oracle (ORCL) after it sent a notice citing force majeure to the project’s developer of a data center, a unit of Blue Owl Capital, in New Mexico in an attempt to put off payments should the data center dubbed Project Jupiter get derailed and fail to come online in 2028 as planned. Also, IBM (IBM) is down more than -2% to lead losers in the Dow Jones Industrials, and ServiceNow (NOW) are down more than -2%. In addition, Microsoft (MSFT), Palantir Technologies (PLTR), Atlassian Corp (TEAM), and Datadog (DDOG) are down more than -1%.
Energy stocks and service providers are climbing today, with WTI crude oil up more than +2%. Marathon Petroleum (MPC), Phillips 66 (PSX), and Valero Energy (VLO) are up more than +2%. Also, APA Corp (APA), ConocoPhillips (COP), Devon Energy (DVN), Occidental Petroleum (OXY), and ExxonMobil Holdings (XOM) are up more than +1%.
MGM Resorts International (MGM) is down more than -10% to lead losers in te S&P 500 after People Inc. dropped its plans to acquire the remaining shares of the company.
Dropbox (DBX) is down more than -3% after Citigroup downgraded the stock to sell from neutral with a price target of $29.
Alkami Technology (ALKT) is down more than -3% after JPMorgan Chase double-downgraded the stock to underweight from overweight with a price target of $14.
Darden Restaurants (DRI) is down more than -2% after reporting Q1 sales of $3.20 billion, below the consensus of $3.21 billion.
Everpure (P) is up more than +10% to lead gainers in the S&P 500 after forecasting 2028 revenue of $7.0 billion to $7.3 billion, well above the consensus of $6.19 billion.
Dollar General (DG) is up more than +2% after HSBC upgraded the stock to buy from hold with a price target of $160.
Earnings Reports (9/24/2026)
Costco Wholesale Corp (COST), Darden Restaurants Inc (DRI), NexPoint Diversified Real Estate Trust (NXDT), Scholastic Corp (SCHL), TD SYNNEX Corp (SNX).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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Stocks Pressured by Rising Crude Prices

The S&P 500 Index ($SPX) (SPY) closed down by -0.75% on Wednesday, the Dow Jones Industrial Average ($DOWI) (DIA) closed down by -0.68%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -0.85%. December E-mini S&P futures (ESZ26) fell -0.76%, and December E-mini Nasdaq futures (NQZ26) fell -0.87%.
Stock indexes settled lower on Wednesday, pressured by soaring bond yields. Crude prices rose by more than +1% on Wednesday, boosting inflation expectations, lifting bond yields and undercutting market sentiment. The 10-year T-note yield jumped to a 19-year high of 5.13% on Wednesday and raised the odds of a Fed rate hike at next month’s FOMC meeting to 69% from 53% on Tuesday. Chipmakers and AI-infrastructure stocks also slid on Wednesday, weighing on the broader market and giving back some of Tuesday’s gains that pushed the Nasdaq 100 to a new record high.
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Hawkish comments from Fed Governor Michael Barr also boosted bond yields and pressured stocks as he signaled that he favors additional Fed tightening, saying, "further policy adjustments by the Fed are likely to be needed to ensure inflation comes down to target in a timely fashion."
Wednesday’s US economic news was better than expected, supporting stocks but pushing bond yields higher after the Sep S&P manufacturing PMI unexpectedly rose +3.1 to 57.0, stronger than expectations of a decline to 53.7 and the fastest pace of expansion in 4.25 years.
Stocks have support on positive anticipation ahead of a summit on Thursday between Presidents Trump and Xi Jinping.
Stocks found some support on Wednesday after the Organization for Economic Co-operation and Development (OECD) raised its US GDP forecast and cut its inflation forecast for this year. The OECD raised its 2026 US GDP forecast by +0.2 to 2.2% from a June forecast of 2.0%. The OECD cut its 2026 US inflation forecast -0.1 to 3.6% from a June forecast of 3.7%.
US MBA mortgage applications fell -1.5% in the week ended September 18, with the purchase mortgage sub-index down -0.8% and the refinancing mortgage sub-index down -2.6%. The average 30-year fixed-rate mortgage rose +15 bp to a 2.25-year high of 7.12% from 6.97% in the prior week.
Nov WTI crude oil prices (CLX26) recovered from overnight losses and climbed more than +1% as the US and Iran remain at odds over key issues, including control over the Strait of Hormuz. Also, US Secretary of State Rubio said that Iran fired at commercial ships on Wednesday in the Strait of Hormuz and that peace talks with Iran are being impeded by Iran's Revolutionary Guard leaders. Iranian President Pezeshkian said on Wednesday that Iran won’t allow freedom of navigation through the Strait of Hormuz while sanctions and a US blockade remain in place.
Markets are discounting a 69% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets settled lower on Wednesday. The Euro Stoxx 50 fell from a 2-week high and closed down -0.39%. China's Shanghai Composite closed down -0.39%. Japan's Nikkei-225 Stock Average did not trade on Wednesday, with Japanese markets closed for the Autumnal Equinox Day holiday.
Interest Rates
December 10-year T-notes (ZNZ6) closed down by -31 ticks on Wednesday. The 10-year T-note yield rose +14.3 bp to 5.104%. Dec T-notes retreated today and plummeted to a 19-year nearest-futures low, and the 10-year T-note yield surged to a 19-year high of 5.133%. T-notes sank on Wednesday after WTI crude oil prices erased an overnight decline and turned higher, raising inflation expectations.
Losses in T-notes accelerated on Wednesday after the US Sep S&P manufacturing PMI unexpectedly rose to a 4.25-year high, which boosted the odds of a Fed rate hike at next month’s FOMC meeting to 69% from 53% on Tuesday. T-notes fell to their lows Wednesday afternoon on weak demand for the Treasury’s $70 billion auction of 5-year T-notes that had a bid-to-cover ratio of 2.21, well below the 10-auction average of 2.34 and the lowest in 7.75-years.
European government bond yields moved higher on Wednesday. The 10-year German bund yield rose +9.2 bp to 3.555%. The 10-year UK gilt yield rose +10.8 bp to 5.347%.
The Eurozone Sep S&P manufacturing PMI was unchanged at 52.7, stronger than expectations of a decline to 52.6.
The Eurozone Sep S&P composite PMI unexpectedly rose +1.1 to 53.1, stronger than expectations of a decline to 51.7 and the fastest pace of expansion in 3.25 years.
ECB Governing Council member and Bundesbank President Joachim Nagel said Eurozone inflation is above 3% and is projected to stay above the ECB's 2% goal for another year. Therefore, the ECB may have to raise interest rates to a level at which they hold back economic growth.
The OECD raised its 2026 Eurozone GDP forecast by +0.2 to 1.0% from a June forecast of 0.8%. The OECD also raised its 2026 Eurozone inflation forecast by +0.2 to 3.0% from a June forecast of 2.8%.
Markets are discounting a 60% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI stocks were under pressure on Wednesday and weighed on the overall market. The iShares Semiconductor ETF (SOXX) closed down more than -1%. SanDisk (SNDK) closed down more than -4%, and Broadcom (AVGO) and Micron Technology (MU) closed down more than -2%. Also, Intel (INTC), Lam Research (LRCX), ARM Holdings Plc (ARM), Advanced Micro Devices (AMD), Nvidia (NVDA), Analog Devices (ADI), and NXP Semiconductors NV (NXPI) closed down more than -1%.
Airlines and cruise line operators retreated on Wednesday after WTI crude oil rose more than +1%, raising fuel costs and dampening the profitability prospects of the companies. Alaska Air Group (ALK) closed down more than -5%, and United Airlines Holdings (UAL) closed down more than -3%. Also, Delta Air Lines (DAL), Southwest Airlines (LUV), Royal Caribbean Cruises (RCL), and Carnival (CCL) closed down more than -2%, and American Airlines Group (AAL) closed down more than -1%.
Home builders and building suppliers fell on Wednesday after the 10-year T-note yield rose to a 19-year high, which will boost mortgage rates and weigh on housing demand. DR Horton (DHI), Pulte Group (PHM), KB Home (KBH), Builders Firstsource (BLDR), and Home Depot (HD) closed down more than -2%, and Lennar (LEN) and Toll Brothers (TOL) closed down more than -1%.
Most cybersecurity stocks rallied on Wednesday. Palo Alto Networks (PANW) closed up +5% to lead gainers in the S&P 500 and Nasdaq 100, and Crowdstrike Holdings (CRWD) and Okta (OKTA) closed up more than +4%. Also, Zscaler (ZS) and Fortinet (FTNT) closed up more than 2%, and SentinelOne (S) closed up more than +1%.
Software stocks rose on Wednesday, a supportive factor for the broader market. Palantir Technologies (PLTR) and Atlassian Corp (TEAM) closed up more than +3%, and Cadence Design Systems (CDNS), ServiceNow (NOW), Thomson Reuters (TRI), and Workday (WDAY) closed up more than +2%. In addition, Datadog (DDOG) and Adobe Systems (ADBE) closed up more than +1%, and Salesforce (CRM) closed up more than +1% to lead gainers in the Dow Jones industrials.
Energy stocks and service providers moved higher on Wednesday as WTI crude oil rose more than +1%. APA Corp (APA) closed up more than +3%, and ConocoPhillips (COP) and Devon Energy (DVN) closed up more than +2%. Also, Occidental Petroleum (OXY), Chevron (CVX), ExxonMobil Holdings (XOM), and Baker Hughes (BKR) closed up more than +1%.
Voyager Technologies (VOYG) closed down more than -14% after announcing its intention to offer $350 million of convertible senior notes in a private offering.
Paychex (PAYX) closed down more than -8% to lead losers in the S&P 500 and Nasdaq 100 after reporting Q1 management solutions revenue of $1.21 billion, weaker than the consensus of $1.23 billion.
McDonald’s (MCD) closed down more than -4% to lead losers in the Dow Jones Industrials after announcing it will spend up to $8.5 billion to help franchises serve better food and improve service.
IonQ (IONQ) closed up more than +4% after announcing that it developed the industry’s first end-to-end real-time quantum error correction decoder that runs on a single standard central processing unit.
Earnings Reports (9/24/2026)
Costco Wholesale Corp (COST), Darden Restaurants Inc (DRI), NexPoint Diversified Real Estate Trust (NXDT), Scholastic Corp (SCHL), TD SYNNEX Corp (SNX).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Stocks Fall as the 10-Year T-note Yield Soars to a 19-Year High

The S&P 500 Index ($SPX) (SPY) is down by -0.48% today, the Dow Jones Industrial Average ($DOWI) (DIA) is down by -0.33%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.73%. December E-mini S&P futures (ESZ26) are down -0.48%, and December E-mini Nasdaq futures (NQZ26) are down -0.73%.
Stock indexes are under pressure today after crude prices erased an overnight decline and rose more than +1%, lifting bond yields and undercutting market sentiment. The 10-year T-note yield jumped to a 19-year high of 5.06% today and raised the odds of a Fed rate hike at next month’s FOMC meeting to 75% from 53% yesterday. Chipmakers and AI-infrastructure stocks are also sliding today, weighing on the broader market and giving back some of Tuesday’s gains that pushed the Nasdaq 100 to a new record high.
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Stocks are also pressured, and bond yields rose today on hawkish comments from Fed Governor Michael Barr that suggest he favors additional Fed tightening when he said: "further policy adjustments by the Fed are likely to be needed to ensure inflation comes down to target in a timely fashion."
Today’s US economic news was better than expected, supporting stocks but pushing bond yields higher after the Sep S&P manufacturing PMI unexpectedly rose +3.1 to 57.0, stronger than expectations of a decline to 53.7 and the fastest pace of expansion in 4.25 years.
Stocks have support on positive anticipation ahead of a summit later this week between Presidents Trump and Xi Jinping.
Stocks found some support today after the Organization for Economic Co-operation and Development (OECD) raised its US GDP forecast and cut its inflation forecast for this year. The OECD raised its 2026 US GDP forecast by +0.2 to 2.2% from a June forecast of 2.0%. The OECD cut its 2026 US inflation forecast -0.1 to 3.6% from a June forecast of 3.7%.
US MBA mortgage applications fell -1.5% in the week ended September 18, with the purchase mortgage sub-index down -0.8% and the refinancing mortgage sub-index down -2.6%. The average 30-year fixed-rate mortgage rose +15 bp to a 2.25-year high of 7.12% from 6.97% in the prior week.
Nov WTI crude oil prices (CLX26) recovered from overnight losses and are up more than +1% as the US and Iran remain at odds over key issues, including control over the Strait of Hormuz. Crude prices initially fell in overnight trading on signs of more crude supplies leaving the Middle East. Data compiled by Bloomberg from the European Union's Copernicus satellite shows oil supertankers with the capacity to ship 12 million barrels of crude were at Saudi Arabia's Persian Gulf export installations on Tuesday. Saudi Arabia also said it plans for a meaningful resumption of its East-West pipeline to the Red Sea by Saturday.
Markets are discounting a 75% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets are lower today. The Euro Stoxx 50 fell from a 2-week high and is down -0.27%. China's Shanghai Composite closed down -0.39%. Japan's Nikkei-225 Stock Average did not trade today, with Japanese markets closed for the Autumnal Equinox Day holiday.
Interest Rates
December 10-year T-notes (ZNZ6) are down by -20 ticks today. The 10-year T-note yield is up +10.3 bp to 5.066%. Dec T-notes retreated today and dropped to a 2.75-year low, and the 10-year T-note yield surged to a 19-year high of 5.067%. T-notes are under pressure after WTI crude oil erased an overnight decline and turned higher, raising inflation expectations. Supply pressures are also weighing on T-notes as the Treasury will auction $28 billion of 2-year floating-rate notes and $70 billion of 5-year T-notes later today. Losses in T-notes accelerated today after the US Sep S&P manufacturing PMI unexpectedly rose to a 4.25-year high, which boosted the odds of a Fed rate hike at next month’s FOMC meeting to 75% from 53% yesterday.
European government bond yields are moving higher today. The 10-year German bund yield is up +7.6 bp to 3.538%. The 10-year UK gilt yield is up +8.0 bp to 5.318%.
The Eurozone Sep S&P manufacturing PMI was unchanged at 52.7, stronger than expectations of a decline to 52.6.
The Eurozone Sep S&P composite PMI unexpectedly rose +1.1 to 53.1, stronger than expectations of a decline to 51.7 and the fastest pace of expansion in 3.25 years.
ECB Governing Council member and Bundesbank President Joachim Nagel said Eurozone inflation is above 3% and is projected to stay above the ECB's 2% goal for another year. Therefore, the ECB may have to raise interest rates to a level at which they hold back economic growth.
The OECD raised its 2026 Eurozone GDP forecast by +0.2 to 1.0% from a June forecast of 0.8%. The OECD also raised its 2026 Eurozone inflation forecast by +0.2 to 3.0% from a June forecast of 2.8%.
Markets are discounting a 58% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI stocks are under pressure today, weighing on the overall market. The iShares Semiconductor ETF (SOXX) is down more than -1%. Intel (INTC), Broadcom (AVGO), Lam Research (LRCX), and SanDisk (SNDK) are down more than -2%. Also, ARM Holdings Plc (ARM), Advanced Micro Devices (AMD), Nvidia (NVDA), Micron Technology (MU), NXP Semiconductors NV (NXPI), KLA Corp (KLAC), ASML Holding NV (ASML), Analog Devices (ADI), and Microchip Technology (MCHP), and Qualcomm (QCOM) are down more than -1%.
Airlines and cruise line operators are falling today with WTI crude oil up more than +1%, raising fuel costs and dampening profitability prospects of the companies. Royal Caribbean Cruises (RCL) is down more than -3%, and Alaska Air Group (ALK) is down more than -2%. Also, American Airlines Group (AAL), United Airlines Holdings (UAL), Delta Air Lines (DAL), Southwest Airlines (LUV), Carnival (CCL), and Norwegian Cruise Line Holdings (NCLH) are down more than -1%.
Software stocks are climbing today, a supportive factor for the broader market. Palantir Technologies (PLTR) is up more than +4% to lead gainers in the S&P 500 and Nasdaq 100. Also, Atlassian Corp (TEAM) and Datadog (DDOG) are up more than +3%, and Cadence Design Systems (CDNS), IBM (IBM), ServiceNow (NOW), Salesforce (CRM), Thomson Reuters (TRI), and Workday (WDAY) are up more than +2%. Finally, Adobe Systems (ADBE) is up more than +1%.
Energy stocks and service providers are moving higher today with the strength in crude oil prices. APA Corp (APA) is up more than +3%, and ConocoPhillips (COP), Devon Energy (DVN), and Occidental Petroleum (OXY) are up more than +2%. Also, Chevron (CVX), ExxonMobil Holdings (XOM), and Halliburton (HAL) are up more than +1%.
Voyager Technologies (VOYG) is down more than -13% after announcing its intention to offer $350 million of convertible senior notes in a private offering.
Paychex (PAYX) is down more than -7% to lead losers in the Nasdaq 100 after reporting Q1 management solutions revenue of $1.21 billion, weaker than the consensus of $1.23 billion.
McDonald’s (MCD) is down more than 4% to lead losers in the Dow Jones Industrials after announcing it will spend up to $8.5 billion to help franchises serve better food and improve service.
IonQ (IONQ) is up more than +7% after announcing that it developed the industry’s first end-to-end real-time quantum error correction decoder that runs on a single standard central processing unit.
Earnings Reports (9/23/2026)
Cintas Corp (CTAS), Cracker Barrel Old Country Store (CBRL), General Mills Inc (GIS), HB Fuller Co (FUL), NioCorp Developments Ltd (NB), Paychex Inc (PAYX), Stitch Fix Inc (SFIX), ZenaTech Inc (ZENA).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Stocks Retreat as Bond Yields Climb on Fed Rate Hike Fears

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the Direxion Daily Semiconductor Bull 3X ETF (Symbol: SOXL) where we have detected an approximate $812.9 million dollar inflow -- that's a 3.2% increase week over week in outstanding units (from 169,150,060 to 174,500,060). Among the largest underlying components of SOXL, in trading today NXP Semiconductors NV (Symbol: NXPI) is down about 2.2%, Monolithic Power Systems Inc (Symbol: MPWR) is off about 5.3%, and Teradyne, Inc. (Symbol: TER) is lower by about 4.3%. For a complete list of holdings, visit the SOXL Holdings page » The chart below shows the one year price performance of SOXL, versus its 200 day moving average:
Looking at the chart above, SOXL's low point in its 52 week range is $28.12 per share, with $302 as the 52 week high point — that compares with a last trade of $140.62. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
Further SOXL Research:

SOXL, NXPI, MPWR, TER: Large Inflows Detected at ETF

The S&P 500 Index ($SPX) (SPY) closed unchanged on Tuesday, the Dow Jones Industrial Average ($DOWI) (DIA) closed down by -0.36%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.82%. December E-mini S&P futures (ESZ26) fell -0.02%, and December E-mini Nasdaq futures (NQZ26) rose +0.79%.
Stock indexes settled mixed on Tuesday, with the S&P 500 falling from a 5-week high and the Nasdaq 100 reaching a new all-time high. Strength in chipmakers and AI stocks pushed the Nasdaq 100 to a record high, and weaker crude oil prices eased inflation risks and boosted market sentiment. WTI crude oil fell more than -1% on Tuesday to a 3-week low after Japan’s Kyodo News Agency reported that Iran has proposed to reopen the Strait of Hormuz within seven days if the US blockade is lifted.
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Stocks also have support on positive anticipation ahead of a summit later this week between Presidents Trump and Xi Jinping.
Stock indexes fell back from their best levels on Tuesday and settled mixed after bond yields rose on hawkish comments from Boston Fed President Susan Collins and Richmond Fed President Tom Barkin, who warned that inflation pressures could remain elevated and suggested they may favor additional Fed tightening. Also, the Sep Richmond Fed manufacturing survey fell more than expected to a 7-month low. Weakness in energy producers and financial stocks also weighed on the broader market.
The US Sep Richmond Fed manufacturing survey fell -6 to a 7-month low of -2, weaker than expectations of 2.
Hawkish Fed comments on Tuesday were negative for stocks and bonds. Boston Fed President Susan Collins said she saw an "increased likelihood" of scenarios in which inflation remains "notably above 2%." Also, Richmond Fed President Tom Barkin warned it could take time for inflationary shocks to wane, and there is a risk elevated pressures could become entrenched.
Oct WTI crude oil prices (CLV26) fell more than -1% on Tuesday to a 3-week low after Japan's Kyodo News Agency reported that Iran has proposed to reopen the Strait of Hormuz within seven days if the US blockade of Iranian ports is lifted. Crude prices added to their losses on signs that diplomacy may bring an end to Middle East hostilities after a spokesman for Iran's Islamic Revolutionary Guard said that "if our national interests require us to negotiate alongside the war, we must negotiate." In addition, President Trump said that US officials had a "very productive" meeting with Iranian representatives and that "they have another one scheduled in the very near future."
Markets are discounting a 53% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets settled higher on Tuesday. The Euro Stoxx 50 rose to a 1.5-week high and closed up +0.108%. China's Shanghai Composite climbed to a 2-week high and closed up +0.067%. Japan's Nikkei-225 Stock Average did not trade today with Japanese markets closed for a National holiday.
Interest Rates
December 10-year T-notes (ZNZ6) closed down by -1.5 ticks on Tuesday. The 10-year T-note yield rose +1.4 bp to 4.965%. T-notes gave up an early advance on Tuesday and moved lower on hawkish Fed comments, after Boston Fed President Susan Collins and Richmond Fed President Tom Barkin warned inflation may remain above the Fed’s 2% target, suggesting they may favor additional Fed tightening.
T-notes initially moved higher on Tuesday after WTI crude oil fell more than -1% to a 3-week low, easing inflation expectations. Also, today’s larger-than-expected decline in the Sep Richmond Fed manufacturing survey to a 7-month low supported T-notes. Tuesday’s $69 billion Treasury auction of 2-year T-notes had decent demand, a positive factor for T-notes, as the auction had a bid-to-cover ratio of 2.63, just above the 10-auction average of 2.62.
European government bond yields finished higher on Tuesday. The 10-year German bund yield rebounded from a 1.5-week low of 3.422% and finished up +0.5 bp to 3.463%. The 10-year UK gilt yield recovered from a 2-week low of 5.166% and finished up +2.7 bp to 5.238%.
The Eurozone Sep consumer confidence index fell -1.0 to -16.5, weaker than expectations of -16.0.
ECB Chief Economist Philip Lane said a new wave of high energy prices means Eurozone inflation will stay elevated longer than the ECB initially anticipated.
Markets are discounting a 48% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI stocks moved higher on Tuesday, supporting gains in the broader market. The iShares Semiconductor ETF (SOXX) rose to a 5-week high and closed up more than +1%. SanDisk (SNDK) closed up more than +7%, and Micron Technology (MU) and Seagate Technology Holdings Plc (STX) closed up more than +4%. Also, Western Digital (WDC) and ARM Holdings Plc (ARM) closed up more than +3%, and ASML Holding NV (ASML), Lam Research (LRCX), KLA Corp (KLAC), NXP Semiconductors NV (NXPI), and Qualcomm (QCOM) closed up more than +2%.
Financial stocks slid on Tuesday, limiting gains in the broader market. Charles Schwab (SCHW) closed down more than -6%, and Raymond James Financials (RJF), JPMorgan Chase (JPM), Wells Fargo & Co (WFC), Bank of America (BAC), and Northern Trust (NTRS) closed down more than -3%. Also, Morgan Stanley (MS), American Express (AXP), and Mastercard (MA) closed down more than -2%.
Energy stocks and service providers retreated on Tuesday after WTI crude oil fell more than -1% to a 3-week low. Valero Energy (VLO) closed down more than -4%, and APA Corp (APA) and Marathon Petroleum (MPC) closed down more than -3%. Also, Diamondback Energy (FANG) closed down more than -2%, and Phillips 66 (PSX), Occidental Petroleum (OXY), ConocoPhillips (COP), and Devon Energy (DVN) closed down more than -1%.
Viking Therapeutics (VKTX) closed up more than +36% after announcing results from a study showing patients taking its VK2735 GLP-1 weight-loss drug maintained up to 97% of weight loss versus 61% for placebo.
Vicor Corp (VICR) closed up more than +20% after raising its guidance on Q3 revenue growth to over 20% q/q from a previous estimate of 10%, citing royalties from a non-exclusive license to Vertical Power Delivery.
Shopify (SHOP) closed up more than +7% after announcing that it was “partnering deeply” with Meta Platforms’ Muse artificial intelligence agent.
Amgen (AMGN) closed up more than +4% to lead gainers in the Dow Jones industrials after saying the primary endpoint was met in a Phase 3 study evaluating its dazodalibep drug in adults with Sjogren’s disease, a chronic autoimmune condition.
AutoZone (AZO) closed up more than +3% after reporting Q4 EPS of $56.05, better than the consensus of $54.03.
Royal Caribbean Cruises Ltd (RCL) closed down more than -6% after the Financial Times reported the company is nearing a deal to acquire a majority stake in Sandals Resorts International.
Quest Diagnostics (DGX) closed down more than -3%, and Labcorp Holdings (LH) closed down more than -2% after the Centers for Medicare and Medicaid Services (CMS) released new preliminary medicare payment rates for lab services.
Earnings Reports (9/23/2026)
Cintas Corp (CTAS), Cracker Barrel Old Country Store (CBRL), General Mills Inc (GIS), HB Fuller Co (FUL), NioCorp Developments Ltd (NB), Paychex Inc (PAYX), Stitch Fix Inc (SFIX), ZenaTech Inc (ZENA).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Stocks Settle Mixed as Chipmakers Climb and Financial Stocks Fall

Key Points
The transaction involved 1,000 shares executed at $226.04 per share.
The sale represented 11% of the direct equity stake held prior to the filing.
This execution occurred as the stock had generated a 3% total return over the 12 months.
Andrew Micallef, EVP, Chief Operations Officer, sold 1,000 shares of NXP Semiconductors N.V. (NASDAQ:NXPI) on Sept. 15, according to a recent SEC Form 4 filing.
Transaction summary
Transaction value
$226,040
Shares sold
1,000
Post-transaction shares (directly held)
7,942
Post-transaction value
$1.8 million
Transaction value based on SEC Form 4 weighted average sale price ($226.04); post-transaction value based on Sept. 15 market close ($226.35).
Company Overview
Share Price (as of market close on Sept. 15)
$226.35
Market Capitalization
$55.2 billion
Revenue (TTM)
$13.2 billion
Net Income (TTM)
$3.0 billion
Company Snapshot
NXP Semiconductors operates in the semiconductor industry. The company specializes in high-value semiconductor segments, particularly automotive and industrial applications. NXP places a strategic emphasis on next-generation wireless technologies and edge processing capabilities in an attempt to capture autonomous vehicles, industrial IoT, and 5G-enabled applications.
NXP Semiconductors designs and manufactures a comprehensive portfolio of semiconductor solutions, including microcontrollers, application processors (i.MX series), communication processors, and advanced wireless connectivity technologies such as NFC, UWB, BLE, and Zigbee, which collectively serve as the primary revenue drivers across automotive, industrial, and consumer markets.
NXP's primary customers include automotive manufacturers, industrial equipment producers, IoT device manufacturers, and consumer electronics companies that require advanced semiconductor solutions for vehicle systems, industrial automation, wireless connectivity, and smart device applications.
The company generates revenue through the design and production of specialized semiconductor components and integrated solutions that enable connectivity, processing, and control functions across diverse end-market applications, leveraging its extensive intellectual property and manufacturing partnerships.
What this transaction means for investors
Although the key insider sold a significant number of shares, COO Micallef’s sales shouldn’t set off any alarm bells. That’s because he conducted the transaction under his 10b5-1 trading plan.
Companies set up these plans with officers and directors to avoid even the hint of insider trading. That’s due to the fact that terms, such as the timing of sales, are set in advance.
However, investors have undoubtedly been disappointed with NXP Semiconductors’ stock performance. This year, through Sept. 16, the shares returned just 2.2%, including dividends. That trailed the S&P 500 index’s 11.3% and Nasdaq Composite’s 12.3%.
Recent results have been solid, though. NXP’s second-quarter revenue grew 19% year over year, and 10% from the previous quarter, to $3.5 billion. Management expects revenue to reach about $3.8 billion in the third quarter, based on the midpoint of its guidance. That represents an 18% gain compared to a year ago.
Source: SEC Form 4 filing for NXPI | Filed: Sept. 17
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Indicator	TTM Median
P/E	20.39 33.82
Price/Sales	4.61 2.86
P/B	5.30 3.06
P/FCF	39.74 23.04

Indicator	TTM Median
ROE	28.05 14.14
ROA	11.15 6.67
ROI	13.95 10.08
Net Worth	71.39 1.03
Quick Ratio	1.36 1.59
Current Ratio	2.04 1.87

Indicator	TTM Median
Net Profit Margin	22.56 10.00
Operating Margin	31.95 10.80
Gross Margin	56.00 50.00
Return on tangible equity	0.00 26.00

Indicator	TTM Median
EPS	3.24 0.35
EPS Forecast	3.20 0.24
Revenue	3.50B 66.00M
Gross Profit	2.00B —
EBITDA	1.26B —

NXP Semiconductors N.V.

Recent quarterly and TTM performance

Valuation

Debts

Efficiency

Other ratios

Revenue