U.S. stocks closed broadly lower on Wednesday, September 9, 2026, as a sharp rise in oil prices, higher long-term Treasury yields, heightened tensions involving Iran, and an escalating U.S.-Canada trade dispute combined to pressure risk assets. The S&P 500 fell 0.48%, the Dow Jones Industrial Average dropped 0.77%, the Nasdaq Composite lost 0.64%, and the Russell 2000 sank 1.30%, underscoring a market session defined by macroeconomic caution and broad-based selling. Investors were forced to weigh the inflationary consequences of energy prices nearing $100 per barrel against an already fragile interest-rate outlook. October crude oil futures rose 3.93% to $96.69, while the Cboe Volatility Index climbed 4.58% to 16.44, evidence that hedging demand increased as investors assessed the risks to inflation, consumer spending, and Federal Reserve policy.
U.S. Stock Market Close
| Index or asset | Closing level | Daily change | Daily % change |
|---|---|---|---|
| S&P 500 | 7,636.36 | -37.16 | -0.48% |
| Dow Jones Industrial Average | 52,380.66 | -405.41 | -0.77% |
| Nasdaq Composite | 26,253.34 | -168.07 | -0.64% |
| Russell 2000 | 2,921.72 | -38.48 | -1.30% |
| Cboe Volatility Index | 16.44 | +0.72 | +4.58% |
| Gold | $4,442.30 | +$3.30 | +0.07% |
| Bitcoin (BTC-USD) | $78,275.53 | -$206.92 | -0.26% |
| October crude oil | $96.69 | +$3.66 | +3.93% |
The Russell 2000’s 1.30% decline was the day’s most conspicuous equity-market signal. Smaller companies tend to be more exposed to domestic economic growth, credit availability, and refinancing costs; their underperformance suggested that investors were reducing exposure to rate-sensitive and economically cyclical areas of the market
Oil Shock Reignites Inflation Fears
The market’s most important development was the rapid rise in energy prices. Crude oil approached the psychologically important $100-per-barrel threshold as tension around Iran and the Strait of Hormuz continued to increase the perceived risk to global energy supplies. A senior Iranian official said Tehran was prepared for a more intense war and would escalate its response if U.S. attacks on Iranian territory and infrastructure continued. Higher oil prices threaten to spread through the economy rather than remain isolated to filling stations. The most immediate effect is more expensive gasoline, but elevated crude can also raise transportation, freight, manufacturing, food, and retail costs. U.S. gasoline prices reached $4.22 per gallon Wednesday, the highest recorded level for this point in September, while diesel reached $5.94 per gallon nationally. For households, higher gasoline costs can reduce discretionary spending. For corporations, more expensive fuel and freight can compress margins unless companies can pass through those costs. For the Federal Reserve, a sustained energy shock complicates the inflation outlook, even if policymakers may view an oil-driven increase in headline inflation differently from broad, demand-led price pressure. October crude oil finished Wednesday at $96.69, up $3.66, or 3.93%, The United States Oil Fund (USO) closed at $149.97, +2.70%, while gold added 0.07% to $4,442.30. The combination of rising oil, a modestly firmer gold price, falling equities, and a higher VIX reflected a defensive shift across markets.
Treasury Yields and Fed Expectations
The bond market added another obstacle for equities. The U.S. Treasury said it would purchase up to $6 billion of longer-dated government securities in its first operation under an expanded buyback program, tripling the previously communicated $2 billion limit. The larger-than-expected operation was designed to support market liquidity and reduce stress in longer-maturity debt. Yet the initial market response showed the challenge facing policymakers: the 10-year Treasury yield rose roughly 6 basis points to 4.85% following the announcement. That reaction indicated that investors remain focused on the larger forces affecting long-dated bonds, including fiscal deficits, government borrowing needs, inflation uncertainty, and the premium investors demand for holding duration risk. Higher yields tend to weigh most heavily on long-duration equities, including many technology and growth companies, because a greater share of their expected value depends on cash flows further in the future. The Nasdaq Composite’s 0.64% decline to 26,253.34 reflected that valuation sensitivity, although the selling was broader than technology alone. The policy debate has also shifted. Traders were reassessing the likelihood of a September Federal Reserve rate increase as oil’s surge threatened to keep inflation elevated. The essential question for markets is whether the oil move proves temporary or begins to shift consumer inflation expectations and wage-setting behavior.
Iran, Trade and Global Risk
Geopolitical risk remained central to the day’s trading. Iran’s warning that it could intensify counterstrikes if attacks continued heightened concern about a widening conflict and the possibility of further disruption to energy infrastructure or shipping flows. The Strait of Hormuz is particularly important because it is a major transit route for global crude and liquefied natural gas supplies. Many also monitored escalating trade friction between the United States and Canada. Canada’s retaliatory tariffs of as much as 50% on about 700 U.S. products took effect Tuesday. The Trump administration, meanwhile, signaled it could impose bans affecting Canadian dairy products, alcoholic beverages, and motorcycles if the dispute continues, with the potential restrictions set to take effect September 29. The administration is relying on Section 338 of the Tariff Act of 1930, a rarely used legal authority that allows retaliation against countries deemed to discriminate against U.S. commerce. A number of analysts were noted that the economic effect of the potential product bans may be modest relative to total cross-border trade, but the policy dispute introduces more uncertainty for companies with integrated North American supply chains. Trade uncertainty can become a market concern even when the immediate tariff exposure is limited. Businesses may delay investment, adjust sourcing plans, or face higher input costs, while investors may assign lower valuations to companies exposed to cross-border manufacturing, autos, agriculture, consumer products, and industrial supply chains.
Corporate News and Earnings Watch
Corporate developments were not the dominant driver of the session, but several public companies remained in focus:
- Dell Technologies Inc. (NYSE: DELL, $535.25, +.26%) is seeking to raise about $4 billion through an investment-grade bond sale, with the proceeds expected to refinance debt and support general corporate purposes. The financing effort comes as Dell continues to benefit from demand for artificial-intelligence infrastructure and servers featuring Nvidia Corp. (NASDAQ: NVDA) technology. Founder Michael Dell reportedly is now the 3rd richest person in the world as he passed Jeff Bezos.
- Apple Inc. (NASDAQ: AAPL) was set to hold its annual iPhone launch event, a key near-term catalyst for the company, its device upgrade cycle, and the broader consumer-electronics ecosystem.
- Chewy Inc. (NYSE: CHWY), American Eagle Outfitters Inc. (NYSE: AEO), The Cooper Companies Inc. (NASDAQ: COO), AeroVironment Inc. (NASDAQ: AVAV), SailPoint Inc. (NASDAQ: SAIL), Navan Inc. (NASDAQ: NAVN), and Wealthfront Corp. (NASDAQ: WLTH) were among companies scheduled to release results or provide investor updates and dropped in value today.
- PepsiCo Inc. (NASDAQ: PEP), Winnebago Industries Inc. (NYSE: WGO), and Boeing Co. (NYSE: BA) were among companies referenced in recent Treasury commentary related to U.S. production and investment initiatives.[finance.yahoo]
Dell’s prospective debt sale illustrates a key market tension: AI-related capital spending and data-center demand remain powerful corporate growth drivers, but higher Treasury yields still determine the baseline cost of funding. Investors will be watching whether companies continue to finance expansion comfortably or become more cautious if rates remain elevated.
What Investors Are Watching Next
The market’s next move will depend heavily on whether oil prices stabilize, whether Treasury yields retreat, and whether geopolitical developments improve or deteriorate. The most important items to watch include:
- Crude oil and gasoline: October crude oil closed at $96.69, leaving the market close to the $100-per-barrel threshold. Further increases could intensify inflation fears and undermine consumer confidence,
- Treasury yields: The 10-year yield’s reaction to the Treasury’s expanded buyback program will remain important for equity valuations and corporate borrowing costs.
- Federal Reserve expectations: Rising energy costs have revived the possibility that the Fed could maintain tighter policy for longer or increase rates again if inflation expectations become unanchored.
- Market volatility: The VIX rose 4.58% to 16.44. A sustained rise in volatility would suggest that investors are paying more actively for protection against further equity declines.
- Iran and the Strait of Hormuz: Any evidence of supply disruption, shipping restrictions, or military escalation could drive another leg higher in energy prices.
- U.S.-Canada trade policy: The path of retaliatory tariffs and proposed product bans could affect supply-chain-sensitive companies and broader business confidence.
- Consumer and corporate earnings: Earnings commentary from Chewy (CHWY), American Eagle Outfitters (AEO), and other reporting companies may offer timely evidence about consumer demand, margin pressure, and the ability to manage higher input costs.
Wednesday’s session was ultimately a reset in risk appetite. Equity investors faced an unfavorable combination of inflation-sensitive oil prices, a higher-rate backdrop, geopolitical uncertainty, and new trade-policy questions. Until oil and bond yields show sustained signs of easing, the market may continue to reward companies with strong balance sheets, reliable free cash flow, pricing power, and less exposure to energy-intensive or highly rate-sensitive demand.
VP Watchlist Updates
Amwell® (NYSE: AMWL)
Amwell® (NYSE: AMWL), a leading provider of a comprehensive SaaS-based software platform for technology-enabled healthcare, closed at $12.30.
AMWL announced (Sept 8) announced the Department of Veterans Affairs (VA) has declared its intent for the Company to deploy its virtual health platform within the VA enterprise and help power the modernization of the VA’s digital health infrastructure. The VA anticipates the Amwell platform will support a broad range of clinical services, enhance care coordination, and improve access for our Veterans across the VA enterprise. The Letter of Intent follows a comprehensive evaluation process by the VA, in which it determined that Amwell’s virtual health platform aligns with the Department’s strategic objectives to expand access to high-quality, secure, and reliable virtual care services for Veterans nationwide through the VA’s current electronic health record modernization efforts. Specifically, the capabilities Amwell demonstrated in scalable video consultations, interoperability, cybersecurity compliance, and support for integrated care delivery were significant factors in this determination.
Amwell® has received Frost & Sullivan’s 2026 United States Technology Innovation Leadership Recognition in the Technology-Enabled Care Platforms Industry. The recognition validates Amwell’s ability to address healthcare fragmentation through a unified platform that orchestrates consumer experiences, clinician workflows, care programs, and partner solutions.
The Company also reiterated recently its objective to achieve positive cash flow from operations in the fourth quarter of 2026.
Serina Theraeuptics (NYSE : SER)
Serina Theraeuptics (NYSE : SER, $2.57 +2.80%) is a clinical-stage biotechnology company developing a pipeline of wholly owned drug product candidates to treat neurological diseases and other indications. Serina’s POZ PlatformTM provides the potential to improve the integrated efficacy and safety profile of multiple modalities including small molecules, RNA-based therapeutics and antibody-based drug conjugates (ADCs). Serina is headquartered in Huntsville, Alabama on the campus of the HudsonAlpha Institute of Biotechnology.
SER announced (Sept. 9) that the independent Safety Monitoring Committee (SMC) has completed its blinded review of Cohort 1 of the ongoing Phase 1b registrational study of SER-252 in patients with advanced Parkinson’s disease and recommended that the study advance to Cohort 2. Cohort 1 evaluated the lowest dose level in the single-ascending-dose portion of the study. In addition to supporting continued dose escalation, blinded Cohort 1 observations showed a pharmacokinetic profile consistent with the sustained apomorphine exposure SER-252 is designed to provide and included sustained periods of improvement in motor function in individual patients on exploratory clinical measures.
Hudson Pacific Properties (NYSE: HPP)
Hudson Pacific Properties (NYSE: HPP, $11.91) is a real estate investment trust serving dynamic tech and media tenants in global epicenters for these synergistic, converging and secular growth industries. Hudson Pacific’s unique and high-barrier tech and media focus leverages a full-service, end-to-end value creation platform forged through deep strategic relationships and niche expertise across identifying, acquiring, transforming and developing properties into world-class amenitized, collaborative and sustainable office and studio space. HPP turned in a quarter ( Aug. 5) that suggests the office malaise is not over, but it may finally be meeting resistance. Revenue came in above Wall Street’s expectations, occupancy moved higher for a fourth straight quarter, and management raised full-year guidance — a combination that does not make for a triumphant victory lap, but it does make for a more credible turnaround narrative. Learn more.
Eupraxia Pharmaceuticals Inc. (EPRX)
Eupraxia Pharmaceuticals Inc. (EPRX, $8.08), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need, announced (Aug. 13) positive results from a new analysis of the RESOLVE study examining the effect of EP-104GI on symptom severity, including for the first time an analysis of the effect of EP-104GI on odynophagia (pain when swallowing). This is important because odynophagia scoring is a component of Dysphagia Symptom Questionnaire (DSQ), a commonly used patient reported outcome used in pivotal clinical trials in EoE patients.
Modular Medical, Inc. (NASDAQ: MODD)
Modular Medical, Inc. (NASDAQ: MODD, $2.81), a commercial-stage medical device company preparing for the commercial launch of its next-generation Pivot™ tubeless patch pump, announced (September 4) that it has secured a contract with a national U.S. pharmacy benefit manager (PBM) in the United States. Pursuant to the contract, the Company’s Pivot insulin delivery system is now available through the national PBM. The Company believes the engagement with this national PBM represents a significant step forward in broadening patient access to the Company’s Pivot tubeless patch pump and will further validate the Pivot pump as an accessible therapeutic option for people living with diabetes.
MODD announced (September 3) that the U.S. Food & Drug Administration (FDA) has cleared a set of software enhancements to its Pivot insulin delivery system, further expanding the system’s functionality and providing users with greater flexibility and customization options in bolus dosing, an enhanced user-interface (UI), and other software upgrades.
MODD CEO, Jeb Besser, co-hosted a Tribe Public’s CEO Presentation and Q&A Webinar Event titled “The Road To Revenue: Modular Medical’s Strategy For Launching Pivot,” that was held Friday, September 4, 2026 (8:30am PT / 11:30 am ET). You may watch the event video below now if you missed it below now.
MODD announced (Aug. 3) plans to initiate the first phase of commercialization of its Pivot tubeless patch pump across five strategically selected U.S. markets beginning in October 2026. The initial rollout will include Atlanta, Cincinnati/Lexington, Dallas, Houston, and Philadelphia, representing a foundational step in the Company’s capital efficient commercialization strategy with its mission to expand access to simplified insulin delivery solutions for all people living with diabetes.
MODD recently (July 22) announced the formation of its Pivot Innovation Council, a cross-functional group of leading clinicians and healthcare experts established to help guide the company’s clinical and commercial strategy. Diabetes care expert Robert Gabbay, MD, PhD, FACP was appointed as chair of the Pivot Innovation Council. The council will provide insights on target patient populations, support optimization of clinical workflows, inform evidence-generation initiatives, and help refine the Pivot product roadmap and go-to-market approach, as the Company continues to scale its differentiated offering.
Similarweb Ltd. (NYSE: SMWB)
Similarweb Ltd. (NYSE: SMWB) and NIQ (NYSE: NIQ) have recently announced their planned Agentic Commerce Measurement solution aims to connect AI-based product discovery with consumer intent, traffic, conversion and verified sales outcomes. The first version is expected in the fourth quarter of 2026, initially across selected categories and markets. For many, the strategic appeal is simple: as AI becomes an increasingly consequential front door to commerce, the value may accrue not only to the companies building AI assistants, but also to the data-and-measurement providers that tell enterprises whether all that artificial intelligence is generating actual revenue, or merely very articulate window-shopping.
SMWB also recently delivered the sort of second-quarter report investors tend to enjoy: revenue and profitability exceeded guidance, full-year expectations moved higher, and AI demand translated into contracts rather than merely conference-call poetry. SMWB closed at $8.04. Learn More.
LG Display Co., Ltd. (LPL)
LG Display Co., Ltd. (NYSE: LPL, $3.22) has spent the last few years doing something many hardware companies talk about but few execute well: turning a technology pivot into a full‑blown business transformation that everyday investors can actually follow. Instead of chasing commoditized LCD TV panels in a race to the bottom, LPL is leaning into Gaming OLED, CES‑worthy innovation, and premium automotive displays – and the press trail tells a surprisingly investor‑friendly story.
Yatsen Group (NYSE: YSG)
Yatsen Group (NYSE: YSG, $2.77, +1.47%), a leading China-based beauty group, delivered the sort of quarter that can make a turnaround investor sit up straighter: reported revenue grew, its strategically important skincare operation accelerated sharply, and the company is increasingly built around clinical and premium brands rather than a pure color-cosmetics play. The results are not yet a victory lap, losses widened and third-quarter guidance is cautious, but YSG’s transformation is beginning to look less like a cosmetic touch-up and more like a genuine renovation.
YSG announced (July 8) a landmark collaboration to bring its flagship brand, Perfect Diary, to Sephora in China. This partnership integrates Yatsen’s rigorous scientific infrastructure with the world’s leading prestige beauty retailer, marking a significant milestone in Yatsen’s continuing evolution into a global beauty technology powerhouse.
Doximity, Inc. (NYSE:DOCS)
Doximity (NYSE: DOCS, $24.19) is the leading digital platform for U.S. medical professionals. The company’s network members include more than 85% of U.S. physicians across all specialties and practice areas. Doximity provides its verified clinical membership with digital tools built for medicine, enabling them to collaborate with colleagues, stay current on medical news and research, manage their careers and on-call schedules, streamline documentation and administrative paperwork, and conduct virtual patient visits.
Doximity, Inc. (NYSE: DOCS) announced (Aug. 6) results of its fiscal 2027 first quarter ended June 30, 2026. Jeff Tangney, co-founder and CEO of Doximity, “We’re proud that our clinical AI assistant, Doximity Ask, was the top-performing U.S.-based model in the NOHARM benchmark while we delivered another quarter of record engagement. In Q1 we had accelerated revenue growth along with workflow active prescriber growth of more than 30% year-over-year and AI Search query growth of over 25% quarter-over-quarter.”
Fiscal 2027 First Quarter Financial Highlights
All comparisons, unless otherwise noted, are to the three months ended June 30, 2025.
- Revenue: Revenue of $156.6 million, versus $145.9 million, an increase of 7% year-over-year.
- Net income and non-GAAP net income: Net income of $24.3 million, versus $53.3 million, representing a margin of 15.5%, versus 36.5%. Non-GAAP net income of $55.0 million, versus $71.9 million, representing a margin of 35.1%, versus 49.2%.
- Adjusted EBITDA: Adjusted EBITDA of $74.8 million, versus $79.8 million, a decrease of 6% year-over-year, representing adjusted EBITDA margins of 47.7%, versus 54.7%.
- Diluted net income per share and non-GAAP diluted net income per share: Diluted net income per share was $0.13, versus $0.27, while non-GAAP diluted net income per share was $0.29, versus $0.36.
- Operating cash flow and free cash flow: Operating cash flow of $42.0 million, versus $62.1 million, a decrease of 32% year-over-year, and free cash flow of $39.6 million, versus $60.1 million, a decrease of 34% year-over-year.
Financial Outlook
Doximity is providing guidance for its fiscal second quarter ending September 30, 2026 as follows:
- Revenue between $170 million and $171 million.
- Adjusted EBITDA between $80.5 million and $81.5 million.
Doximity is updating guidance for its fiscal year ending March 31, 2027 as follows:
- Revenue between $671 million and $681 million.
- Adjusted EBITDA between $309 million and $329 million.
Sable Offshore Corp. (SOC)
Sable Offshore Corp. (NYSE: SOC, $4.92, +1.44%) has moved from the awkward “pre-revenue restoration project” phase into something much more recognizable to Wall Street: a company selling meaningful volumes of oil, generating operating cash flow, and building momentum into a potentially larger 2027 earnings base. The second-quarter report on Monday was not a polished victory lap—midstream bottlenecks and one-time costs made sure of that—but it offered something potentially more valuable: proof that the Santa Ynez Unit restart is translating into barrels, revenue, and operational traction. Learn more.
T1 Energy Inc. (NYSE: TE)
T1 Energy Inc. (NYSE: TE, $4.91) offers a different type of growth story: one rooted in domestic production, trade-policy tailwinds and execution on solar manufacturing capacity. T1 announced (Aug. 27) that local officials in Mo i Rana, Norway, have rezoned a portion of the company’s Giga Arctic campus, allowing for the development of a data center. T1 is pursuing multiple pathways to monetize this brownfield facility as part of a value optimization initiative.
T1 recently reported second-quarter net sales of $250.1 million, produced 935 megawatts of solar modules at its G1_Dallas facility and generated adjusted EBITDA of $10.7 million. The company also monetized $39.1 million of 2025 Section 45X tax credits and ended the quarter with $156.4 million in cash, cash equivalents and restricted cash, including $79.1 million unrestricted. The headline loss should not be ignored: T1 reported a $36.9 million net loss from continuing operations, while its adjusted EBITDA benefited from $24.4 million in tariff refunds recognized in cost of sales. Yet the more interesting investor question is whether the company is creating a viable U.S. solar-manufacturing platform at a time when supply-chain security and domestic energy capacity carry unusually high strategic value. The company expects its first solar cells from a planned 2.1-gigawatt manufacturing facility in the first quarter of 2027. With 3 gigawatts of firm contracts, a 641-megawatt offtake agreement with Clearway and 2026 output expected toward the upper end of its 3.1-to-4.2-gigawatt range, T1’s story is increasingly about turning production capacity into contracted revenue. For investors, TE is less a conventional earnings multiple story than an execution-and-optionality story. If domestic solar demand remains durable and manufacturing milestones stay on schedule, the market may ultimately value the company less like a troubled commodity producer and more like a strategically positioned industrial platform.
Nvidia (NVDA, $223.67, -.91%)
NVDA announced plans (Sept. 3) to acquire open-AI platform Hugging Face for approximately $13 billion, with closing expected in 2027. The move reinforces NVIDIA’s effort to deepen its position across AI infrastructure, development tools, and the open-source AI ecosystem. Learn More.
Nvidia once again delivered (Wed., August 26) results that made Wall Street’s estimates look rather conservative. After the bell on Wednesday, NVIDIA, for its fiscal second quarter, the AI-chip leader reported adjusted earnings of $2.22 per share, ahead of the $2.10 consensus forecast, while revenue reached $96.22 billion, comfortably above expectations of $92.17 billion. The performance underscores Nvidia’s central role in the global AI buildout, where demand for its computing hardware continues to turn ambitious data-center plans into exceptionally large purchase orders. In short: the company remains one of the market’s preferred ways to bet on artificial intelligence, and, judging by the numbers, the machines are still very much hungry.
Exodus Movement, Inc. (EXOD, $6.31)
Exodus Movement, Inc. (NYSE American: EXOD) offers investors an increasingly unusual combination: a publicly traded software company positioned at the intersection of crypto adoption, self-custody, consumer finance and digital-asset infrastructure. In a sector accustomed to grand promises and occasionally vanishing balance sheets, Exodus sells a more practical proposition—help users securely manage, swap, stake and spend digital assets without handing over the keys. That model is gaining relevance as cryptocurrency moves beyond the speculative trading screen and toward everyday financial utility. Exodus is not trying to become a bank in a hoodie; it is building the user-friendly front door to a self-custodial digital-asset economy.
The Sources
Sources
- Yahoo Finance: Stock Market Today Dow, S&P 500 and Nasdaq Futures Hold Steady as Oil Prices Near $100
- Yahoo Finance / Bloomberg: U.S. Treasury Triples Long-Dated Debt Buyback to $6 Billion
- Yahoo Finance / Bloomberg: Iran Ready for More Intense War and Won’t Relent, Official Says
- Yahoo Finance: Trump’s Trade War With Canada Is Increasingly Reliant on a Disputed 95-Year-Old Tariff Law
- Yahoo Finance: Gasoline Prices Are Highest Ever for This Time of Year — Chart of the Day
- Yahoo Finance / Bloomberg: Dell Seeks to Raise $4 Billion From Bond Sale to Refinance Debt
- CNBC: Stock Market Today Live Market Updates, September 8, 2026
This article is for informational purposes only and should not be construed as investment advice, a recommendation, or an offer to buy or sell any security. Market data are subject to revision, and investors should conduct independent due diligence before making investment decisions.
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