Stock Market Today (Sept. 24, 2026): Dow Falls, S&P 500 Flat as Treasury Yields and Oil Prices Rise -( $AMWL $DRI $EPRX $HPP $INTC $META $MODD $NVDA $ORCL $OWL $QCOM $SBUX $SER $SHOP $WRBY )

Thursday, September 24, 2026 — U.S. equities ended a volatile session mixed, as investors weighed a sharp rise in long-term Treasury yields and higher oil prices against cautious optimism that negotiations could eventually reopen the Strait of Hormuz. The S&P 500 finished essentially flat, the Nasdaq Composite edged higher, and the Dow Jones Industrial Average declined, reflecting a market increasingly sensitive to rates, inflation expectations, and geopolitical energy risk.

Closing Market Performance

The subdued finish came after stocks recovered from deeper intraday losses. Reuters-reported discussions between U.S. and Iranian negotiators over a potential phased arrangement to restore passage through the Strait of Hormuz helped temper the risk-off tone. Any progress remains uncertain, but the prospect of normalized energy flows gave equities some support late in the session.

Macro Commentary: Bonds Are Setting the Tone

The defining macro development was another jump in Treasury yields. The 30-year Treasury yield reached approximately 5.45%, its highest level since 2004, while the benchmark 10-year yield traded near 5.15%, around levels last seen in 2007. Those moves raise financing costs across the economy, from mortgages and consumer credit to corporate debt and private-market valuations. The immediate catalyst is a difficult combination:

• U.S. business activity has remained resilient, according to recent purchasing managers’ index data, reducing fears of a near-term economic downturn.
• Oil prices have remained elevated amid the Middle East conflict and restricted Strait of Hormuz shipping activity.
• Inflation concerns have strengthened after the Federal Reserve’s recent rate increase.
• Heavy investment and debt financing connected to AI infrastructure may be adding to broader capital-demand and long-duration-rate pressures.

The market is therefore confronting a more challenging version of “good news is bad news.” Strong economic data can support earnings, but it can also convince bond investors and Federal Reserve officials that inflation may prove too persistent for rates to fall soon. Federal Reserve officials reinforced that message Thursday. New York Fed President John Williams said another increase by year-end was a reasonable possibility, while Philadelphia Fed President Anna Paulson said modest additional tightening could be warranted if conditions evolve as expected. CME-based rate expectations cited by market reports placed the odds of an October hike at roughly two-thirds. The labor market remains a partial counterweight to recession fears: initial jobless claims fell to 197,000 for the week ended September 19, below the 201,000 economists expected, while continuing claims stood at 1.72 million. That stability supports the growth outlook, but it also gives policymakers less reason to quickly reverse course on inflation.

Energy, Inflation and Geopolitics

Oil was a major source of market pressure. November WTI crude settled at $95.28 per barrel, up 3.39%, while reports during the day put Brent crude above $105 per barrel. Higher crude prices risk filtering into gasoline, diesel, transportation, manufacturing, and consumer inflation. The political and economic stakes are rising. AAA’s national average gasoline price was reported at $4.48 per gallon amid the Iran conflict and here in San Francisco I just paid $6.85/gallan. The Senate was scheduled to consider a War Powers Resolution calling for an end to U.S. hostilities with Iran. Although the measure was described as largely symbolic because it would not carry the force of law, it underscores the domestic pressure created by higher fuel costs. For many, the key transmission mechanism is straightforward: sustained energy inflation could keep Treasury yields high, reinforce expectations for further Fed tightening, and compress equity valuations, particularly for long-duration growth assets.

Corporate and Sector Highlights

AI, cloud and technology

Oracle Corp. (NYSE: ORCL) came under renewed pressure after reports that it issued a force-majeure notice tied to the Project Jupiter data-center development in New Mexico. Oracle said the project remains on schedule and that it remains committed to the state, while the project developer, a unit of Blue Owl Capital Inc. (NYSE: OWL), said the notice does not alter financial commitments to the multiyear project. Investors are closely watching execution risk, construction costs, regulatory hurdles, and the company’s reported $18 billion of debt connected to the development.The episode illustrates a broader market concern: AI infrastructure spending remains a powerful secular theme, but the capital intensity of hyperscale data-center expansion is becoming more visible as rates rise. Companies connected to AI compute, cloud capacity, power availability, networking, and semiconductor efficiency may face greater scrutiny around returns on invested capital and financing needs.

Meta Platforms Inc. (NASDAQ: META) remained in focus after unveiling details around its Muse AI agent. Meta said it plans to monetize the product by taking a small fee on transactions completed through the agent. The company is also positioning privacy and security as central adoption issues, including through its secure-virtual-machine architecture. The larger implication is that agentic AI is moving from a product engagement story toward a commerce, payments, and platform-integration story. Meta’s effort also potentially reinforces the role of ecosystem partners such as Shopify Inc. (NYSE: SHOP), which analysts at Loop Capital characterized as essential infrastructure for catalogs, checkout, and merchant integrations rather than a business likely to be displaced by AI agents.

A separate industry outlook highlighted the potential expansion of neuromorphic, or brain-inspired, computing. The report estimates that the global brain-inspired processor market could grow from $3 million in 2025 to $53.8 million by 2035, representing a projected 33.7% compound annual growth rate. Companies cited in that emerging technology category include Intel Corp. (NASDAQ: INTC), International Business Machines Corp. (NYSE: IBM), BrainChip Holdings Ltd. (ASX: BRN), Qualcomm Inc. (NASDAQ: QCOM) and Hewlett Packard Enterprise Co. (NYSE: HPE). As with any third-party market forecast, all should view the figures as estimates, not guarantees of future demand or company performance.

Consumer, restaurants and retail

Starbucks Corp. (NASDAQ: SBUX) said it will close about 250 underperforming stores in the United States and Canada this week, reducing its North American footprint by roughly 1%. The company is simultaneously accelerating café redesigns, aiming to complete at least 1,500 “uplifts” by the end of fiscal 2026. The closures follow a reported 7.9% increase in same-store sales in the company’s fiscal third quarter, suggesting management is pairing a stronger sales backdrop with portfolio optimization.

Darden Restaurants Inc. (NYSE: DRI) declined after reporting fiscal first-quarter results that showed adjusted earnings per share of $2.05, in line with expectations, and revenue of $3.20 billion, slightly below the $3.21 billion consensus estimate.[cnbc]

MGM Resorts International (NYSE: MGM) fell sharply after Barry Diller’s People Inc. withdrew its proposal to acquire the casino operator. People Inc. had offered $48.30 per share in cash, valuing the proposal at roughly $18 billion including debt, according to Yahoo Finance.

Options and market structure

Warby Parker Inc. (NYSE: WRBY) drew attention after unusual options activity in its December $22.50 calls. The reported trade structure appeared consistent with a covered-call position: an investor buying shares while selling calls to generate premium income. That type of trade can signal a constructive outlook on the underlying company while also indicating a willingness to cap upside at the strike price.

Regulation and prediction markets

New York State sued Polymarket U.S., alleging that the prediction-market platform operates an unlicensed gambling business under state law. The action follows an earlier New York suit against competitor Kalshi. Polymarket U.S. argued that it is federally regulated by the Commodity Futures Trading Commission and said it plans to defend itself. Neither Polymarket nor Kalshi is publicly traded, but the dispute bears monitoring for investors interested in financial-market innovation, event-contract platforms, cryptocurrency-adjacent businesses, and the limits of state versus federal oversight.

What Many Are Watching Next

1. Treasury yields: A sustained 10-year yield above 5% would continue to challenge housing affordability, corporate financing, equity multiples, and interest-sensitive small-cap companies.
2. Oil and Hormuz developments: A credible plan to restore shipping through the Strait of Hormuz could relieve some energy-price pressure; a setback could push crude and inflation expectations higher.
3. Federal Reserve communication: Markets will parse upcoming remarks for clues about whether policymakers view higher yields as doing some of the tightening for them—or as a confirmation that policy must become more restrictive.
4. U.S.-China talks: The U.S. and China extended their trade truce by two months to January 10, while artificial intelligence, critical minerals, trade, and the Iran conflict remain central points of discussion.
5. AI infrastructure execution: The response to Oracle’s data-center news reinforces that investors are no longer evaluating AI merely on excitement and demand projections. They are increasingly focused on financing, deployment timing, construction risk, electricity availability, and eventual returns.

A Takeaway

Thursday’s market action was not a broad risk-on or risk-off verdict. Instead, it reflected a tug-of-war between a still-resilient U.S. economy and the financial consequences of that resilience: higher yields, renewed rate-hike expectations, and inflation risk amplified by energy prices. The Nasdaq’s slight gain, despite pressure on Oracle (ORCL), suggests investors remain willing to support select AI and large-cap technology themes. However, the flat S&P 500 and weaker Dow highlight a more selective market where valuation, balance-sheet strength, pricing power, and sensitivity to interest rates increasingly matter.

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 $13.47, +1.97%.

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, $2.14) 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.

On Thursday, September 24, 2026, Serina CEO Steve Ledger discussed discuss Serina’s programs’ progress during Tribe Public’s “A New Approach to Advanced Parkinson’s Disease: Serina Discusses SER-252’s Clinical Progress”webinar, followed by a live Q&A. You may view it below.

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, $11.71, +.17%) 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, $8.16, +.25%), 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, $2.17), 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.

Modular released findings (July 15) from an independent market research study demonstrating positive receptivity to its FDA-cleared Pivot™ tubeless patch pump due to its differentiated design, streamlined user experience, and potential for reimbursement through the pharmacy channel.

LG Display Co., Ltd. (LPL)

LG Display Co., Ltd. (NYSE: LPL, $2.90) 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, $2.48), 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, $26.04) 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, $3.97) 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, $3.81) 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, $225.58)

Super Micro Computer, Inc. (NASDAQ: SMCI), an AI, Enterprise, Storage, and 5G/Edge IT Total Solution Provider, is now shipping NVIDIA Vera Rubin NVL72 racks integrated with Supermicro’s Data Center Building Block Solutions® (DCBBS) and its direct liquid cooling stack (DLC-2).

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.

The Sources

1. CNBC Stock Market Today: Live Updates
2. CNBC Surging Treasury Yields Pose a New Challenge for Kevin Warsh and the Federal Reserve
3. CNBC Senate to Vote on Ending Iran War as Americans Face Higher Fuel Costs
4. CNBC Oracle Sends Force Majeure Notice on Data Center Project as Shares Fall
5. CNBC New York Sues Polymarket U.S. Following Earlier Lawsuit Against Kalshi
6. Yahoo Finance Starbucks to Close 250 Stores This Week
7. Yahoo Finance Meta Is Banking Its Future on Its Muse AI Agent and User Trust
8. Yahoo Finance Warby Parker’s Unusual Options Activity Points to a Covered-Call Bet
9. Yahoo Finance Brain-Inspired Computing Processor Market Outlook, 2026–2035
10. Yahoo Finance Stock Market Today: Dow, S&P 500 and Nasdaq React to Bond Sell-Off and Hormuz Developments