Welcome to Wall Street Wrap, your quick end-of-day rundown of what moved US markets today, plus what's shaping global sentiment overnight.

Markets Today

Stocks fell for a third straight session Wednesday as rising Treasury yields and surging oil prices continued to unsettle investors. The Dow dropped 405.41 points, the S&P 500 shed 0.48%, and the Nasdaq Composite fell 0.64%, while the Nasdaq 100 slipped 0.29%. Yields jumped after the Treasury Department said it would triple its bond buyback operation to $6 billion, a move aimed at supporting the market that instead triggered a sell-the-news reaction. Oil extended its rally too, with Brent settling above $101 a barrel for the first time since July as tensions between the US and Iran showed no signs of easing. Apple also made news well beyond the market close, unveiling its first foldable iPhone in new CEO John Ternus's debut keynote.

Close Levels

Analytical View

The Treasury Department's bond market intervention backfired today. After announcing it would triple its buyback operation for longer-dated debt to $6 billion, well above the prior doubling and yet still below what some on Wall Street had expected, Treasury yields rose rather than fell. The 10-year note climbed to 4.857%, its highest level since November 2023, while the 30-year pushed through the closely watched 5.3% level some analysts had called a line in the sand. One bond strategist noted the market had been positioned for something closer to $7-8 billion, so the announcement landed at the low end of expectations and read as less supportive than hoped. A prominent hedge fund manager was blunter still, warning in a Wall Street Journal op-ed that once markets believe the Treasury is defending a yield level, every subsequent rise becomes a test of resolve that the operation must keep growing to survive, and that such efforts against fundamentals ultimately fail.

Oil added to the pressure. Brent crude settled up 3.36% at $101.21 a barrel and WTI gained 3.25% to $96.05, both their highest settles since May, as the US-Iran conflict continued without resolution. One portfolio manager summed up the day's setup bluntly: fears of rising rates paired with spiking crude are never a good combination for stocks, and that mix was exactly what pushed investors into a defensive posture early in the session. Even so, another market strategist noted that equities have largely held up given how stretched both equity and rate sentiment have become, adding that such extremes on both sides rarely coexist for long.

What could change the picture: Thursday brings a packed calendar, including the ECB's rate decision, US Producer Price Index data, and weekly jobless claims, all of which will shape the next leg for yields and risk appetite heading into Friday.

Sector Performance

Winners & Losers

Top 5 Gainers (across S&P, Nasdaq, Dow)

Top 5 Decliners

Note: Comcast and Charter both slid sharply after executives flagged persistent broadband competition, while Casey's led decliners on a weak earnings reaction.

After-Hours Movers

Gainers

• AeroVironment (NASDAQ:AVAV), +2.45% after hours: Fiscal Q1 adjusted EPS of $0.59 topped the $0.22-0.24 consensus range on revenue of $480.5 million, well above the roughly $452.8 million expected. The company maintained its full-year guidance and reported a record $1.5 billion backlog, up 37% year-over-year, aided by a $464.8 million Army laser contract and its first international LOCUST order worth over $50 million.
• Huachen AI Parking Management Technology (NASDAQ:HCAI), +14.29% after hours: The China-based smart-parking and precision-parts maker announced a strategic cooperation framework with Hong Kong's Beyinda Limited to expand its precision metal components business into new energy vehicles, charging infrastructure, and energy storage applications. The agreement is non-exclusive and does not include any minimum purchase commitment.

Decliners

• American Eagle Outfitters (NYSE:AEO), -8.85% after hours: Fiscal Q2 comparable sales fell 1%, more than the 0.6% decline analysts expected, and the company guided Q3 operating income to $110-115 million, below the $124.3 million consensus. An EPS beat was aided by $196 million in tariff refunds.
• Cooper Companies (NASDAQ:COO), -11.14% after hours: Fiscal Q4 guidance came in below expectations, with revenue seen at $1.057-1.080 billion versus a $1.11 billion consensus and adjusted EPS of $1.05-1.09 versus $1.19 expected.
• Navan (NASDAQ:NAVN), -12.05% after hours: Q2 adjusted EPS of $0.05 only narrowly beat the $0.04 estimate. The company also announced the acquisition of events platform BoomPop, with financial terms undisclosed.
• Enbridge (NYSE:ENB), -2%: Shares slipped after the company announced it would acquire Tallgrass Energy's Pony Express Pipeline crude transportation business for about $2.55 billion.

Commodities & Rates

Top Stories: US

• Apple (NASDAQ:AAPL) unveils its first foldable iPhone in Ternus's debut keynote. Apple introduced the iPhone Duo, its first foldable device, priced at $1,999 and set to ship October 23. The launch marked new CEO John Ternus's first keynote, during which Apple also unveiled the iPhone 18 Pro and Pro Max with a $100 price increase to $1,199 and $1,299, a redesigned AI-powered Siri, new AirPods 5 at $129, and Apple Watch Series 12 with an AI-driven conversation summary feature called Audio Intelligence. Apple shares had slipped for a third straight day heading into the event as investors braced for a possible letdown.
• Treasury's tripled bond buyback fails to calm markets, yields climb instead. The Treasury Department said it will buy back up to $6 billion of longer-dated government debt, triple the normal level, but yields rose anyway as some investors had expected an even larger operation. The 10-year Treasury yield climbed to its highest level since November 2023, while the 30-year yield pushed past the 5.3% level seen as a key threshold. Critics, including a prominent hedge fund manager, warned the strategy risks undermining confidence in Treasurys as an asset class if yields keep testing the Treasury's resolve.
• Trump says oil and gas prices won't fall until after the midterms. President Trump told reporters that elevated energy prices tied to the Iran war will not come down until after November's midterm elections, though he predicted a sharp decline afterward. He also said gas prices would eventually fall below $2 a gallon, but not until some time after the midterms.
• Enbridge (NYSE:ENB) to acquire Tallgrass Energy's Pony Express Pipeline for about $2.55 billion. The Canadian pipeline operator is buying the crude oil transportation business from Blackstone-owned Tallgrass Energy, expanding its North American crude oil footprint.
• Dow Inc. (NYSE:DOW) weighs exit from $20 billion Aramco chemicals joint venture. Dow is reportedly considering selling its 35% stake in Sadara Chemical, its joint venture with Saudi Aramco, as the chemicals maker contends with a prolonged industry downturn and disruption tied to the Middle East conflict. Dow shares fell more than 1% on the report.
• Anthropic discloses a fourth AI cybersecurity incident, as a separate AI safety controversy erupts. Anthropic said an early version of its Claude Opus 4.6 model was involved in a cybersecurity incident in January, the fourth such episode disclosed since the company first revealed in July that earlier Claude models had accessed the systems of three companies during testing. The company has engaged an independent research firm to investigate. Separately, an AI researcher who had worked at both Anthropic and OpenAI resigned this week, accusing both companies of acting irresponsibly in the race toward more powerful AI systems. In a widely viewed social media post, the researcher said the people building the technology "earnestly believe that it could kill us all by the end of the decade," warning that upcoming systems could soon be capable of hacking almost anything and acquiring significant real-world power and resources.

Top Stories: Global

• IAEA refers Iran to UN Security Council for the first time in 20 years. The International Atomic Energy Agency's board of governors passed a resolution reporting Iran to the Security Council for breaching its non-proliferation obligations, following a prior finding of non-compliance from last year. Iran has not allowed inspectors back into nuclear sites bombed by Israel and the US, and has not accounted for its stockpile of highly enriched uranium, which the IAEA says could be enough for multiple weapons if further enriched.
• Serbia's Vucic dissolves parliament, calls snap elections for October 25. President Aleksandar Vucic, who has led Serbia as president or prime minister for over a decade, called early elections as he seeks to become prime minister, following nearly two years of anti-corruption protests triggered by a deadly railway station collapse in 2024.
• Trump's social media map sparks diplomatic backlash from Iceland, Denmark, and Mexico. A Truth Social post from President Trump depicting the US, Canada, Greenland, Iceland, Mexico, Central America, and the Caribbean under the American flag drew sharp criticism from multiple governments. Iceland summoned the US ambassador in protest, Denmark's foreign minister called the post inappropriate, and Mexico's president said the country would never be a colony or protectorate of any foreign power.
• Israel's election campaign begins as dozens of parties register for October vote. Candidate registration for Israel's October 27 election closed this week, with dozens of parties entering the race though many are unlikely to clear the 3.25% threshold needed to enter the Knesset. Polls show parties currently backing Prime Minister Benjamin Netanyahu falling short of a majority, but the opposition remains divided and has not settled on a single leader to challenge him, leaving both government and opposition blocs facing a difficult path to a governing coalition regardless of the outcome.

Management & Fed Speak

Bill Pulte, Director, Federal Housing Finance Agency, on FICO (NYSE:FICO) and credit scoring costs:

Pulte said credit scoring company FICO has been keeping consumer borrowing costs unduly high, and that his agency is studying changes to how credit reports are used to reduce those costs, including the possibility of relying on just a single credit report. He said FICO seems more focused on raising prices than offering competitive costs.

Mike Intrator, CEO, CoreWeave (NASDAQ:CRWV), on public pushback against AI data centers:

Intrator said the industry hasn't done a good job explaining the benefits AI data centers deliver to people, governments, and decision-making. He said the underlying public concern isn't really about data centers specifically, but about how quickly the world is changing and what that means for people and their children.

Jason Armstrong, CFO, Comcast (NASDAQ:CMCSA), on broadband competition:

Armstrong said satellite providers loom as a potential future competitive threat to Comcast's broadband business, alongside continuing pressure from fixed wireless providers, though he said satellite competition isn't a significant factor yet. He said the company expects to see more of that competition over time, particularly in rural and deep suburban markets, and that pricing competition in fiber broadband has remained irrational into the third quarter.

Corporate Actions & Earnings Calendar

Top 4 Ex-Dividend Companies Today by Market Cap (Sept 10)

Upcoming Earnings (Thursday, Sept 10)

Economic Calendar (Thursday, Sept 10)

That's the wrap for today. Thursday's ECB decision and US PPI print are next up, key inputs for where yields and risk appetite head into Friday.