Tues., Sept. 1, 2026
[4:10 PM ET…closing prices for stocks, 3:50ish for commodities and bonds]
Tale of the Tape at the gas pump, nationwide averages, courtesy of AAA.
Fri., Feb. 27…regular $2.98…diesel $3.75
Tues., Sept. 1…regular $4.09…diesel $5.63 [2022’s all-time high was $5.81 at the start of Russia’s war with Ukraine.]
Starting with the global bond market….
The 10-year Treasury yield rose as high as 4.80% Tuesday after hitting its highest level of President Trump’s term in the previous session. The move is starting to unsettle the stock market, and tech names in particular.
Expectations for a hike in the Fed funds rate increased last week after Fed Chair Kevin Warsh warned in a major speech in Jackson Hole, Wyoming, that inflation wasn’t slowing meaningfully and said officials would need to act if price pressures don’t ease soon, and then oil spiked over 5% today as a result of renewed hostilities in the Persian Gulf and the U.S. military saying it was striking targets in Iran Tuesday.
Euro zone yields hit fresh over-10-year highs as the Middle East crisis stokes price pressures globally, driving market bets central banks will raise interest rates soon.
Japan’s 10-year hit 3% for the first time since 1996, as trader angst continued with energy-driven inflation, monetary tightening and worsening fiscal conditions.
A deluge of bond sales from big tech companies aggressively raising money to fund the AI boom, in an environment where the U.S. debt load has passed $40 trillion, has exacerbated government bond selling in recent weeks.
For Japan in particular, higher yields increase the cost of servicing the developed world’s biggest debt pile at a time when Prime Minister Takaichi is planning aggressive investment.
Germany’s 10-year yield hit 3.35%, its highest since 2011, and France’s, at 4.21% its highest since 2008.
Britain’s 10-year gilt yield rose to 5.2%, highest since 2008 as well.
U.S. Central Command said that the strikes “follow recent attempted attacks by the IRGC against commercial shipping in the Strait of Hormuz and against American service members deployed to the region.”
Two oil supertankers attempting to exit the Strait were struck late Monday by projectiles in quick succession, maritime security consultant Marisks said, the latest sign of renewed hostilities around the critical waterway.
The mega-crude carrier Sidr, run by Saudi Arabia’s Bahri shipping company, was hit while sailing northeast of Khasab, Oman, the consultant said. The Senegal Prosperity, operated by South Korea’s Sinokor Group, was struck by three projectiles while traveling east of the same country. Both were exiting the Persian Gulf, according to Marisks.
Renewed attacks threaten the fragile recovery in oil shipments through the vital chokepoint, which had reached roughly half of pre-war levels thanks to clandestine shuttle runs from major Middle East producers.
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In other news…the House passed a critical three-month government funding bill, sending it to President Trump’s desk and successfully quashing the likelihood of a politically risky shutdown ahead of Election Day.
The measure to fund the government through Dec. 11 passed 370-48. The Senate had earlier approved it 90-6.
And Stan Kroenke, owner of the Los Angeles Rams, the NBA’s Denver Nuggets, the NHL’s Colorado Avalanche, and Premier League club Arsenal, among others, is adding the Los Angeles Angels…freeing its fans from the 23-year reign of Arte Moreno. [Sale price not official as yet.]
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Dow Jones -418…-0.8% [52767]
S&P 500 -54…-0.7% [7631]
Nasdaq -271…-1.0% [26099]
Oil (WTI) $90.60…Brent $95.05
Gold $4330
Silver $64.15
Bitcoin $77,285 [4:00 PM ET]
U.S. 2-yr. 4.39%
U.S. 10-yr. 4.79%
Japanese 10-yr. 2.98%
Back Wed.
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Brian Trumbore
