Pre-Market Briefing — September 28, 2026: Oil Surges, Yields Spike, Nvidia Buyback

Overview

Good morning, it’s Monday, September 28th. Futures point to a lower open, with S&P futures down half a percent and Nasdaq futures off a full one percent. This follows a mixed session in Asia and a slightly positive start in Europe. The big movers overnight are in commodities and rates. The 10-year Treasury yield is at

In this show

• Good morning, it’s Monday, September 28th. Futures point to a lower open, with S&P futures down half a percent and Nasdaq futures off a full one percent. This follows a mixed session in Asia and a slightly positive start in Europe. The big movers overnight are in commodities and rates. The 10-year Treasury yield is at 5.22%, a multi-year high. WTI crude is surging past $95 a barrel on geopolitical news, while gold is down sharply. We have a lot to unpack this morning. With me are our markets analyst and our world correspondent.
• On the calendar today, it's a quiet start to the week for economic data, with no major releases scheduled. However, we do have earnings. Before the bell, watch for reports from Kandi Technologies and Genius Group. After the close, we'll hear from Jefferies Financial and Vail Resorts. The main event will be commentary from the Federal Reserve. Vice Chair for Supervision Michael Barr speaks at 8:15 AM Eastern, and Governor Cook testifies this afternoon. Their words will be closely watched for any policy signals.
• The lead story driving markets is geopolitical. Crude oil prices jumped after President Trump rejected a proposal from Iran aimed at reopening the critical Strait of Hormuz shipping lane. In response, Iranian officials stated that while they desire peace, they are also 'fully prepared for the time for the war to be resumed.' This uncertainty has sent Brent crude climbing towards $108 a barrel and WTI above $95. The risk premium is back in the energy market this morning in a big way.
• That surge in energy is feeding directly into inflation fears and the bond market. The selloff in government debt is accelerating this morning. The 10-year Treasury yield climbed to 5.22%, its highest level since 2007. The 30-year yield is not far behind, reaching 5.53%, a high not seen since 2004. This repricing of risk is putting significant pressure on all asset classes as the market anticipates the Fed may have to stay more aggressive for a longer period of time.
• Let's connect these threads. Rising energy prices and a string of strong economic data are renewing persistent inflation concerns. This is the core driver behind the bond selloff. The market is now increasingly pricing in the possibility of another interest rate hike in October to combat this stubborn trend. Any hawkish rhetoric from Fed officials today could pour gasoline on that fire, further unsettling both the bond and equity markets. The era of easy money feels firmly in the rearview mirror.
• The combination of geopolitical tension and soaring yields is creating a clear risk-off mood for equities. Futures for the Dow Jones, S&P 500, and Nasdaq 100 all point to a lower open on Wall Street. Higher yields directly pressure equity valuations, particularly for growth and tech stocks, which explains the larger drop in Nasdaq futures. Investors are heading for the sidelines as the cost of capital rises and global uncertainty increases.
• In this environment, even traditional safe havens are struggling. The price of gold fell sharply, dropping over 3% to around $4,146 per ounce. The decline is a direct result of a stronger US dollar and the rising yields on US Treasury bonds. With government debt now offering a real return well above 5%, non-yielding assets like gold become far less attractive to investors. It's a significant headwind for the precious metal this morning.
• One bright spot in the pre-market is Nvidia. The chipmaker saw its stock get a lift after announcing a massive increase to its share repurchase program. The company is adding another $150 billion to its share buyback authorization. This move signals strong confidence from management in its future growth prospects and provides a potential cushion for the stock amidst the broader market volatility we're seeing this morning across the tape.
• Sticking with semiconductors, shares of Magnachip Semiconductor Corp. surged an impressive 11.8% in pre-market trading. While there's no specific news catalyst driving the move, it points to renewed investor interest in the sector. It seems some traders are hunting for valuation opportunities in smaller-cap names, even as giants like Nvidia command the headlines. It's a pocket of bullish sentiment in an otherwise cautious and risk-off market.
• Across the Atlantic, M&A activity appears to be heating up. Reports indicate German chemical giant BASF is in exploratory talks with RAG-Stiftung and Evonik Industries. The subject is a potential takeover of Evonik. This suggests a renewed appetite for large-scale consolidation in the European industrial sector, even with an uncertain economic climate. A deal of this size would significantly reshape the continent's chemical landscape.
• The deal-making buzz extends to the luxury sector as well. Industry coverage suggests that Armani is in talks for a 15% stake sale. The potential suitors are a who's who of European luxury and consumer giants, reportedly including LVMH, L'Oreal, and EssilorLuxottica. This move could set a new valuation benchmark for heritage fashion brands and indicates that high-end consumer demand remains a coveted asset for the world's largest strategic buyers.
• Akamai Technologies closed up more than 3 percent after a volatile session. The cloud services provider announced a landmark seven-year, $11.6 billion deal to provide computing infrastructure for artificial intelligence company Anthropic. This massive agreement, which could potentially expand to $20 billion, solidifies Akamai's position as a key infrastructure supplier for the booming AI industry and sent the stock soaring over 16% at its intraday high.
• Meta Platforms slid over 3 percent, ending the day at $751.66. The drop came as investors took profits following a significant run-up driven by excitement for its new 'Muse' personal AI agent and reveals at its recent developer conference. Despite the session's decline, the stock had rallied nearly 13% for the week, reflecting strong momentum for its new AI and hardware initiatives.
• Costco Wholesale rallied, closing up nearly 3 percent at $922.77. The wholesale retailer reported stronger-than-expected profit and revenue for its latest quarter, signaling resilient consumer spending despite economic pressures. The company's diluted earnings per share rose 15% to $6.75, beating analyst expectations and demonstrating the strength of its membership-based model.
• So, a tense start to the week with surging oil and spiking yields weighing on stocks. The one thing to watch today will be the Federal Reserve. We have speeches from Vice Chair for Supervision Michael Barr at 8:15 AM and Governor Lisa Cook at 1:15 PM Eastern. With the 10-year yield at multi-decade highs, their commentary on inflation and future rate policy will be critical. Any hawkish signals could easily extend this morning's pre-market selloff into the open. Stay sharp.