Daily News 9th SEP 26
Daily News
Dow Sinks 628 Points as Oil Surges Past $94 on Escalating U.S.-Iran Strikes; Gold Holds Below $4,400; Canada's CA$27.6 Billion Tariffs Take Effect; Qualcomm Strikes AI Chip Deal With Amazon
09 September 2026
Today in Brief
Asia-Pacific markets were mixed Wednesday, with Japan's Nikkei 225 flat and the Topix up 0.27%, South Korea's Kospi gaining 1.17% and the Kosdaq rising 1.48%, while Australia's S&P/ASX 200 slipped 0.2% and Hong Kong's Hang Seng was flat; mainland China's CSI 300 inched 0.12% higher. U.S. stocks extended losses for a second straight session, with the Dow tumbling 628.18 points, or 1.18%, to 52,786.07 after Friday's 272-point loss, the S&P 500 down 0.58% to 7,673.52 and the Nasdaq off 0.32% to 26,421.41, as escalating Middle East tensions pushed oil prices higher. WTI futures jumped 1.75% to $94.66 a barrel and Brent added 1.55% to $99.44, with crude scaling three-month highs above $94 after Iran said it struck two American vessels and eight oil tankers in the Gulf in retaliation for U.S. strikes on five Iranian tankers near Kharg Island. Gold held below $4,400 an ounce, sliding for a second straight session as rising oil prices heightened inflation concerns and strengthened rate-hike expectations.
In other news: Iran's Revolutionary Guards Corps claimed responsibility for the tanker and vessel strikes and launched ballistic missiles toward Jordan, while Iran-backed Houthi militants targeted Saudi Arabia's Jazan refinery; China's producer price index rose 3.8% in August, topping forecasts; Canada's retaliatory tariffs worth CA$27.6 billion on U.S. goods took effect; the U.K. announced new sanctions on Israeli settlements in the occupied West Bank despite U.S. warnings; Qualcomm struck a long-term AI chip partnership with Amazon worth up to $60 billion; the Trump administration criticized Ford's business dealings with Chinese firms; Apple's new CEO John Ternus prepared to unveil a foldable iPhone; and ASML said it will work with major chipmakers to build larger lithography tools for next-generation data center chips.
In Asia, Japan's Nikkei 225 was flat while the Topix added 0.27%
In Asia, Japan's Nikkei 225 was flat while the Topix added 0.27%. South Korea's Kospi gained 1.17%, and the small-cap Kosdaq rose 1.48%. Australia's benchmark S&P/ASX 200 was 0.2% lower. Hong Kong's Hang Seng index was flat, while mainland China's CSI 300 inched 0.12% higher. Oil prices rose as escalating tensions between the U.S. and Iran fuel concerns over further disruptions to Middle East energy supplies. U.S. benchmark West Texas Intermediate futures for October delivery jumped 1.75% to $94.66 a barrel. Futures for Brent crude, the international benchmark, added 1.55% to $99.44 a barrel.
Dow closes 600 points lower in back-to-back losses as oil prices gain
Stocks dropped Tuesday to kick off a shortened week of trading, with investors monitoring escalating tensions in the Middle East ahead of a key inflation reading later this week. The Dow Jones Industrial Average tumbled 628.18 points, or 1.18%, to 52,786.07. The 30-stock index was down for a second straight session after Friday's 272-point loss. The S&P 500 was down by 0.58% to 7,673.52, while the Nasdaq Composite was lower by 0.32% to 26,421.41 — each also notching back-to-back losses. U.S. markets were closed Monday for the Labor Day holiday. Stocks came under pressure as oil prices continued to rise.
Gold held below $4,400 an ounce on Wednesday after sliding for two straight sessions
Gold held below $4,400 an ounce on Wednesday after sliding for two straight sessions, pressured by rising oil prices that heightened inflation concerns and strengthened expectations for interest rate hikes. Oil prices continued to climb after US forces destroyed five Iranian crude tankers near Kharg Island, the country's main oil export hub, in retaliation for attempted missile attacks on a US warship. Investors also braced for key US inflation readings this week for further signals on the Federal Reserve's next policy move. Markets are currently pricing in roughly a 60% chance of a 25-basis-point rate hike next week. Although gold is widely considered a hedge against inflation, higher interest rates can reduce demand for the non-yielding asset by increasing the appeal of interest-bearing investments.
Crude oil rose above $94 a barrel on Wednesday, scaling three-month highs
Crude oil rose above $94 a barrel on Wednesday, scaling three-month highs after Iran said it had struck two American vessels and eight oil tankers in the Gulf. The escalation heightened concerns over further disruptions to global oil supplies. Tehran also launched ballistic missiles toward Jordan and warned vessels in the Persian Gulf, urging tanker crews near Kuwaiti and Bahraini ports to "immediately abandon their vessels." The latest attacks followed US strikes on five Iranian tankers near Kharg Island, the Islamic Republic's main oil export hub. Elsewhere, Iran-backed Houthi militants targeted energy infrastructure in southern Saudi Arabia, including the 400,000-barrel-a-day Jazan refinery.
Iran says it hit American vessels, oil tankers in Hormuz in retaliation for U.S. strikes
Iran's Revolutionary Guards Corps said Wednesday they struck two American vessels and eight oil tankers in the Gulf, retaliating against the U.S. for destroying five Iranian tankers. The claim marks the latest exchange in a conflict that has pushed Brent crude to near $100 a barrel, as the two sides traded strikes along one of the world's most critical oil corridors. The IRGC said the targeted vessels had attempted to cross an area of the Hormuz Strait it had designated "forbidden and unsafe," according to a statement published by semi-official Tasnim News Agency. The U.S. military on Tuesday destroyed five Iranian crude oil tankers, responding to the IRGC firing ballistic missiles at an American warship twice over the past two days, according to U.S. Central Command.
China's wholesale inflation tops estimates in August on commodity costs, tech demand as consumer price increases meet forecast
China's consumer and wholesale inflation rebounded in August, as higher global commodity costs and surging high-tech demand cushioned persistently tepid domestic consumption. The producer price index increased 3.8%, according to data released by the National Bureau of Statistics on Wednesday, exceeding economists' forecast for a 3.6% gain and outpacing July's 3.5%, the weakest in three months. Much of the pickup reflects a favourable base-effect comparison and higher commodity costs, economists said, rather than a genuine strengthening in household demand, which has stayed soft as effects from Beijing's trade-in subsidies and other consumption-boosting measures fade. The Iran war has sent oil prices surging in recent months.
Canada's retaliatory tariffs worth CA$27.6 billion take effect as trade rift with U.S. deepens
Canada's retaliatory tariffs on a wide array of U.S. goods took effect Tuesday, further escalating a feud between Washington and Ottawa that had already boiled over after trade talks collapsed last month. The duties range from 15% to 50% across hundreds of U.S. products worth a total CA$27.6 billion, including dairy, agricultural equipment, paper, household appliances and electronics. Canadian tariffs on U.S. steel, aluminum and iron products doubled to 50%, while furniture, motorbikes, clothing and some beauty products were among the goods hit with the highest rate. Ottawa called the move a "dollar for dollar" response to the U.S. slapping new 50% tariffs on about $20 billion worth of Canadian wine, hockey sticks and other key goods on Aug. 22.
UK announces new Israeli settlement sanctions, despite U.S. warning of economic consequences
The U.K. government is pushing ahead with planned sanctions targeting Israeli settlements in the occupied West Bank, despite U.S. officials and lawmakers warning of economic consequences for doing so. Speaking in the country's parliament on Tuesday, U.K. Foreign Secretary Ed Miliband said Britain would ban imports from Israeli settlements built on land that is internationally recognized as Palestinian territory. The measures are expected to take six to nine months to come into force, he added. "Today I announce that the official view of the British government is that the occupation [of the West Bank] is unlawful," Miliband told British lawmakers. "The government believes the unlawfulness of the occupation should be reflected in the economic relationships we choose to have with the occupied territories."
Qualcomm strikes AI chip deal with Amazon, offers right to buy about $4 billion in stock
Qualcomm said on Tuesday Amazon could buy up to $60 billion of its AI data-center chips and related products under a long-term partnership, bolstering the chipmaker's effort to become a major supplier of AI infrastructure. The deal highlights intertwined financing in the AI boom, with Qualcomm granting warrants worth about $4 billion that vest with product purchases and allow the cloud giant to buy shares at $161.26 a share, according to a regulatory filing. Shares of San Diego, California-based Qualcomm rose more than 3%. The agreement is the latest sign of Qualcomm's efforts to diversify beyond smartphones gaining traction as it faces the eventual loss of its Apple modem business, rising component costs and weaker handset demand.
Trump administration blasts Ford business deals with Chinese firms
The Trump administration on Tuesday blasted Ford Motor's business partnerships with Chinese companies, saying it poses deep national security concerns. U.S. Transportation Secretary Sean Duffy in a letter to Ford CEO Jim Farley sent on Tuesday said the automaker's dealings with Chinese battery maker CATL and Chinese automakers Geely and BYD raised "profound concern."
Apple's Ternus faces AI test as foldable iPhone takes center stage
When new CEO John Ternus unveils Apple's latest products on Wednesday, Wall Street expects him to show that the company can still deliver breakthrough hardware and a Siri virtual assistant capable of competing in the AI race. Analysts expect Apple to announce at its Cupertino, California, headquarters a new iPhone that folds open like a passport. They said it could quickly emerge as the category leader in the nascent folding phone market, despite an expected price of more than $2,500 and having cameras and processors that may not lead the market. The company has already announced a deep overhaul of Siri — in part by tapping Google's AI tech behind the scenes — and that may prove to be Ternus' first big success after years of delays. A successful revamp by the end of this year could give Apple a good chance of pulling even with longtime rival Google's Gemini assistant, analysts said.
ASML to work with major chipmakers to use latest tools for larger chips
ASML, the Dutch chip manufacturing tool company, said it plans to work together with its major customers to produce its most advanced tools for developing the kind of large data center chips designed by Nvidia and others. ASML makes what are known as lithography tools, which print chips onto silicon wafers by shining light through what is known as a mask, which contains the pattern of the chip. The company's widely used extreme ultraviolet (EUV) tools can print a chip that is up to about 800 square millimeters, and companies such as Nvidia, Google and others design chips all the way up to that limit. ASML's forthcoming generation of tools, called "High NA" EUV tools, can print chips with even finer features, but currently face a limit on how big of a chip they can print because they use a smaller mask. While Intel is already using ASML's newest tools for its laptop chips, ASML said this week it plans to move up to a larger mask size that would let its newest tools make chips as large as today's biggest data center chips.
