Closing Bell: Stocks Fall as Yields and Oil Rise; Apple Bit After Folding iPhone Release

Major indexes fell Wednesday as traders balanced technology announcements against rising Treasury yields and higher oil prices. 

Inflation fears continued: U.S. crude oil prices climbed nearly 4% to $96.64 per barrel, the highest level in more than three months. Brent crude, the international benchmark, rose nearly 4% to more than $101. More attacks in recent days between the U.S. and Iran threaten Middle East energy supplies, and the price of fuel globally.

The S&P 500 (SPX) fell 0.48%, the Dow Jones Industrial Average ($DJI) declined 0.77%, and the tech-heavy Nasdaq-100 declined 0.29%. The small-cap Russell 2000 (RUT) shed 1.32%. But the PHLX Semiconductor Sector Index (SOX) rose 0.37%. 

Four Things to Watch from Wednesday’s Market 

The U.S. Treasury said it would triple its buybacks of longer-dated government debt, to $6 billion. This was less than the market was anticipating, and yields jumped after the announcement. The 10-year Treasury yield rose above 4.85% to its highest level since November 2023. See Inflation Data and the Fed Keep the Market's Attention | Market On Close  

Apple (AAPL) shares fell 0.28% after its highly anticipated "Surprise and Shine" product release event Wednesday. Apple unveiled its latest iPhone 18 Pro and Pro Max models, updates to Siri, the new A20 Pro chip, refreshed AirPods, new Apple Watches, and the new foldable iPhone Duo. The device features a 7.6-inch display and a starting price of $1,999 for the 256GB model, marking Apple's entry into the foldable smartphone category. See iPhone Duo to iOS 27: What New AAPL Products Mean for Siri AI, CapEx & GOOGL  

Meta rallied on consumer AI ambitions: Meta shares gained 6.55% after introducing Muse, an AI assistant designed to proactively help users with everyday digital tasks. The company said Muse will be available through both a free tier and subscription plans, signaling another step in Meta's effort to expand its consumer AI ecosystem. See Crude Oil Taps 3-Month High, META Launches Muse AI & Bracing for AAPL Event 

Casey's General Stores (CASY) tumbled more than 14% even after topping Wall Street estimates on both revenue and earnings. Investors focused on slowing same-store sales growth and unchanged fiscal-year guidance, overshadowing the quarterly beat. See CASY Near 2026 Lows After Earnings Beat Reveals Weak Spots 

For more on this week’s earnings and economic calendars, see Week Ahead: Key Inflation Data, Apple Reveal in Holiday-Shortened Week 

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