Closing Bell: With Oil Above $100, Day Four of Losses for Dow, S&P 500, Nasdaq

U.S. stocks were lower on Thursday after domestic oil prices topped $100 per barrel and yields rose.  

The S&P 500 (SPX) slipped 0.58%, and the Dow Jones Industrial Average ($DJI) declined 0.60%, while the broad Nasdaq Index was down 0.65% -- marking the fourth straight losing session for each index. The Nasdaq-100 (NDX) lost 1.08%. The small-cap Russell 2000 (RUT) fell 1.04%.  

Oil prices continued to rally and weigh on equities, with war between the U.S. and Iran far from resolution. Oil prices continued to rally after hours. In the regular session, WTI (/CL), the U.S. oil benchmark, rose by 7% to above $102 per barrel. WTI is now up roughly 80% this year and more than 19% this month. Brent crude (/BZ), the international benchmark, traded above $108 a barrel Thursday. Each oil benchmark is at levels not seen since May. 

Five noteworthy tidbits from Thursday’s headlines: 

Rising yields also pressured stocks on Thursday. The benchmark 10-Year Yield hit a session high of 4.95%, and the 30-year yield hit 5.36%, each representing multi-year highs.  The August producer price index, a measure of wholesale inflation, rose 0.4% for the month, meeting the consensus estimate. Year over year headline PPI came in at 5.4%, while the core was in line at 4.6%. For more on Thursday’s Treasury buyback, read Why Treasury Is Buying Back Government Debt as Long-Term Yields Surge and for more on the possibility of that the Federal Reserve raises interest rates next Wednesday, see Why CPI Will Move Equities & Yields, Fed Readies for Interest Rate Meeting 

Wall Street analysts were Mixed on Apple (AAPL) product launches, but Apple shares rose 3.56% Thursday. Citi called the foldable iPhone Duo the company's biggest new hardware category since the Apple Watch and AirPods, while BofA noted that the prospect of cheaper spring models could lead budget-conscious buyers to delay upgrades. Hear from Max Weinbach with a review of Apple’s foldable iPhone Duo. 

Oppenheimer reiterated an Outperform rating on Alphabet (GOOGL) and $400 price target. GOOGL shares rose 0.53%. The firm’s analysts highlighted potential revenue upside from external Tensor Processing Units (TPU) sales. Last quarter, Alphabet’s monetized TPUs, reflecting strong demand for chips used in agentic AI processes, according to reports. See Lampe: GOOGL Outperforms as "Market Writes Its Obituary," Energy Needs Grow  

Nvidia (NVDA) and Palantir (PLTR ) announced a new collaborative AI stack combining Palantir's sovereign AI with custom Nvidia Nemotron open models to optimize complex supply chain operations. Shares of Nvidia were down 2.37% and Palantir stock was down 2.16%. 

One of our popular topics on social media Thursday: Christine Short discussing Adobe's upcoming earnings report. 

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