Tracking the Market Trend

TradingKey — Rising Treasury yields and oil prices weighed on U.S. equities, sending all three major indexes lower. On September 23, the 10-year Treasury yield climbed to its highest level since July 2007, while rebounding crude prices intensified concerns over inflation and interest rates. Technology and consumer discretionary stocks led the declines, while enterprise software shares bucked the trend.

At the close, the Dow Jones Industrial Average fell 0.68% to 51,511.59, the Nasdaq Composite dropped 1.13% to 26,936.04, and the S&P 500 declined 0.75% to 7,706.03.

Precious metals came under pressure as the U.S. dollar and Treasury yields advanced. COMEX gold futures fell about 1.2% to $4,322.70 per ounce, while silver futures declined roughly 2.4% to $64.93 per ounce. A stronger dollar and higher bond yields increased the opportunity cost of holding non-yielding precious metals.

Iran’s harder stance on the Strait of Hormuz pushed oil prices higher, ending a five-session losing streak. November WTI crude futures（USOIL） rose 1.81% to $92.16 per barrel, while November Brent crude futures （UKOIL）gained 3.86% to $103.08. Oil reversed earlier losses after an Iranian official said the strait would not reopen until Iran’s conditions were met.

Bitcoin （BTC）retreated from the nearly eight-month high reached in the previous session and briefly fell below $84,000, losing more than 2% over 24 hours. A stronger dollar, rising Treasury yields and renewed uncertainty in the Middle East prompted short-term profit-taking.

Market Headline

Xi Jinping has arrived in Washington for a state visit to the United States. Chinese President Xi Jinping arrived in Washington on the afternoon of September 23 local time at the invitation of U.S. President Donald Trump. Trump and First Lady Melania Trump greeted Xi at the airport. The two leaders are scheduled to meet on September 24.

Weak demand at a U.S. Treasury auction intensified the bond-market selloff. On September 23, the Treasury auctioned $70 billion of five-year notes at a high yield of 5.033%, about 3.1 basis points above the pre-auction when-issued yield. The bid-to-cover ratio fell to 2.21. Following the auction, the five-year yield briefly exceeded 5%, while the 10-year and 30-year yields closed at approximately 5.10% and 5.40%, respectively. Strong economic data, rebounding oil prices and rising expectations for further interest-rate increases added upward pressure on yields.

The U.S. Treasury will conduct a buyback of bonds with maturities ranging from 20 to 30 years. The official tentative schedule shows that the operation will take place from 1:40 p.m. to 2:00 p.m. ET on September 24 and settle on September 25, with purchases totaling at least $4 billion. Subsequent reports indicated that the maximum had been raised to $6 billion. The operation is intended to improve liquidity in the long-term Treasury market.

Anthropic will adjust the pace of frontier-model releases in response to safety risks. CEO Dario Amodei told a United Nations Security Council meeting that AI could be used to develop biological weapons and might become difficult for its developers to control. Anthropic will slow the release of new technology when necessary and advocate common standards for model testing, major-incident reporting and prohibitions on the use of AI in biological weapons. Amodei also said Claude contributed to the discovery of a new enzyme system with CRISPR-like characteristics, although the research remains preliminary.

Google (GOOGL) has introduced two Gemini text-to-speech models. Gemini 3.8 Flash TTS focuses on voice design and complex audio production, while Flash-Lite TTS is designed for cost-efficient, large-scale speech generation. Both models support more than 100 languages and allow users to control speaking pace, tone and two-speaker dialogue. Voice replication requires authorization and consent verification, and generated audio will carry an embedded SynthID watermark.

SpaceX (SPCX) President Gwynne Shotwell has filed notice of a proposed stock sale worth nearly $52 million. An SEC filing shows that Shotwell intends to sell 342,170 shares of SpaceX common stock after exercising stock options. The shares had a reported market value of approximately $51.96 million, with September 22 listed as the expected sale date. The filing identifies June 23 as the date on which a Rule 10b5-1 trading plan was adopted or trading instructions were given. Form 144 is a notice of a proposed sale and does not establish that the transaction has been completed. SpaceX shares closed down 4.11% at $148.36.

Intel (INTC) expects agentic AI to increase the share of CPUs deployed in servers. At Intel Connection 2026, the company said that as AI workloads expand to include retrieval, orchestration and tool use, the ratio of server CPUs to GPUs could gradually shift from approximately 1:4 toward 1:1. Intel also said that Intel 18A has entered high-volume manufacturing and that 18A-P is in risk production. The company plans to begin risk production of Intel 14A in the second half of 2027 and ramp it to high-volume manufacturing in 2028.

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