Wall Street is heading into the close on Wednesday with two things on its mind: the Fed's favorite inflation gauge and Micron Technology. According to Bloomberg, US stocks paused ahead of both, with the inflation data key for interest rates and Micron's report key for the AI trade. Micron reports fiscal fourth-quarter results after the closing bell, and a big move in either direction could ripple into Asian chip stocks when markets open in the morning. The Numbers, Verified Across Sources What Micron guided (SEC filing): For the quarter ending in August, Micron told investors to expect revenue of $50 billion, give or take $1 billion, non-GAAP earnings of $31 per share, give or take $1, and a gross margin of about 86%. What analysts expect (Alphastreet, 33 analysts): Consensus sits at $31.56 per share on $51.20 billion in revenue, slightly above the top half of Micron's own guidance range. Estimates are wide, running from $28.04 to $37.44 per share for earnings and from...
Wall Street closed lower on Monday, and Tuesday opened quiet rather than calm. US stocks were little changed in early trading, European shares edged higher, and Asia ended mixed, with Japan the weak spot. The common thread is the same one behind most of this month's volatility: Treasury yields.
The Numbers, Verified Across Sources
Monday's close (CNBC, Yahoo Finance, Zacks): The S&P 500 dropped roughly 0.8% to 7,683.69. The Nasdaq Composite lost about 0.9%, and the Dow Jones Industrial Average fell by more than 300 points. Decliners outnumbered advancers on the NYSE by 3.55 to 1, and the VIX volatility index rose 8.1% to 16.07.
Tuesday's early picture (CNBC): Futures were close to flat overnight, with Dow futures up only 19 points. Once trading began, stocks were little changed and the Dow was down about 50 points, or 0.1%.
Treasury yields (CNBC): The 10-year yield was around 5.26%, still near levels not seen since 2007. The 30-year yield was near 5.59%, close to its highest since 2004.
| Index | Region | Move |
| S&P 500 | US (Monday close) | -0.8% to 7,683.69 |
| Nasdaq Composite | US (Monday close) | About -0.9% |
| Dow Jones | US (Monday close) | Down more than 300 points |
| Nikkei 225 | Japan (Tuesday close) | -0.6% to 65,481.27 |
| Topix | Japan (Tuesday close) | -1.7% to 4,041.13 |
| Hang Seng | Hong Kong (Tuesday, last hour) | About -0.4% |
| CSI 300 | China (Tuesday close) | +0.1% to 4,345.21 |
| 10-Year Treasury Yield | US | ~5.26% (near 2007 highs) |
| 30-Year Treasury Yield | US | ~5.59% (near 2004 highs) |
global markets are falling for a second straight day
Asia Was Mixed, but Japan Took the Hit
Japan felt the pressure first. According to CNBC, the Nikkei 225 was down 1.11% and the Topix 1.67% early on Tuesday. By the close, the Nikkei had trimmed its loss to 0.6%, while the broader Topix stayed down about 1.7%. Mainland China's CSI 300 finished 0.1% higher, and Hong Kong's Hang Seng was down roughly 0.4% in its last hour of trade. European stocks moved broadly higher, even with oil rising.
The lesson is that rising US yields don't hit every market equally. Markets with heavy exposure to rate-sensitive stocks tend to feel it more, while others hold up better.
What's Driving It
Three forces are feeding each other. The first is oil. Brent crude closed at $105.28 a barrel on Monday after touching $108.83 during the day, according to CNBC, following President Trump's rejection of an Iranian proposal to reopen the Strait of Hormuz. The second is inflation worry, since costlier oil feeds through to prices. The third is the Fed, which raised rates by 25 basis points this month, its first hike in three years, per Zacks.
Federal Reserve Governor Lisa Cook added her view on Monday, according to CNBC. She said AI could prove disinflationary over time, but that it is unlikely to relieve the current price pressures, which she tied to the AI buildout and to higher oil prices and supply-chain disruption from the conflict in the Middle East.
Not Every Stock Moved the Same Way
Nvidia bucked the trend after authorizing a $150 billion buyback, its largest ever (Yahoo Finance), and CNBC reported the stock rose nearly 1%. On the other side, chip designer ARM Holdings fell 8.7% (Zacks), and Snowflake dropped after announcing a $3.5 billion convertible debt offering (Yahoo Finance).
The Week Isn't Done Delivering Data
This is a data-heavy stretch (Schwab):
- Tuesday: August JOLTS job openings and September consumer confidence.
- Wednesday: ADP employment, the August PCE price index (the Fed's preferred inflation gauge), the third estimate of Q2 GDP, and earnings from Micron.
- Thursday: ISM Manufacturing PMI and construction spending.
- Friday: the September nonfarm payrolls report, historically one of the most market-moving releases on the calendar.
Each release could add to the pressure or offer some relief, depending on how the numbers compare with expectations.
rising bond yields are making borrowing more expensive
What This Means for You
A down session driven by bond yields tends to create more anxiety than its long-term significance deserves. If your investment horizon is measured in years rather than days, this is the kind of short-term volatility a properly diversified portfolio is built to absorb. The more useful habit is to watch how this week's data lands rather than react to any single day's headline.
This post is for general informational purposes and isn't personalized investment advice. Please consult a licensed financial advisor before making investment decisions. Figures are as of Tuesday, September 29, 2026, and may change during the day.
Sources: CNBC, Yahoo Finance, Zacks (via Yahoo Finance), Schwab Market Update.
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