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Stock Market Today: S&P 500 Slips as Oil Spikes 5%, 10-Year Yields Near 5.35%

U.S. stocks slipped by midday Thursday as oil surged more than 5% on fresh Persian Gulf tanker attacks, while Treasury yields climbed back toward their highest levels since 2002 and the Federal Reserve’s hawkish minutes kept rate-hike bets alive. President Donald Trump said he no longer wants a deal with Iran, while noting Tehran was willing to offer “anything to stop” the conflict. Reports that Washington is preparing possible large-scale strikes, combined with lower tanker transit through the Strait of Hormuz and Gulf Coast production shut-ins ahead of a hurricane, sent crude sharply higher. West Texas Intermediate crude futures climbed about 5% to roughly $93 per barrel. Brent crude rose about 5.6% to around $106. The 10-year Treasury yield rose about 5 basis points to 5.35%, nearing its highest level since 2002, while the 30-year yield hovered near 5.69%, close to a 24-year high. Minutes from the Federal Reserve’s Sept. 15-16 meeting showed most policymakers expect another rate hike before year-end. On the data front, initial jobless claims fell 2,000 to 197,000 in the week ended Oct. 3, below the 200,000 forecast. Continuing claims rose to 1.716 million, slightly above the 1.7

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SquawkNews Desk 2 updates Updated Oct 08, 2026, 05:25 PM UTC

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05:21:53 PM UTC

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U.S. President Donald Trump pledged Thursday that the United States will not launch military attacks against Iran prior to the November midterm elections, citing what he characterized as active and productive discussions with Tehran.In a Truth Social post, Trump explicitly tied the timing of potent…

05:25:16 PM UTC

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By Lara Seligman and Shelby Holliday The U.S. won't attack Iran before the November midterm elections, President Trump said Thursday, citing "productive" talks with Tehran. "We are having productive discussions with the Islamic Republic of Iran," Trump said in a Truth Social post. "We will not be attacking Iran at any time prior to the Midterm Elections to be held in the United States on November 3rd. IRAN WILL NOT HAVE A NUCLEAR WEAPON!" The U.S. naval blockade of Tehran "will remain in full force and effect," Trump added. The U.S. currently has about a dozen Navy ships in the waters of the Middle East to enforce the blockade and carry out other missions, according to a Navy official. The comments come after multiple media reports this week that the White House was considering striking Iran before the elections and had asked the Pentagon to develop strike options against Iranian targets to do so. Iran has ramped up its attacks on commercial tankers seeking to transit the Strait of Hormuz in recent weeks, putting pressure on the U.S. to respond to the growing aggression. An attack on an oil tanker north of Qatar -- deep inside the Persian Gulf -- has also raised fears among traders that Iran's strikes on shipping are spreading beyond the strait. Oil prices jumped Thursday amid concerns about attacks threatening tanker operations that have helped keep oil flowing despite the conflict. The war with Iran has become a political liability for Trump and the Republican Party ahead of the U.S. midterm elections, with prices for both gasoline and diesel rising nationwide and voters questioning if Trump was breaking his pledge to avoid new "forever wars." Some vulnerable candidates from Trump's own party have called for an end to the conflict and for other measures to help mitigate the impact of high energy prices, such as suspending the federal gasoline tax. Election watchers now see the House likely flipping to Democratic control, with the Senate also in play, in large part due to voters' concerns with higher prices and uncertainty about the war. The U.S. military has been preparing a range of options to strike Iran, including operations that could be executed before the midterms, according to officials familiar with the planning. A fresh aircraft-carrier strike group and Marine expeditionary unit are steaming toward the Middle East, and the Pentagon is weighing sending additional air-defense equipment and munitions to bases in the region, the officials said. The new ships are set to join the aircraft carrier USS George Washington as well as nine guided-missile destroyers and three ships transporting Marines, according to the Navy official. Trump has publicly mulled attacking Iran's Pickaxe Mountain nuclear site, and he has previously ordered strikes on Iranian targets near the strait to hamper Iran's ability to attack commercial ships in the critical shipping lane. Iranian officials have criticized Trump in the past for building up firepower

S. stocks slipped by midday Thursday as oil surged more than 5% on fresh Persian Gulf tanker attacks, while Treasury yields climbed back toward their highest levels since 2002 and the Federal Reserve’s hawkish minutes kept rate-hike bets alive. President Donald Trump said he no longer wants a deal with Iran, while noting Tehran was willing to offer “anything to stop” the conflict. Reports that Washington is preparing possible large-scale strikes, combined with lower tanker transit through the Strait of Hormuz and Gulf Coast production shut-ins ahead of a hurricane, sent crude sharply higher.

West Texas Intermediate crude futures climbed about 5% to roughly $93 per barrel. 6% to around $106. 69%, close to a 24-year high. Minutes from the Federal Reserve’s Sept.

15-16 meeting showed most policymakers expect another rate hike before year-end. On the data front, initial jobless claims fell 2,000 to 197,000 in the week ended Oct. 3, below the 200,000 forecast. 710 million estimate, while the four-week average eased to 198,000 from 200,500.

7%. S. equity markets by midday Thursday, losses were modest but broad, with small caps taking the brunt of the selling. 4%, to 50,959.

6% to 30,973. 1% to 2,763. 11 per ounce. 5% over 24 hours to about $81,166, after trading between $80,912 and $83,645 as higher yields pressured risk assets.

m. 4%. 4%. 6%.

1%. 4%. 7%. Oil-linked names led the Russell 1000 gainers.

Marathon Petroleum Corp. 0% and APA Corp. 8% as crude spiked, with Chevron Corp. (NYSE: CVX ) and Exxon Mobil Corp.

(NYSE: XOM ) each gaining about 3%. Chipotle Mexican Grill Inc. 5% on heavy volume after a report that Starbucks explored a takeover, while Starbucks Corp. (NASDAQ: SBUX ) fell about 3%.

Jersey Mike’s Subs Inc. 2%, moving in sympathy with the restaurant group. GlobalFoundries Inc. -based supply of silicon interposers for advanced AI packaging.

On the downside, Applied Optoelectronics Inc. 8% on dilution concerns tied to a $600 million share offering program. Revolution Medicines Inc. 6% on elevated volume, with no confirmed catalyst identified in the news flow.

AI infrastructure and data center names sold off as yields rose: TeraWulf Inc. 3% and Fermi Inc. 2%. AST SpaceMobile Inc.

1%. Thursday’s Russell 1000 Top Gainers Name % change Chipotle Mexican Grill, Inc. 48% Jersey Mike’s Subs Inc. 84% GLOBALFOUNDRIES Inc.

32% Thursday’s Russell 1000 Top Losers Name % change Applied Optoelectronics, Inc. 79% Revolution Medicines, Inc. 59% TeraWulf Inc. 28% Fermi Inc.

18% AST SpaceMobile, Inc. 05% Image: Shutterstock