Stock Market Indexes Drop, But One Megacap Gained 6.3%

Stocks fell for a second straight session on Wednesday as Treasury yields and crude oil prices climbed together. That's an uncomfortable pairing for anyone hoping that the Federal Reserve will leave rates alone next week.

The indexes trended down this morning. The Dow Jones Industrial Average (DJINDICES: ^DJI) was down 0.8% as of 11:33 a.m. ET, with the Nasdaq Composite (NASDAQINDEX: ^IXIC) off 0.7% and the S&P 500 (SNPINDEX: ^GSPC) down 0.5%. Only five of the Dow's 30 stocks were higher, and not by much.

Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »

The Treasury tripled its bond buyback, and yields rose anyway

The Treasury Department said it will repurchase up to $6 billion of longer-dated government debt, tripling the usual operation. This is more than the "at least double" buyback rate that Secretary Scott Bessent promised on Aug. 19. The stated goal is to keep the bond market liquid, though everyone understands the real goal is to put a lid on yields.

The bond market was unimpressed. The 10-year yield climbed about 4 basis points to roughly 4.85%, and the 30-year yield rose above 5.3%. Some traders reportedly wanted $7 billion or $8 billion, so tripling the operation to $6 billion looked like a disappointment.

Oil isn't helping. Brent crude rose about 3.4% to $101.25, its first trip above $101 since July. The U.S. military destroyed five Iranian oil tankers on Tuesday. Goldman Sachs now calls $120 Brent "plausible" if the strikes continue.

Then there's the day's most positive subplot. Meta Platforms (NASDAQ: META) rose 6.3% after rolling out Muse, a free AI assistant for U.S. users. This agentic AI platform acts autonomously rather than just answering questions. Besides giving Meta credit for offering a powerful new product, Wall Street immediately deemed it a threat to incumbent AI assistant providers. Google parent Alphabet 's (NASDAQ: GOOG) (NASDAQ: GOOGL) stock fell 2.7%, and Amazon (NASDAQ: AMZN) took a 2.3% hit.

Together, Alphabet's two share classes reduced the Nasdaq Composite score by 0.39 percentage points. That's more damage than Meta's pop. Meanwhile, Apple (NASDAQ: AAPL) investors clearly had other things on their minds. The stock slipped 1.1% while new CEO John Ternus unveiled the first foldable iPhone .

What to watch before next week's rate call