Damian Troise And Alex Veiga Updated September 10, 2026 — 6:08 am,first published 5:27 am Save You have reached the maximum number of items saved. Remove items from the saved list to add new ones. AAA Stocks fell on Wall Street as the price of crude oil rose back above $100 a barrel amid a further escalation in the US war with Iran, and President Donald Trump said he expected prices to remain elevated until midterm elections in November. The S&P 500 fell 0.5%. The Dow Jones Industrial Average fell 405 points, or 0.8%, and the Nasdaq lost 0.6%. Wall Street started the week with a mixed session.AP The Australian share market could fall, with futures at 5:50am AEDT pointing to a loss of 94 points or 1.1 percent at the open. The ASX lost 0.1 percent on Wednesday. The Australian dollar traded at 72.16 cents. Wall Street’s losses were significant, with retailers leading the market. Amazon shares fell 1.8 percent and Starbucks shares fell 1.9 percent. Almost every sector in the S&P 500 lost ground, but oil companies rose. Exxon Mobil shares rose 2.2 percent and Chevron rose 1.9 percent. Oil prices have become the main driver of events on Wall Street. The US destroyed five Iranian tankers on Tuesday in a series of attacks between the two countries. The conflict, which began in February, has effectively shut down traffic in the Strait of Hormuz, through which a fifth of the world’s oil reserves passed before the war. Brent crude, the international standard, rose 3 percent to $100.87 a barrel. This is the first time since July that the price has exceeded $100 per barrel. Trump said oil prices, which have risen due to the war with Iran, will likely not fall until after the midterm elections in the United States. “Immediately after the election, oil prices will fall,” Trump said. “I think it will take a little longer than the medium term.” Trump, speaking to reporters before traveling to Dallas for the Republican Party’s midterm convention, added that he believes Iran will finally concede once the U.S. holds crucial elections. “I think the war will end right after the election because they can’t hold out any longer,” Trump said. The wartime surge in oil prices exacerbated already high inflation. U.S. gasoline prices rose about 32 percent from last year to $4.22 per gallon. Higher fuel prices directly impact household budgets when it comes to the cost of driving, but they also indirectly raise commodity prices due to higher shipping costs. The price of diesel fuel, which can have a huge impact on consumers as it is used in shipping and manufacturing, hit a record high on Friday and has continued to rise since then. The average price per gallon reached $5.94 overnight and is now 9 cents higher than Friday. Inflation was already persistently high when the US went to war against Iran due to the ongoing US trade war with much of the world. This trade war is also heating up, especially between the US and its close ally and trading partner Canada. Wall Street will get more updates on inflation this week, starting with a look at wholesale prices on Thursday with the release of the August Producer Price Index. It measures the prices businesses pay for goods before they reach customers. The report will be followed on Friday by the release of the Consumer Price Index (CPI) for August, which shows a more direct impact on prices for households. The latest reports are expected to show that the inflation rate remains above 3 percent. This has been a problem for the Federal Reserve, which aims to keep inflation at its 2 percent target. The central bank is keeping rates steady, but Wall Street is leaning toward a 62 percent chance it will raise its benchmark interest rate at its meeting next week, according to CME Group. Higher interest rates make loans more expensive. The purpose of raising interest rates is to slow the economy and cool inflation. Rising Treasury yields in the bond market also weighed on stocks on Wall Street on Wednesday. The US Treasury said on Wednesday it would buy up to $6 billion ($8.3 billion) of long-term debt. That followed an announcement in August of plans for an unusually large buyback in an attempt to curb rising yields that are making it more expensive for U.S. companies to borrow money and also weighing down other investments such as stocks. Bond yields remained stable before the announcement but rose soon after. “The simplest version is that market interventions haven’t worked very well for a long time,” said Guy LeBas, chief bond strategist at Janney Montgomery. The 10-year Treasury yield, which tends to influence mortgage rates, rose to 4.85% — its highest level since late October 2023 — before falling to 4.83% from 4.80% late Tuesday. The yield on the two-year Treasury note, which typically matches expectations for the Fed’s interest rate action, rose to 4.41 percent from 4.39 percent late Tuesday. Bond yields are inversely related to prices. Yields rise as bond prices fall. Rising yields signal that investors are demanding higher yields from Treasuries. On Wall Street, shares of Meta Platforms rose 6.6% as the Instagram and Facebook parent company launched Muse, a personal artificial intelligence agent for people 18 and older who need help with everyday tasks such as scheduling and shopping. Markets in Europe fell, while markets in Asia closed mixed. AP The Market Recap newsletter provides an overview of the day’s trading. Receive every weekday afternoon. Save You have reached the maximum number of items saved. Remove items from the saved list to add new ones. From our partners Post navigation US Open 2026 quarter-finals: Andreeva v Gauff, Rybakina beats Zheng to become world No 1 – live Garcia vs. Benn: Briton Conor Benn ‘dragged into hell’ due to weight loss