Stock Market Midday, Sept. 10: Surging Oil Prices Pressure Markets Again

Oil prices surged above $106 per barrel on September 10, 2026, dragging major U.S. indices lower as Middle East tensions escalated. The S&P 500, Nasdaq, and Dow Jones each fell approximately 0.4-0.5% by midday, while traders priced in a 70% probability of a Federal Reserve rate hike at the upcoming FOMC meeting.

AVAV jumped 10% on the back of strong earnings results. AAPL climbed 2.86% following the launch of its foldable iPhone, bucking the broader market decline. M was not mentioned in the session's notable movers.

The combination of energy price pressure and elevated rate-hike expectations weighed on risk appetite across equity markets. Oil's move past $106 reflects intensifying geopolitical risk in the Middle East, historically a catalyst for both inflation concerns and Federal Reserve hawkishness.