Stock market today: Dow drops 600 points, S&P 500 and Nasdaq retreat as oil nears $100

Stock market today: Dow drops 600 points, S&P 500 and Nasdaq retreat as oil nears $100 Grace O'Donnell , Jake Conley and Ines Ferré Updated Tue, September 8, 2026 at 10:01 PM GMT+2 1 min read CL=F ^DJI ^GSPC ^IXIC ORCL US stocks slid on Tuesday as the US and Canada's trade war escalated and rising oil prices and inflation jitters took focus at the start of the holiday-shortened week. The Dow Jones Industrial Average ( ^DJI ) fell 1. 1%, while the S&P 500 ( ^GSPC ) slipped roughly 0.

5%. The tech-heavy Nasdaq Composite ( ^IXIC ) fell 0. 3% as investors eyed inflation data and Oracle earnings later this week.

Rising oil prices put pressure on markets as Iran said it was close to a deal with Oman to manage traffic through the Strait of Hormuz. Brent crude oil futures ( BZ=F ), the global benchmark, crept toward $100 per barrel , while US benchmark WTI crude ( CL=F ) traded above $93 per barrel. Fears of an ongoing war in the Middle East have revived angst about inflation and a potential Federal Reserve rate hike this month, particularly after Friday's blowout jobs report showed strong job gains in August.

Investors are bracing for a fresh Consumer Price Index reading on Friday, which will indicate whether inflation is moving back down toward the Fed's 2% goal or whether it remains a thorn in the central bank's — and consumers' — side. Adding to market uncertainty, Canada imposed tariffs of up to 50% on some US goods on Tuesday, escalating the trade spat between the two neighboring countries. The like-for-like tariffs affect approximately $20 billion in US goods and target dairy, steel, and wood products, among others.

On the earnings calendar, Oracle ( ORCL ) earnings are the highlight this week. But first, GameStop ( GME ) reports on Tuesday. LIVE COVERAGE IS OVER 13 updates Tue, September 8, 2026 at 8:01 PM UTC Ines Ferré Stocks slip as Treasury yields rise and oil heads toward $100 Stocks slipped on Tuesday to kick off a shortened trading week as rising oil prices sparked further investor worries about a possible Fed rate hike.

The S&P 500 ( ^GSPC ) dropped 0. 5% while the Dow Jones Industrial Average ( ^DJI ) fell about 1. 1%.

The tech-heavy Nasdaq Composite ( ^IXIC ) dropped about 0. 3% as some semiconductor names offset weakness elsewhere in the market. Continued strikes in the Middle East sent West Texas Intermediate above $93 per barrel, while Brent hovered above $98 per barrel.

Investors increasingly bet that the Fed will need to raise rates at its policy meeting next week. A Consumer Price Index report later this week could help sway policymakers one way or the other. Intel ( INTC ) shares jumped 9% on a report that the chipmaker plans to raise prices.

Oracle ( ORCL ) shares also gained ahead of the cloud and software giant's earnings report later this week. Tue, September 8, 2026 at 7:10 PM UTC Ines Ferré Copper hits all-time highs as tariff worries mount Copper prices ( HG=F ) hit new highs on Tuesday as investors anticipated near-term supply tightenings and escalating tariffs. Futures on the Comex exchange in New York traded near $6.

85 a pound, while copper on the London Metal Exchange touched $14,617 a metric ton to hit a second intraday record in a row. Copper prices are up roughly 21% year to date. Copper Miners ETF ( COPX ) has also rallied 32% during the same period, according to Yahoo Finance's AlphaSpace data.

Worries over escalating tariffs in the US have prompted buyers to import vast amounts of copper, leaving trading hubs abroad with low inventories. "Copper has been flowing toward the United States for the best part of a year, and the market has watched it being drawn steadily out of every other location," Neil Welsh, head of metals at Britannia Global Markets, told Yahoo Finance. "There isn't exactly a shortage of metal, it is just concentrated in one place.

" On Tuesday, Canada imposed 50% tarrifs on imports from the US, including certain copper products. Read more here. Tue, September 8, 2026 at 5:44 PM UTC Gold slumps amid increasing odds of a rate hike, but Wall Street remains bullish in long term Gold has come under renewed pressure as Treasury yields rise and investors await inflation data this Friday, followed by a key Fed interest-rate decision next week.

The precious metal saw a solid 10% rally in August. But prices have slumped in recent days as a better-than-expected jobs report raised expectations for a rate hike. Investors have raised the odds of a hike to 58% , according to CME FedWatch.

Still, some Wall Street strategists remain positive on gold long-term. "We believe the long-term investment case for gold remains positive," Ulrike Hoffmann-Burchardi, CIO Americas at UBS Chief Investment Office, wrote in a note on Tuesday. "Under-allocated investors could use periods of weakness to build strategic exposure within a well-diversified portfolio," she added.

Tue, September 8, 2026 at 3:59 PM UTC Jake Conley GE Aerospace to acquire casting manufacturer in $11. 75 billion deal GE Aerospace ( GE ) shares moved up on news that the company will buy the castings manufacturer Consolidated Precision Products in a nearly $12 billion acquisition, improving GE's access to critical manufacturing components. Under the terms announced on Tuesday, GE will purchase Consolidated Precision Products from the private investment firms Warburg Pincus and Berkshire Partners for $11.

75 billion, with $7 billion in cash and the remainder in debt. The deal brings a manufacturer of jet engine components in-house at GE, which has seen demand surge from customers such as Boeing ( BA ) and Airbus ( AIR. DE ).

The acquisition marks the largest such deal for GE Aerospace since the consolidated General Electric conglomerate split into three separate companies: GE Aerospace, GE Vernova ( GEV ), and GE HealthCare ( GEHC ). GE Aerospace is the world's leading manufacturer of jet engines. "Investing in mission-critical casting capacity is needed to support the strong simultaneous demand across commercial engines, aftermarket and defense," GE Aerospace chairman and CEO H.

Lawrence Culp, Jr. said in a press release. Tue, September 8, 2026 at 3:11 PM UTC Jake Conley Qualcomm shares pop on 'multi-generational' deal with Amazon Qualcomm ( QCOM ) shares popped by as much as 8% on Tuesday morning on the news that the company has signed a deal to provide Amazon ( AMZN ) with data center infrastructure and chips.

Amazon shares fell by roughly 0. 6%. Qualcomm and Amazon on Tuesday announced a "multi-generational collaboration," per a press release from Qualcomm, that will see Qualcomm — the world's largest maker of smartphone processing chips — provide "Magnificent Seven" stalwart Amazon with "custom silicon" for AI data centers.

Under the terms of the deal, Qualcomm has issued Amazon a warrant to acquire as many as 25 million shares, vesting in tranches connected to orders by Amazon for Qualcomm chips. The deal comes as Qualcomm has increasingly signed partnerships to provide data center infrastructure to companies, including Meta ( META ) and the Saudi state-backed company Humain. For Amazon, the stock warrants offer Jeff Bezos' Big Tech behemoth the benefit of stock ownership in Qualcomm in return for Amazon's spending.

The deal will also see the two companies collaborate on optical connectivity technology to support the "growing scale and bandwidth demands of AI infrastructure," Qualcomm said. Tue, September 8, 2026 at 1:59 PM UTC Jake Conley Oil prices approach $100 as Middle East conflict flares, Goldman sees potential upside to $120 The price of the world's primary oil benchmark rose close to the $100 per barrel mark on Tuesday, approaching the key level for the first time in two months after a new wave of hostilities in the Middle East. Futures on Brent crude ( BZ=F ) rose roughly 2.

3% to trade near $98. 50 per barrel after briefly crossing $99 earlier in the session, while those on US benchmark WTI crude ( CL=F ) picked up 2. 7% to trade at $94 per barrel.

Pressuring the oil complex most immediately on Tuesday were reports that Saudi Arabia has halted operations at energy facilities throughout its southern region, per the kingdom's central press agency, after attacks claimed by the Houthi militant group that has been blockading Saudi oil shipping out of the Red Sea. The flare-up in conflict in the Middle East, as the war enters its sixth month, combined with a global market that has fallen into deficit as oil transits through the Strait of Hormuz have remained below pre-war levels, prompted Goldman Sachs' oil strategy desk to raise its price targets for the two key benchmarks on Monday. The bank's desk, led by head of oil research Daan Struyven, now sees international Brent and US WTI futures trading at $85 and $80 per barrel, respectively, in December, compared to prior forecasts that were $5 lower.

Prices on Brent and WTI will likely trade at $80 and $75, respectively, in 2027, the strategists said. Read more. Tue, September 8, 2026 at 1:40 PM UTC Grace O'Donnell Stocks slide in early trading as oil prices jump Stocks were trading in the red a few minutes after the market opened, with the tech-heavy Nasdaq Composite ( ^IXIC ) outperforming, while the Dow Jones Industrial Average ( ^DJI ) fell about 1%.

Some stocks we're watching today: Intel ( INTC ) stock jumped 5% on a report that it plans to raise prices. Oracle ( ORCL ) shares rose 5% ahead of the company's earnings report on Thursday. Quantum computing stocks jumped on reports of $200 million in government funding.

Here's a look at the sector action in the first few minutes of trading, according to an AlphaSpace heatmap. Tue, September 8, 2026 at 12:50 PM UTC Grace O'Donnell The stock market's hot streak hints at more good times ahead Yahoo Finance's Brian Sozzi reports: With many on Wall Street increasingly worried about a looming market correction, stocks do have one powerful thing going for them. They remain in a strong long-term uptrend, which usually suggests more good times ahead.

The S&P 500's ( ^GSPC ) 200-day moving average has now risen for 329 consecutive trading sessions, the fourth strongest streak over the last 10 years, strategists at The Kobeissi Letter pointed out. This follows a previous 460-session stretch that briefly ended in April 2025 following president Trump's "Liberation Day" market massacre, bringing the combined streak to about 800 sessions. If one looks at it from that perspective, it would be the third longest since 1990.

The longest such run lasted 1,448 days during the 2000 dot-com bubble. Read more. Tue, September 8, 2026 at 12:09 PM UTC Grace O'Donnell Canada imposes retaliatory tariffs on US imports as trade war intensifies Canada followed through on its threat to retaliate against new US tariffs, imposing its own duties of up to 50% on a variety of US goods after trade talks between the two nations collapsed.

The tariffs kicked in on Tuesday, affecting about $20 billion in US imports, including cheese and other dairy products, wood products, toilet paper, and metal items. Tariffs on many steel products increased to 50% from 25% previously. U.

S. President Donald Trump speaks with Canadian Prime Minister Mark Carney at a working lunch with leaders of G7 and the Middle East, on June 16, 2026, in Evian-les-Bains, France. (Evelyn Hockstein - Pool/Getty Images) · Pool via Getty Images In a press conference in August announcing the tariffs, Canadian Prime Minister Mark Carney described his country as "at war" with the US over trade.

Recent polling suggests Canadians broadly support Carney's tough stance in the tit-for-tat trade war and are willing to absorb some economic pain . In contrast, Americans' views on tariffs have deteriorated over the past year as President Trump has ramped up trade disputes. Canada's tariffs could hit US states like Michigan, Ohio, and Kentucky particularly hard, adding to the GOP's concerns in the upcoming midterm elections.

Tue, September 8, 2026 at 11:00 AM UTC Grace O'Donnell Copper surges to all-time high as tariff turmoil rocks market Bloomberg report: Copper surged to its highest-ever price on the London Metal Exchange after a weeks-long rally fueled by anticipation that President Donald Trump will expand US tariffs to imports of refined metal. Benchmark three-month futures on the LME gained as much as 0. 8% to trade at $14,533 a ton, beating the previous record set in January.

The metal's 17% advance over the past year has been underpinned by a long-term mismatch in supply and demand. The world's ageing fleet of big mines is struggling to keep pace with usage from data centers, renewable energy and power grids — a backdrop trumpeted by copper bulls for years. But shorter-term factors have come to the fore — especially the hundreds of thousands of tons shipped to the US this year by traders seeking to profit from higher prices there.

The market is still pricing in the possibility of tariffs on primary copper imports, some two months after the Department of Commerce was due to issue a report to the White House advising on whether the levies are necessary. Read more. Tue, September 8, 2026 at 10:00 AM UTC Ines Ferré 'They're going to need to hike rates': Wall Street weighs in on Fed's next policy decision after blowout jobs report Wall Street sees a blowout jobs report and spiking Treasury yields as another sign that the Fed is going to have to hike rates to clamp down on inflation.

The US economy added 162,000 jobs last month, blowing past economists' expectations. If the Fed was looking for clues of a slowing economy, this report wasn't it. "They're a little bit behind the curve," Joe Brusuelas, RSM chief economist, told Yahoo Finance, in reference to the central bank.

"They're going to need to hike rates if they want to reinforce their credibility, and that's going to cause a lot of problems at 1600 Pennsylvania Avenue. " The Trump administration has been pushing hard for lower rates to bring borrowing costs down and flatten the yield curve, with the president threatening a trade embargo if they don't. Read more.

Tue, September 8, 2026 at 9:00 AM UTC Grace O'Donnell Good morning. Here's what's happening today. Economic data: NFIB small business optimism survey, August (99.

2 expected, 99. 8 previously); NY Fed 1-year inflation expectations, August (3. 63% previously); Consumer credit, July ($12.

97 billion expected, 14. 17 billion previously) Earnings calendar: Casey's General Stores ( CASY ), FedEx Freight Holding Company ( FDXF ), GameStop ( GME ), VinFast Auto ( VFS ) Catch up on some top stories from over the weekend: Trump: Canada's Bombardier cannot sell in US unless it builds there OpenAI top scientist urges 'extreme caution' with pace of AI Canada set to hit back at Trump tariffs, risking wider trade war Shein's value down $5 billion, among HK's worst Post-IPO weeks Why Nvidia wants Hugging Face to keep helping its rivals Trump promises his Venezuela oil deal will 'fill up' the Strategic Petroleum Reserve. It's not that simple.

Tue, September 8, 2026 at 8:00 AM UTC Grace O'Donnell China's exports pick up in August, jumping 25% on strong demand for autos and high tech goods The AP reports: China's exports accelerated in August, jumping 25% from a year earlier on strong demand for autos and high-tech goods, its customs agency said Tuesday. The data came ahead of U. S.

President Donald Trump's planned meeting with Chinese leader Xi Jinping, set for late September, though Beijing has not yet confirmed the exact date for the visit. Exports grew 23. 9% year-on-year in July.

Imports climbed 28. 2% in August from a year earlier, up from July's 27. 5% rise.

That led to a $119. 1 billion trade surplus for China, widening from $112. 5 billion in July.

"China is very competitive in its tech goods exports," said Chi Lo, a senior market strategist for Asia Pacific at BNP Paribas Asset Management. In recent years, rising exports of electric vehicles, industrial machinery and semiconductors have helped fuel China's robust shipments globally. Read more.