[U.S. Market Recap] Sept 1, 2026: Nasdaq Falls 1.0% as Iran Tensions Send Oil Surging – Apple Bucks the Selloff on New CEO Debut

Hey everyone, Hirokichi here.
Today I’m recapping the U.S. stock market on Tuesday, September 1, 2026. The short version: all three major indexes – the Dow, S&P 500, and Nasdaq Composite – closed lower. News that the U.S. military had struck Iran sent oil prices sharply higher, and that fed into renewed inflation worries and a fresh leg up in long-term Treasury yields, which weighed on the whole market. One bright spot: Apple actually rose against the tide on the news that its new CEO had officially taken the reins.

Dow, S&P 500, and Nasdaq All Close Lower

Here’s how the three major indexes finished the day.

Looking at the table, the Nasdaq Composite fell the most, which tells you it was tech and growth names – the stocks that make up a bigger share of that index – that took the brunt of the selling. Bitcoin also slid to $77,076, showing the risk-off mood spread well beyond stocks.

The trigger was news that the U.S. military had launched fresh strikes on Iran. That escalation made investors more cautious, and combined with the oil spike and rising yields covered below, it drove selling across a wide range of stocks.

What Moved the Market: Oil Spikes on Iran Tensions, Yields Keep Climbing

The single biggest driver of today’s session was escalating tension in the Middle East. Following the U.S. strikes on Iran, WTI crude oil futures jumped to $90.67 a barrel, up 5.72% from the prior day (source: Trading Economics). Higher oil prices tend to feed through to gasoline and other prices, which raises the risk of inflation reaccelerating.

Reflecting that worry, the U.S. 10-year Treasury yield rose for a fifth straight session, briefly touching 4.79% – its highest level since January 2025 (source: CNBC). When yields rise, growth stocks – which price in a lot of future profit today – tend to look more expensive by comparison, and that was a major factor behind the Nasdaq’s underperformance today.

The dollar-yen pair swung around quite a bit. In New York trading, the yen briefly strengthened to 159.90 before the pair settled back to close at 160.27 (source: Fisco, gaitame.com). Dollar buying picked up initially on the back of rising oil and yields, but it lost steam after a run of soft U.S. data – August’s ISM manufacturing index, July’s JOLTS job openings, and July construction spending all came in below expectations. As for the VIX (the market’s so-called “fear gauge”), one source put it at 15.95, up 6.90% on the day – but since I couldn’t cross-check that figure as thoroughly as the others, I’m flagging it here as a reference point rather than a confirmed number.

5 Stocks in Focus: Apple, CrowdStrike, Palo Alto, Axon, and Moderna

Beyond the indexes, several individual stocks made bigger moves worth digging into.

Apple (AAPL) +2.61% – Rallies as New CEO Officially Takes Over

Even as the broader market fell, Apple rose 2.61% to $325.13. Today marked the day Tim Cook officially stepped down as CEO to become executive chairman, with John Ternus – who had led Apple’s hardware engineering team – taking over as CEO (sources: Apple Newsroom, 9to5Mac). Since this succession plan had already been announced back in April, and Cook is staying on as chairman to remain involved in the company, investors appear to have welcomed it as a smooth, no-surprises transition of leadership.

CrowdStrike (CRWD) -6.90% / Palo Alto Networks (PANW) -5.24% – Cybersecurity Names Fall Despite Good News

Two major cybersecurity companies fell even though the news flow around them was positive. CrowdStrike dropped despite Truist raising its price target to $245 and news of a $2 billion partnership with Optiv (sources: Yahoo Finance, AOL). Palo Alto Networks fell just hours ahead of its earnings report, where Wall Street was looking for roughly $3.35 billion in revenue and $0.98 in EPS (earnings per share). Scotiabank noted that “PANW shares cost double their five-year average EV/EBITDA valuation,” suggesting the main driver was valuation concerns amid rising rates rather than anything company-specific (source: The Motley Fool). In other words, it wasn’t the businesses themselves that investors were worried about – it was rising yields weighing on high-multiple stocks across the board.

Axon Enterprise (AXON) -8.52% – Biggest Decliner in the S&P 500

Axon Enterprise, which makes law enforcement and defense equipment, was the S&P 500’s biggest decliner today. Its Q2 earnings, reported August 5, actually looked strong – revenue was up 35% year-over-year to $904.3 million, and full-year guidance was raised to 32%-34% growth – but concerns have lingered over a drop in the software and services segment’s gross margin, from 78.9% to 75.1% (sources: Seeking Alpha, Benzinga). On top of that, rising rates pushed up the discount rate applied to high-multiple stocks like Axon, resulting in a stock decline that looks out of proportion to what was, on the surface, a solid quarter.

Moderna (MRNA) +9.93% – Cancer Vaccine Momentum Continues

Pharma company Moderna jumped 9.93%. The rally builds on August’s news that a Phase 3 trial (in melanoma patients) of intismeran autogene, an individualized mRNA cancer vaccine developed with Merck, showed strong results. Analyst William Blair upgraded the stock to “Outperform,” and today’s move suggests the market is still digesting that good news (source: Barchart).

Sector and ETF Moves: Growth Gets Hit Hard, Value Holds Up Better

The gap between investing styles was especially clear today. The Invesco S&P 500 Low Volatility ETF (SPLV) fell just 0.20%, while the Invesco S&P 500 High Beta ETF (SPHB), which tracks more volatile stocks, dropped a much sharper 2.12% (source: The Motley Fool). That’s a textbook pattern for a rising-rate environment: investors tend to favor stable, value-oriented stocks over growth names priced for future expectations.

The Invesco QQQ Trust (QQQ), popular among Japanese retail investors, also fell 1.27% to $707.64. Since it tracks the Nasdaq-100, it directly reflected today’s tech weakness. If you’re dollar-cost averaging into broad index or high-dividend ETFs like VOO, VYM, SPYD, or HDV, my take is that it’s best not to overreact to a single down day and to stick with your long-term plan.

What to Watch in Japan Today

Following the U.S. selloff, Japan’s Nikkei 225 is expected to open lower on September 2. Here are three things I’m watching today: (1) With oil and rates both elevated, power and resource-related stocks could see some interest, while rate-sensitive and high-multiple growth names likely stay under pressure. (2) The yen strengthened briefly overnight, so it’s worth watching how export-related stocks react. (3) Japan’s monetary base data is due at 8:50 a.m. domestically, and later this week brings the U.S. trade balance on September 3 and the U.S. jobs report (unemployment rate) on September 4 – both of which could shift rate expectations again.

Related recap: [Recap] U.S. Stock Market, Aug 26 2026: Dow Snaps 4-Day Win Streak, Nvidia Beats Estimates but Shares Slip After Hours

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* This article is for informational purposes only and does not recommend any specific investment. Please make investment decisions at your own responsibility.

Let’s keep at it, slow and steady. Have a good day!

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