[U.S. Market Recap] Sept. 10: Dow Falls 316 Points as Oil Surges Past $100; Nvidia Slides, Apple Rallies on iPhone Duo Buzz

Hey everyone, Hirokichi here. Let’s take a look at the U.S. market session for Thursday, September 10, 2026. The short version: all three major indexes fell for a fourth straight session. As the conflict between the U.S. and Iran dragged on, oil prices surged past $100 a barrel and reignited inflation worries. At the individual stock level, though, the picture was mixed: Nvidia (NVDA) slid while Apple (AAPL) climbed. Let’s dig into the details.

All three indexes fall for a 4th straight day; the Dow drops 316 points

First, let’s check the index moves.

As the table shows, the Nasdaq Composite led the declines, with tech stocks bearing the brunt of the selling. The Dow also fell more than 300 points, and this fourth straight down day says something about how fragile investor sentiment has become (sources: CNBC, TheStreet).

Behind it all is the spike in oil prices. WTI crude broke above $100 a barrel, and Brent crude topped $105 (source: Yahoo Finance). Higher oil prices tend to push up transportation and production costs, which can fuel inflation, so the market took this as a negative on the day.

What moved the market: hotter PPI and a 10-year high in long-term yields

On this day, the Bureau of Labor Statistics released the August Producer Price Index (PPI, a gauge of prices at the wholesale level, before goods reach consumers). It rose 0.4% month-over-month, in line with expectations, but was up 5.4% year-over-year, the biggest annual increase in three months (source: U.S. Bureau of Labor Statistics). More than three-quarters of the increase came from energy prices, another sign of oil’s influence.

The other big driver was interest rates. The 10-year Treasury yield climbed to 4.92%, a 10-year high (source: CNBC). Higher long-term rates tend to weigh on stock valuations (a measure of whether a company’s share price looks expensive or cheap relative to its earnings), especially for tech names, and that was likely one reason behind the Nasdaq’s underperformance. The VIX (a volatility gauge often called the “fear index”) also jumped to 17.47, up 6.14% on the day. After trading in a 14-to-17 range for about a month, this move reflects rising investor anxiety.

In the currency market, higher yields fueled dollar buying, and the dollar-yen pair rose as high as 154.67 before settling back to close at 153.85 (source: Zaikei Shimbun). A weaker yen tends to boost the value of dollar-denominated assets for Japanese investors, though it also raises import costs — worth keeping in mind.
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Stocks in focus: Nvidia slides while Apple rallies

Nvidia (NVDA): AI spending jitters weigh on the stock

Nvidia shares fell 2.21% on the day. There was no fresh earnings report or bad news specifically about the company; instead, the drop reflects lingering skepticism about whether all the AI-related capital spending (large tech companies pouring huge sums into AI data centers and chips) will actually pay off. On top of that, reports of falling GPU (a type of chip originally built for graphics processing that’s now widely used for AI) rental prices added to concerns about supply and demand (sources: Forbes, TIKR). Personally, I think there’s a growing gap between Nvidia’s actual results, which keep beating expectations, and how the market is feeling about the stock.

Apple (AAPL): still riding the buzz from the foldable iPhone Duo

Apple, on the other hand, rose 1.60%, standing out among the day’s major names. The gain extended the positive reaction to Wednesday’s unveiling of the foldable iPhone Duo (starting at $1,999). Citi kept its Buy rating and $365 price target, calling the Duo “the biggest new hardware category” since the Apple Watch and AirPods. Goldman Sachs was also upbeat, arguing that splitting the iPhone 18 launch into two should support average selling prices (source: Benzinga, Yahoo Finance). Apple bucking a down market says a lot about how much excitement there is around the new product.

Energy stocks: Chevron (CVX) and ExxonMobil (XOM) stay firm on higher oil

In a market weighed down by rising oil prices, energy was one of the few sectors holding up. Chevron (CVX) and ExxonMobil (XOM) are up roughly 44% and 40% year-to-date in 2026 respectively, as crude has stayed elevated (sources: Yahoo Finance, 247wallst.com). Note that I couldn’t verify a single, consistent closing price and daily percentage move for these two stocks on this specific day across sources, so I’ve left that detail out rather than guess. It’ll be worth watching how long energy’s relative strength holds up if oil stays high.

Airlines: American Airlines (AAL) faces headwinds from rising fuel costs

The flip side of higher oil is pressure on airline stocks. American Airlines (AAL) is down 12% year-to-date, the only one of the major U.S. carriers in the red this year, reflecting its heavy reliance on ticket revenue and exposure to fuel costs. Delta Air Lines (DAL), by contrast, is up 16% year-to-date, helped by more diversified revenue from its oil refinery and credit-card partnership (sources: Yahoo Finance, 247wallst.com). I couldn’t confirm the specific daily move for these stocks on September 10 across sources, so it’s left out here, but the broader headwind for airlines from sustained high oil prices is worth keeping in mind.

Sectors and ETFs: energy one of the few sectors in the green

Looking at sectors, almost everything except energy declined on the day, with notable weakness in tech and consumer discretionary names, which contributed to the Nasdaq’s underperformance. Among ETFs popular with individual investors, S&P 500 tracker VOO and Nasdaq-100 tracker QQQ both fell roughly in line with their underlying indexes, while energy-focused XLE held up relatively well. It’s a good reminder that if your portfolio is diversified, having both “winning” and “losing” sectors at the same time can help cushion the overall drawdown.

What to watch in Japan today

With U.S. stocks down, a cautious mood could spill over into Japanese markets today. That said, Nikkei 225 futures in Chicago finished higher, and resilience in the Philadelphia Semiconductor Index (SOX) appears to have supported investor sentiment (source: Nikkei). Here are three things worth watching today:

(1) Oil prices: if WTI stays elevated around $100, renewed inflation worries could weigh on Japanese stocks too
(2) The yen: whether dollar-yen holds near 154 will matter a lot for earnings expectations at export-oriented companies
(3) U.S. long-term rates: if the 10-year yield, now at 4.92%, keeps climbing, growth stocks could remain under pressure

For more on the prior day’s session, check out my recap: [U.S. Market Recap] Sept 9: Dow Falls 405 Points for a Third Straight Loss as Meta Jumps 6.5% and Oil Spikes on Iran Tensions.

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

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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.

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