Nasdaq 100 Sinks, Oil Rallies as Trump Rejects Iran's Hormuz Plan: Stock Market Today

U.S. stocks slipped at midday Monday as oil prices jumped and the 10-year Treasury yield climbed to its highest level since 2007, after President Donald Trump rejected Iran’s proposal to reopen the Strait of Hormuz and end the months-long standoff. Iran’s proposal to reopen the vital Hormuz waterway was rejected over the weekend, even as mediators from Qatar were expected to hold separate talks with both Washington and Tehran as soon as Tuesday. West Texas Intermediate crude oil futures jumped 4.2% to $96.31 a barrel. Brent crude, the international benchmark, climbed 4.0% to $108.50 a barrel. The 10-year Treasury yield rose 10 basis points to 5.27%, its highest level since mid-2007, as traders priced in roughly a 65% probability that the Federal Reserve will still need to raise rates in October to contain energy-driven inflation. The 2-year yield stood at 4.95%, while the 30-year climbed to 5.57%. The S&P 500 fell 0.8% to 7,678.57, while the Dow Jones Industrial Average dropped 0.7%, or 383 points, to 51,446. The Nasdaq 100 fell 1.3% to 30,223, underperforming as chipmakers and AI-safety-sensitive names sold off following reports that OpenAI paused training on an advanced model after an agentic system briefly accessed the internet outside its sandbox. Gold – tracked by the SPDR Gold Shares (NYSE:GLD) – tumbled 3.2% to $4,184.50 an ounce as the surging dollar and Treasury yields pressured the metal. Monday’s Performance In Major US Indices IndexLast% ChangeMTDYTDS&P 5007,678.57-0.84%-0.10%+12.17%Dow Jones51,446.00-0.74%-3.27%+7.04%Nasdaq 10030,223.00-1.26%+2.60%+19.70%Russell 20002,818.29-0.68%-5.60%+16.56%Updated by 11:55 AM ET According to the Benzinga Pro platform: The Vanguard S&P 500 ETF (NYSE:VOO) slid 0.8%. The SPDR Dow Jones Industrial Average ETF Trust (NYSE:DIA) fell 0.7%. The Invesco QQQ Trust (NASDAQ:QQQ) dropped 1.4%. The iShares Russell 2000 ETF (NYSE:IWM) declined 1.0%. Cybersecurity And Energy Hold Up As Chips And MongoDB Get Crushed The Energy Select Sector SPDR Fund (NYSE:XLE) led all S&P 500 sectors, up 0.8% as crude’s surge lifted producers, while the Communication Services Select Sector SPDR Fund (NYSE:XLC) brought up the rear, down 1.7%. The Technology Select Sector SPDR Fund (NYSE:XLK) fell 1.2% as chipmakers absorbed the brunt of the AI-safety selloff, and the Financial Select Sector SPDR Fund (NYSE:XLF) slid 0.9%. Among industry ETFs, the VanEck Oil Services ETF (NYSE:OIH) and the SPDR S&P Oil & Gas Exploration & Production ETF (NYSE:XOP) were among the only funds in the green, both up roughly 0.3% as the energy complex benefited from the Hormuz standoff. On the losing side, the VanEck Gold Miners ETF (NYSE:GDX) tumbled 5.0% as bullion sold off, the Invesco WilderHill Clean Energy ETF (NYSE:PBW) dropped 2.9%, and the U.S. Global Jets ETF (NYSE:JETS) fell 2.8% as higher jet-fuel costs weighed on carriers. Zscaler, Inc. (NASDAQ:ZS) rose 4.1%, extending a broader cybersecurity rally that also lifted CrowdStrike Holdings, Inc. (NASDAQ:CRWD) and Okta, Inc. (NASDAQ:OKTA), as investors rotated into defensive software names. Teleflex Incorporated (NYSE:TFX) climbed 3.6% after BofA Securities upgraded the stock to Buy from Neutral and raised its price target, citing confidence in new management’s execution. Palo Alto Networks, Inc. (NASDAQ:PANW) gained 3.5%, extending last week’s move on the Sept. 23 launch of its Unit 42 Continuous Frontier AI Defense service; no fresh company news drove Monday’s specific advance. On the downside, MongoDB, Inc. (NASDAQ:MDB) plunged 18.5% after Chief Executive Chirantan Desai abruptly stepped down to take a senior role at Meta Platforms, with former CEO Dev Ittycheria returning as interim president and CEO. The company reaffirmed third-quarter and fiscal 2027 guidance above Street estimates, but investors punished the surprise leadership change. Modine Manufacturing Company (NYSE:MOD) fell 10.8%, reflecting investor concern over the margin pressure and negative free cash flow flagged in its late-July earnings report. Credo Technology Group Holding Ltd (NASDAQ:CRDO) dropped 9.4% after Bank of America cut its price target to $275 from $340 and following disclosed insider sales by Chief Technology Officer Chi Cheng and another executive under pre-arranged trading plans. Bloom Energy Corporation (NYSE:BE) slid 9.3%. The pullback looks like profit-taking after the stock’s roughly 190% year-to-date run, compounded by broader weakness across clean-energy names. Nu Holdings Ltd. (NYSE:NU) fell 8.8% after reports that the company is in talks to acquire UK neobank Monzo for up to $13 billion (roughly double Monzo’s 2024 valuation), funded via cash and shares. Monday’s Russell 1000 Top Gainers Name% changeZscaler, Inc.+4.1%Teleflex Incorporated+3.6%Palo Alto Networks, Inc.+3.5%Howard Hughes Holdings Inc. (NYSE:HHH)+3.3%The Gap, Inc. (NYSE:GAP) +3.3% Monday’s Russell 1000 Top Losers Name% changeMongoDB, Inc.-18.5%Modine Manufacturing Company-10.8%Credo Technology Group Holding Ltd-9.4%Bloom Energy Corporation-9.3%Nu Holdings Ltd.-8.8% Photo: Shutterstock