Futures Slide As Oil Jumps, Bond Selloff Resumes After Trump Spurns Iran Offer
US equity futures fell as oil jumped and Treasuries sold off after President Trump rejected an Iranian offer, reviving inflation concerns. The move sets up a sharper test of rate-sensitive technology shares if energy costs and yields continue rising.
File photo · Jan 7, 2026 · Daniel Torok · Public domain · Source & licenseAs of 8:00 a.m. ET on September 28, S&P 500 futures were down around 0.5% and Nasdaq futures were lower by 0.8%, with technology underperforming. Semiconductors and memory stocks lagged, while credit cards, defense, energy, insurance and restaurants were described as pockets of strength.
The market move followed fading hopes of an imminent breakthrough in the Iran war after President Trump spurned an Iranian offer. Oil prices moved sharply higher, Treasuries declined and concern returned that a renewed energy shock could push inflation higher.
The immediate market mechanism runs through energy costs and government bonds: higher oil prices can revive inflation worries, while a Treasury selloff raises yields and places pressure on longer-duration equity groups such as technology and semiconductors. Defense and energy stocks were among the areas showing relative strength in the session described.
The report frames the geopolitical development as the catalyst, but the duration of the move remains uncertain. The futures levels are early-session indicators, and the eventual effect depends on oil prices, Treasury yields and the course of the Iran conflict.
The next signals are the progression of negotiations and the continued response in crude oil and Treasuries. A sustained move in those markets, rather than the initial futures reaction, would determine whether the pressure on technology and memory stocks broadens.
Trump rejected an Iranian offer as S&P 500 futures fell 0.5%, Nasdaq futures dropped 0.8% and oil jumped.
The immediate setup is a cross-asset inflation shock: higher oil and a Treasury selloff challenge rate-sensitive technology shares, while defense and energy are acting as relative havens. The evidence is mixed across sectors, and no company-specific figures or scheduled event date establish a single-name trade.
A rapid diplomatic breakthrough or reversal in oil and Treasury yields would remove the main pressure channel.
CoverageSource: ZeroHedge · Published here MON, SEP 28 · 8:33 AM ET · the only report in this recordHow this is decided →
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Defense and energy were identified as pockets of strength while the geopolitical risk kept oil elevated.
Higher oil and renewed Treasury selling can extend pressure on technology, semiconductors and memory stocks through inflation and rates.
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