Monday, September 28, 2026

Why it’s happening: We can start with oil. Brent crude jumped more than 3% to around $108 a barrel this morning after President Trump rejected Iran’s proposal to end the war. Iran had offered to reopen the Strait of Hormuz within a week if the U.S. lifted sanctions, released frozen Iranian money, and ended its naval blockade. Trump turned the offer down on Saturday, but he said he expects more talks this week.

Stocks are set to open lower. The Dow gained 479 points on Friday, but Dow futures were down about 190 points before today’s open, as pricier oil revived worries about inflation. Those worries pushed long-term Treasury yields to new highs, and mortgage rates have been climbing along with them. The average rate on a 30-year home loan topped 7% last week.

President Trump said on Sunday that he’s “very seriously” considering a ban on diesel exports to bring down record diesel prices. Business and oil groups warn a ban could backfire and raise costs for American families and truckers. 

What to watch today: The Trump administration is expected to release more details of its trade agreements with China. From what we currently know, the U.S. will sell China farm products and medical devices, while China will send everyday items that don’t raise national security concerns. Those products, from both sides, will keep flowing even if new tariffs or trade disputes come up later. Investors will also be watching for any sign that talks with Iran are back on track.

➤ Buy: Canaccord Genuity kept its Buy rating on Meta Platforms (META) and raised its price target from $930 to $950. The firm pointed to fast early adoption of Muse, Meta’s new AI assistant, which passed 2.5 million downloads in its first two weeks. (More) 

➤ Hold: DA Davidson raised its price target on Costco (COST) from $1,000 to $1,040 but kept its Neutral rating. Shoppers bought more gas, but that earns Costco much less than the rest of what it sells. (More) 

➤ Sell: Bank of America cut Nike (NKE) from Neutral to Sell and lowered its price target from $47 to $30. The bank now expects Nike’s sales to keep shrinking until at least mid-2027, as its classic sneakers lose steam and its new styles fail to catch on. (More) 

A new Senate bill would give first-time homebuyers up to $50,000 toward a down payment.

Under the Homeownership Promise Act introduced last week, the federal government would add $5 for every $1 a first-time buyer puts into a special down-payment savings account, up to $50,000. A buyer who saves $10,000 would have $60,000 to put down. 

There’s no income limit, but the home can’t cost more than the median price for homes in the area. The bill comes from Oregon Democrats Jeff Merkley and Ron Wyden, and Republicans control both the House and Senate.

➤ The Senate narrowly rejected a resolution last week calling for an end to the war with Iran, which has been widely blamed for higher gas prices. The vote was 49 to 50. (More)

➤ Polymarket was sued by New York last week over claims that the betting site runs an illegal gambling operation and lets people as young as 18 bet on sports. The company, which says its bets are financial contracts rather than gambling, filed a lawsuit of its own. (More) 

➤ Publix was sued last week by the family of a Florida woman who died after eating its frozen blueberries, which were later recalled over E. coli. Her death wasn’t part of the official outbreak count, so the family will have to prove the link. (More)

➤ A Brooklyn man was sentenced to 4 to 12 years in prison for stealing nearly $16 million from Coinbase customers by posing as the company’s support staff. (More) 

Finance Quiz

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