TLDR
- U.S. Treasury yields hit 4.77%, dragging tech stocks lower across the S&P 500 and Nasdaq
- Oil jumped 2% on U.S.-Iran tensions, pushing Brent crude above $92 per barrel
- Dell Technologies reports earnings with a $51.3 billion AI server backlog and 250% stock gain in 2026
- Morgan Stanley upgraded Robinhood to Overweight with a new $150 price target, implying 43% upside
- John Ternus replaced Tim Cook as Apple CEO, with Cook staying on as executive chairman
Wall Street kicked off September in the red on Tuesday. Rising Treasury yields, surging oil prices, a major earnings report, a big analyst upgrade, and a historic leadership change all hit the tape on the same day.
Treasury Yields Push Stocks Lower
The 10-year Treasury yield climbed to around 4.77% on Tuesday. Higher yields push up borrowing costs and make government bonds more attractive compared to stocks.
The Nasdaq fell around 0.7% and the S&P 500 dropped roughly 0.4% by late morning. Semiconductor stocks including Nvidia, Intel, and AMD all traded lower.
Concerns about government borrowing, sticky inflation, and the expectation that interest rates will stay high are all keeping upward pressure on yields.
Oil Jumps on U.S.-Iran Tensions
Oil prices rose sharply after renewed military clashes between the U.S. and Iran raised fresh concerns about Middle East supply.
Brent crude moved above $92 per barrel and West Texas Intermediate approached $88, a gain of around 2% on the day.
Higher oil prices can push inflation higher through fuel and transportation costs. Energy stocks gained on the move, but growth and technology stocks faced more pressure as a result.
Dell Earnings Watched Closely With $51 Billion AI Backlog
Dell Technologies was in focus Tuesday ahead of its quarterly earnings. Wall Street expects revenue of around $45 billion, driven largely by demand for AI-optimized servers.
Dell entered the quarter with an AI server backlog of approximately $51.3 billion. Investors want to see whether the company can convert that demand into revenue without squeezing profit margins.
Dell stock has risen more than 250% in 2026. With that much optimism already priced in, the guidance for the coming quarter may matter just as much as the results themselves.
Morgan Stanley Upgrades Robinhood With 43% Upside Target
Robinhood Markets got a lift after Morgan Stanley upgraded the stock from Equal Weight to Overweight. The firm raised its price target from $124 to $150, representing around 43% upside from where the stock was trading.
Morgan Stanley said Robinhood is becoming less reliant on crypto trading as it expands into new financial products. The analyst pointed to stronger customer activity, growing platform assets, and prediction markets as key growth drivers.
Robinhood now has around 28 million customers. Morgan Stanley expects the company to grow revenue at an average annual rate of about 23% through 2028.
Apple Names John Ternus as CEO, Tim Cook Steps Down
One of the biggest leadership changes in tech took effect Tuesday. John Ternus became CEO of Apple, replacing Tim Cook after 15 years in the role. Cook will remain as executive chairman.
Ternus takes over at a pressing time for the company. Apple is under pressure to strengthen its position in artificial intelligence while also facing a legal dispute with OpenAI over alleged trade secret theft involving former Apple employees.
Investors will be watching closely to see how Ternus leads Apple through a fast-changing technology landscape.
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