Posted on 09/10/2026 9:23:57 AM PDT by Miami Rebel
Stocks dropped Thursday after U.S. oil prices topped $100 a barrel, amid growing fears of higher inflation from a prolonged war in the Middle East.
The Dow Jones Industrial Average dropped 315 points, or 0.6%. The S&P 500 fell 0.5%, while the Nasdaq Composite slid 0.5% too.
Higher oil prices continued to weigh on sentiment, as the war between the U.S. and Iran stretched into a seventh month. U.S. West Texas Intermediate futures for October jumped above $100 per barrel. Futures for the international benchmark Brent crude for November delivery spiked above $105 a barrel.
The jump in oil prices pushed the 10-year Treasury yield above 4.9%, the highest level since November 2023.
High beta chip stocks that have led the bull market traded lower on fears higher rates and oil could slow the economy. Intel and Micron Technology both fell 4%.
A tame wholesale inflation report failed to allay fears coalescing around higher rates and oil prices. August’s producer price index, a measure of wholesale inflation, rose a seasonally adjusted 0.4% for the month, in line with the Dow Jones consensus. On an annual basis, that put PPI at 5.4%, which is still well above the Fed’s 2% inflation target.
The report comes ahead of the closely watched consumer price index on Friday. Both numbers feed into the Fed’s primary inflation gauge, the personal consumption expenditures price index, which won’t be released until after the Fed’s interest rate vote Sept. 16.
“The PPI release itself was inconclusive, in that doesn’t really help to settle the question of ‘hike or no hike’ from the Fed next week, but WTI oil prices surging back above $100 and Treasury yields hitting new highs is certainly raising the stakes for investors ahead of tomorrow’s crucial CPI report,” wrote Stephen Coltman, head of macro at 21shares.
Fed funds futures were last pricing in a 74% likelihood of a quarter point hike following the conclusion of next week’s meeting, according to the CME FedWatch Tool.
The major averages are coming off a three-day slide, after the Treasury Department said it would buy back up to $6 billion in longer-term debt – triple the usual amount. Less than a month ago, the Treasury said it would more than double the size of its $2 billion government debt repurchases.
Just kidding of course
Most of the petroleum distillants here in northern New England come from Canada. Meaning the JD Irving refinery in Saint John, New Brunswick. There are also refineries on the Saint Lawrence River up in Quebec near Montreal.
The closest refinery in the USA to NH is in New Jersey. Across from NYC. To the west there is one near Cleveland, OH.
The only energy source more rare is Nuclear Plants. There is one in Seabrook, NH and another in CT.
Nobody wants either of these in their backyard.
“choo choo”
A gallon of diesel can move a ton of freight 423 miles according to an industry ad I read.
I am right there with you. 93% in fixed.
My goodness. Our friends at Big Oil would never do such a dastardly thing and collude with the globalists.
It must be natural market forces.
Nevermind that oil access around the Strait has never been better since the war started.
It's gots to be organic market forces...ur right?
Ohio average gas prices
................Regular Mid-Grade Premium Diesel
Current Avg. $4.1830 $4.7142 $5.2528 $5.9101
Yesterday Avg. $4.0734 $4.6510 $5.1839 $5.8919
Week Ago Avg. $3.9003 $4.4635 $4.9972 $5.7895
Month Ago Avg. $3.8996 $4.4491 $4.9768 $5.2194
Year Ago Avg. $2.9747 $3.5103 $4.0168 $3.6343
“construction machinery”
The cost of the gasoline (4 gallons for the generator, 12 gallons for the workers to get here and back, two gallons each day for three days) for re-shingling my roof would be about $64, up from $48.
That contributes to it. Then the globalists smell blood
What ever happened to bio-diesel? We have plenty of soybeans on the market to convert into oil to stretch diesel fuel supplies.
Also can convert natural gas into clean diesel fuel…Shell is already doing it now in the Middle East. And we have lots of natural gas.
PA is criminal with it’s 70 cent Gas Tax
That’s the point - it’s not a “who” thing.
My *ideal* candidate would probably be lucky to get 2% - because he’d say “I’m not your savior, I’m not your concierge, and I’m certainly not running to be your daily fee-fees smoother. None of those are the job requirements for President.”
Historically? Coolidge is probably my ideal President in a vacuum.
Specific current choices? I’ve long admired Ted Cruz - but his once-pure conservatism has fallen prey to politicking and popularity chasing. I don’t live there - but from the outside looking in? Ron DeSantis seems like he’s done an outstanding job both upholding conservative principles, managing the state budget, and *properly* drifting Florida from purple to red. There are elements of Rand Paul I like - but also niche elements that would make him a poor POTUS. Marco Rubio seems like he’s developed a nice balance between the ‘playing the game’ but still inherently believing in real conservatism. He’s a has been now - but closer to home? Scott Walker broke the union grip on Wisconsin. Heck, I know he’s irrationally hated here — but I look at Georgia’s economic performance, fiscal health, but I like Brian Kemp a lot.
But I don’t really about the “who”. Just the “what”. And the what should be modeled after Silent Cal and the idea that while we do need a President and government? Get out of the way and let our industry, liberty, and capitalism work its magic.
I am always reminded of the wisdom of Mongo when I hear about the Choo Choo:
“Got to do with where choo-choo go” “Mongo only pawn in game of life”.
Plus, the asphalt shingles are made from the by products of refining petroleum. So, they go up with the price of oil too!
I have a company coming over next week to give me a bid on repaving my driveway. Asphalt paving is also effected by the price of petroleum. I can’t wait to see the price to repave my 200’ long driveway!
Expect Iran to launch an all-out attack sometime within the next 60 days. They will attempt to drive oil up to $200-$300 per barrel so that the Republicans get crushed in the midterms.
You’re spending too much time thinking of me.
Get a hobby.
I’m about as un-Marxist as you can get. I run $75 million in family money and another $250 million for clients. I believe in the markets, not in the government’s capacity to manipulate them, e.g., Bessent’s hapless Treasury twist.
(By the way, the interests of the USA are not necessarily congruent with those of the President or the Military. Have a great day.)
My neighbor who has a small diesel pick-up truck refuses to drive anywhere other than work because of the high diesel prices. It was $8.10 a gallon yesterday.
Hopefully we are prepared to quash that in minutes to hours.
“heating oil”
Bing says:
“Heating oil prices in the U.S. have fluctuated significantly from 1986 to 2026, ranging from under $1 per gallon in the early 1990s to a record high of $5.86 per gallon in April 2022.”
You do make me think. I have never been a proponent of the “Civil War” view. The rest of the world will not sit idly by while the USA implodes.
However, the USA might be able to to project a “government front” to the world, saying “leave our internal business alone”, and carry out a Civil War. The internal structure of America will realign, while the world is held at bay. Either the world will be in no position to do anything, or American might will be able to stop it (China), while America internally reorganizes.
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