US Open: Wall Street sentiments mixed as oil jumps above $100 🗽 Casey General shares tumble 18%

Wall Street is opening Wednesday’s session slightly lower, as rising oil prices once again fuel inflation concerns. Brent crude futures have climbed above $100 a barrel for the first time since July, as escalating tensions between the US and Iran increase the risk of further disruptions to Middle Eastern supplies. Rising US Treasury yields are also weighing on investors, having already contributed to Tuesday’s declines in the major indexes. Sentiment is similarly weak across European stock markets, while the Asian session delivered mixed results. With fewer catalysts from corporate earnings, investors have shifted their attention toward risks. Against this backdrop, the current weakness looks more like a temporary setback than a fundamental change in the outlook for equities.

Market highlights

• The Dow Jones was down around 300 points, or 0.6%, in early trading, while the S&P 500 is down 0.2% and the Nasdaq 100 is off 0.1%. US indexes are gradually extending their losses from the first session of the holiday-shortened week.
• Brent crude futures are up more than 2%, extending Tuesday’s gains. Investors fear that an escalation of the US-Iran conflict could further restrict oil supplies from the Middle East.
• The 10-year US Treasury yield briefly exceeded 4.8% on Tuesday. Rising oil prices fueled inflation concerns, while pressure in the bond market created additional headwinds for equities.
• On Tuesday, the Dow Jones fell 1.2%, recording its worst session in almost three weeks. The S&P 500 declined 0.6%, while the Nasdaq Composite lost 0.3%. It was the first trading session after Monday’s Labor Day holiday.
• In Europe, the STOXX Europe 600 is down 0.7%, Germany’s DAX is losing 0.6%, and the UK’s FTSE 100 is off 0.3%. France’s CAC 40 and Italy’s FTSE MIB are seeing steeper declines, falling 0.95% and 1.27%, respectively.
• In Asia, South Korea’s KOSPI stood out with a 1.40% gain, while China’s CSI 300 advanced 0.30%. Japan’s Nikkei 225 closed 0.19% lower, and Australia’s S&P/ASX 200 lost 0.11%.

US100 chart (D1 timeframe)

Source: xStation5

Company news

• Apple: shares are edging higher ahead of the company’s product launch event. Investors expect the next generation of iPhones to be unveiled, including a new model with a foldable screen.
• Signet Jewelers: shares of the jewelry retailer jumped 17% following better-than-expected second-quarter results. Adjusted earnings per share came in at $2.19, compared with the $1.74 estimate compiled by FactSet. The company also raised its full-year earnings guidance.
• Mission Produce: shares of the avocado producer gained 7% after the release of its fiscal third-quarter results. Both adjusted earnings per share and revenue exceeded the forecasts of every analyst surveyed by FactSet.
• Casey’s General Stores: shares of the convenience store and gas station chain are down more than 18% following Tuesday’s fiscal first-quarter report, despite earnings and revenue beating expectations. Same-store sales growth disappointed, slowing from a year earlier, while sales of prepared food and dispensed beverages, groceries and general merchandise, as well as fuel volumes, fell short of forecasts. Management maintained its fiscal 2027 outlook, while the stock had gained more than 30% since the start of 2026 through Tuesday’s close.

Casey’s share price chart (CASY.US)

The company’s shares have fallen around 40% from their all-time highs, abruptly ending the powerful uptrend of recent years. Even after the sell-off, the stock is up 202% over the past five years, delivering nearly three times the S&P 500’s return. It is trading 10% above its September 2025 level. The RSI has plunged below 20, suggesting extreme panic.

Source: xStation5