Iran Says No, Oil and Yields Jump, Nasdaq Slips 0.93% at Midday

Right now, at 11:10 a.m. ET, the S&P 500 sits at 7,686.24, down 0.74%, and the Nasdaq is at 26,817.49, down 0.93%. That's 0.24 points worse for the S&P and 0.37 points worse for the Nasdaq than the 22:40 brief — not a morning-open wobble but a steady pile-up of selling through the session. There are still four hours and fifty minutes left until the close.

Iran's rejected 'seven-day plan' shook the tape

The reason for the slide is clear enough. Washington rejected Iran's seven-day plan to reopen the Strait of Hormuz, and President Trump also turned down a conditional ceasefire offer. Oil jumped more than 2% and the 10-year Treasury yield rose right alongside it, dragging risk assets down across the board — Bitcoin's slide to the $82,000s under the weight of $107 oil and 5%-handle yields is the same story playing out elsewhere. Sectors split: healthcare and biotech held up like the defensives they are, while gold miners and cybersecurity names lagged. The dollar itself sent mixed signals — the won weakened to 1,367.36 (+0.36%) even as the dollar index slipped to 100.97 (-0.32%). It also rhymes with the prior Korean session (close on 9/28), where the KOSPI dropped a sharp -2.70% while the KOSDAQ was the lone holdout at +0.25%.

My paper book, unmoved by today's swings

Microsoft, NVIDIA, and Freeport-McMoRan are all still in the green, while Amazon is the lone red line at -13.6%. That's the cumulative tally so far, not a scorecard for today alone.

The macro mood reads as a market that's calm on the surface with rate and credit strain still sitting underneath. Between now and the close, I'm watching whether oil and the 10-year keep climbing and whether today's -0.74%/-0.93% drop widens from here. Whether healthcare and biotech's defensive strength holds through the close is worth watching too.