Overnight US stocks | The three major indices closed mixed, with U.S. Treasuries and oil prices unsettling the market. Oracle Corporation (ORCL.US) data center project raises concerns.

Thursday saw the three major U.S. stock indices close mixed. The Dow Jones Industrial Average fell for a third consecutive session as U.S. Treasury yields hovering at multi-decade highs continued to weigh on cyclical sectors. In addition, reports said U.S. and Iranian negotiators in New York are considering a deal to end the Middle East conflict in phases. Stocks rebounded from their session lows on that news. U.S. StocksAt the close, the Dow Jones Industrial Average fell 0.31% to 51,349.98; the S&P 500 slipped 0.02% to 7,704.13; the Nasdaq Composite rose 0.01% to 26,939.37. Meta (META.US) closed up 4.5%, with its market value approaching $2 trillion; Intel Corporation (INTC.US) rose 3.9%, AMD (AMD.US) gained 2.38%, while Oracle Corporation (ORCL.US) fell 3.47%. European StocksGermany's DAX30 fell 0.57% to 25,266.53; the UK's FTSE 100 dropped 0.24% to 10,679.99; France's CAC40 declined 0.52% to 8,081.43; the Euro Stoxx 50 fell 0.43% to 6,272.95; Spain's IBEX35 slipped 0.30% to 19,573.40; Italy's FTSE MIB dropped 0.85% to 51,543.45. Asian StocksJapan's Nikkei 225 rose 0.76%, and South Korea's KOSPI gained 0.90%. U.S. Dollar IndexThe U.S. dollar index, which measures the greenback against six major currencies, rose 0.19% on the day to close at 101.285 in late New York trading. As of late New York trading, the euro traded at $1.1374, down from $1.1387 the previous session; the pound traded at $1.3217, down from $1.3243 the previous session. The dollar traded at 158.85 yen, up from 158.27 yen the previous session; the dollar traded at 0.8282 Swiss francs, up from 0.8244 Swiss francs the previous session; the dollar traded at 1.4141 Canadian dollars, up from 1.4097 Canadian dollars the previous session; the dollar traded at 9.9224 Swedish kronor, up from 9.9169 Swedish kronor the previous session. CryptocurrenciesBitcoin edged up 0.2% to about $84,357, while Ethereum rose 0.9% to about $2,695. Quarterly options on Bitcoin and Ethereum expire this Friday, with a combined scale of several billion dollars, including about $1.59 billion in Bitcoin options and about $210 million in Ethereum options. Crude OilLight crude futures for November delivery on the New York Mercantile Exchange rose $2.45 to settle at $94.61 per barrel, up 2.66%; London Brent crude futures for November delivery rose $3.52 to settle at $106.60 per barrel, up 3.41%. Precious MetalsWeighed down by a stronger dollar, spot gold fell 0.4% to $4,272.32 per ounce. Macro News U.S. and Iran reportedly negotiating a phased agreement aimed at reopening the Strait of Hormuz. According to people familiar with the matter, U.S. and Iranian negotiators are discussing a phased agreement that includes Iran reopening the Strait of Hormuz and the United States lifting its blockade of Iranian ports. The sources, who spoke on condition of anonymity, said both countries had refused to sign a similar agreement in recent months, and that talks were being pushed for a breakthrough on Thursday on the sidelines of the United Nations General Assembly. Qatari officials are serving as mediators in the negotiations, the sources added. The step-by-step agreement follows a model similar to the memorandum of understanding reached between the U.S. and Iran in mid-June, which produced a fragile ceasefire that collapsed after only a few weeks. A White House official said President Donald Trump remains willing to talk with Iran but stressed that the United States does not need to negotiate; escalating sanctions and an ongoing maritime blockade have already dealt a heavy blow to Iran's economy, leaving the U.S. in a position of strength. Since the war broke out, on-and-off negotiations between the U.S. and Iran have repeatedly collapsed, with disagreements centered mainly on the Strait of Hormuz and when Iran can access billions of dollars in frozen funds held by the United States. Iranian President Masoud Pezeshkian, attending the U.N. summit in New York, stressed in his speech that Iran will not allow free navigation through the Strait of Hormuz as long as sanctions and the U.S. maritime blockade remain in place. U.S. Treasury selloff continues to build. The 30-year Treasury yield rose as high as 5.502% intraday on Thursday, a new high since 2004. The benchmark 10-year Treasury yield, tied to mortgage rates, surged to 5.223%, the highest since June 2007. The 2-year Treasury yield rose to 4.941%. The U.S. Treasury Department conducted its second expanded Treasury buyback operation that day, actually repurchasing $4.078 billion of 20- to 30-year Treasuries against a previously announced maximum of $6 billion. In addition, the U.S. Treasury's $44 billion seven-year note auction cleared at a yield of 5.085%, the highest since issuance resumed in 2009, indicating demand fell short of expectations. Fed officials collectively strike a hawkish tone. Philadelphia Fed President Paulson said the Fed may need to raise rates again to bring down inflation; New York Fed President Williams said the U.S. economy has shown "remarkable resilience," but the Fed still has a lot of work to do in addressing price pressures; Cleveland Fed President Hammack said inflationary pressures remain elevated, and the longer this persists, the harder it will be to bring inflation back to target; Richmond Fed President Barkin also noted that broad and persistent cost pressures increase the risk that inflation becomes entrenched. As yields surge, market expectations for further Fed rate hikes have also risen. According to the CME FedWatch tool, the probability of the Fed raising its key rate again in October is close to 71%, compared with about 55% a week earlier. Individual Stock News Oracle Corporation reportedly issued a "force majeure" notice to Stack Infrastructure. According to media reports, Oracle Corporation has issued a "force majeure" notice to Blue Owl Capital's Stack Infrastructure, hoping to defer related payments if construction of the "Project Jupiter" data center in New Mexico is hindered and cannot begin operations as planned in 2028. People familiar with the matter said Oracle Corporation is not seeking to exit its role as the project's main tenant. Oracle Corporation responded that such notices are intended to preserve contractual rights and do not in themselves mean the project has been delayed or that delivery expectations have changed. Blue Owl also said the notice will not change the two sides' financial commitments to the multi-year project. Tesla, Inc.'s Nevada plant begins production, with heavy-duty Semi truck output set to rise. Tesla, Inc. will officially open its first plant mass-producing the heavy-duty electric Semi truck in Sparks, Nevada, as CEO Elon Musk moves into the heavy truck sector. Tesla, Inc. first unveiled the Semi truck in 2017 and delivered small numbers to initial customers in 2022, including key customer PepsiCo, Inc. The plant's launch comes as Tesla, Inc.'s core electric vehicle business faces increasingly fierce competition globally; at the same time, high diesel prices present a potential opportunity for a shift toward electrification in the commercial truck sector. Qualcomm announces renewal of global patent license agreement with Apple Inc. On September 24 local time, Qualcomm announced the renewal of its global patent license agreement with Apple Inc. The new agreement will take effect on April 1, 2027, with neither the term nor the financial terms disclosed. The two companies ended patent litigation and signed a licensing agreement in 2019, and the current agreement expires at the end of March 2027. Alphabet Inc. Class C, OpenAI, and Anthropic reportedly plan to jointly establish a "frontier AI standards authority." According to reports, Alphabet Inc. Class C, OpenAI, and Anthropic are pushing to form an AI safety standards body, targeting launch by the end of this year or early 2027. The body, tentatively named the Standards Authority for Frontier AI (SAFA), is planned to operate independently without government regulation. Previously, AI regulation at the U.S. federal level has progressed slowly, and the establishment of related agencies has also stalled.