Market Midday: Stocks Down, Netflix Struggles, Gas Heads Toward $4.50 • 9/18/26

Summary

Stocks fell as the 10-year Treasury yield topped 5%, with IBM and Disney leading the Dow lower while the Nasdaq remained the only major index positive for the week. Netflix dropped on a Wells Fargo downgrade tied to weakening engagement and a weaker content slate. Gasoline prices were in focus amid refinery outages, and JPMorgan's oil team said it has stopped forecasting the Iran war endgame as economic red lines have been crossed without a clear exit strategy. Microsoft discussed AI liability, and Apple's iPhone 18 went on sale.

• Major U.S. stock averages traded lower as Treasury yields climbed, with the 10-year yield above 5%.
• Netflix shares fell after Wells Fargo downgraded the stock on declining engagement and a weaker original-content slate.
• Refinery outages at ExxonMobil and Valero plants pushed Chicago gasoline prices sharply higher, with national average near $4.50.
• JPMorgan's oil team stopped forecasting the Iran war endgame after oil, gasoline, and Treasury yield red lines were crossed.
• Microsoft published an AI code of conduct emphasizing manufacturer responsibility for AI safety.
• Apple's iPhone 18 went on sale, and S&P Dow Jones indexes prepared a quarterly rebalance after the close.