Update: Wall Street Dips as US-Iran Standoff Keeps Traders Anxious

05:15 PM EDT, 09/28/2026 (MT Newswires) -- (Updates with market moves at the end of the day, and other changes, if any.) Stocks on Wall Street dipped Monday as an apparent stalemate between the US and Iran kept oil prices and bond yields elevated. The Nasdaq Composite shed 0.9% to close at 26,820.38, while the S&P 500 fell 0.8% to 7,683.69. The Dow Jones Industrial Average dropped 0.7% to 51,481.51. Most sectors ended in the red, led by communication services, while consumer staples paced the gainers. US President Donald Trump told reporters on Saturday that he rejected a conditional peace proposal made by Iran, according to CNBC. That came after The Wall Street Journal reported Friday that Trump had turned down Tehran's offer and informed his administration of plans to resume attacks on the country after the midterm elections in November. Iran has reportedly proposed to reopen the Strait of Hormuz in seven days and restart further talks, if the US accepts its conditions. Trump told Axios in an interview on Sunday that he expects his negotiating team to engage further with Iran this week. Qatari mediators are preparing to hold separate talks with Iran and the US, Reuters reported Monday. "The path back to talks remains highly uncertain, with Trump saying Iran had overplayed its hand," Saxo Bank said in a Monday report. West Texas Intermediate crude oil was up 0.9% at $93.28 a barrel in Monday late-afternoon trade, while Brent gained 1.7% to $106.09. Treasury yields were higher, with the 10-year yield adding 5.5 basis points to 5.24% and the two-year yield rising 6.7 basis points to 4.93%. This week's US data releases include the August personal consumption expenditure price index, the Federal Reserve's preferred inflation metric, and the September nonfarm payrolls report. Jefferies said in a note that it expects the US economy to add more than 175,000 nonfarm payroll jobs this month. "Our broad view on the labor market remains intact," Jefferies Chief US Economist Thomas Simons wrote. "Conditions have improved substantially from the middle of 2025." Markets are pricing in a 70% probability that the Fed will lift interest rates again by 25 basis points next month, up from 64% on Friday, according to the CME FedWatch tool. The remaining odds point to a pause. In company news, Boeing (BA) shares were the worst performer on the Dow, down 6.9%. The aircraft maker has discovered a software glitch in its 737 MAX planes that could cause navigation system failures and raise safety concerns during landings, The Wall Street Journal reported Monday, citing a document it examined. Nvidia (NVDA) climbed 1.7%, the third-biggest gain on the Dow, after the technology giant said it expanded its share buyback program by $150 billion. It also launched a software platform to help artificial intelligence developers test and deploy their agents with more governance controls. Micron Technology (MU), Accenture (ACN), and Nike (NKE) are some of the companies scheduled to release their latest financial results this week. Spot gold added 0.4% to $4,131.44 per troy ounce, while silver slumped 5.9% to $61.01 per ounce.