The Nasdaq Composite dropped 248.23 points to close at 26,820.49 on September 28, marking a 0.92% decline for the session. The Dow Jones Industrial Average finished at 51,472.14, down 0.69%, while the S&P 500 also ended the day down 0.69%. All three major indices finished in the red during the final week of September trading, extending losses that began with a sharp selloff at the opening bell.

Total market capitalization wiped from US equities reached $720 billion as Treasury yields for 10, 20 and 30 year notes hit highs not seen since 2007, 2002 and 2004 respectively. Oil prices neared $100 per barrel after Donald Trump rejected an Iranian proposal to reopen the Strait of Hormuz. Chip stocks led the decline, with Intel falling 6% and AMD dropping 5% amid an OpenAI training pause, while fed funds futures began pricing in an additional interest rate hike for October.