Before the bell: futures flat after Nasdaq record, MBA mortgage rate hits 7.12%, flash PMI due

U.S. stock futures were little changed early Wednesday, a day after the Nasdaq Composite closed at a record for its fourth straight gain. S&P 500 futures were marginally higher, Nasdaq-100 futures were off 0.1% and Dow futures were down about 25 points, CNBC reported. On Tuesday the Dow fell 0.4% and the S&P 500 ended slightly lower, about 0.7% below its all-time high (our close). Live levels: markets board.

Oil and the Iran talks

President Trump said U.S. and Iranian officials met for three hours on the sidelines of the UN General Assembly and called it a "very good meeting." Crude swung on the news: November Brent was last up about 0.6% at $99.74 a barrel while November WTI was down 0.3% at $90.19, per CNBC. Treasury Secretary Scott Bessent said the administration is examining whether a full or partial diesel export ban is feasible, with the AAA national diesel average at $6.53 a gallon. Background: the diesel ban debate. Chart: crude oil.

Yields and the Fed

The 10-year Treasury yield was 4.947% around 3 a.m., down 2 basis points, CNBC reported, after an official Tuesday close of 4.96% (Treasury data). Boston Fed President Susan Collins, explaining her support for last week's hike, wrote that she now sees "an increased likelihood" of inflation staying "notably above 2 percent," CNBC reported. CME FedWatch put the odds of another quarter-point hike in October at 53.1%. Chart: 10-year T-note.

Mortgage rates: the payment math

The Mortgage Bankers Association's 30-year fixed contract rate rose to 7.12% from 6.97% in the week ended Sept. 18, the highest since May 2024, and applications fell 1.5%, HousingWire reported. On a $400,000 loan, that 15-basis-point move adds about $40 a month in principal and interest ($2,694 versus $2,653, our calculation). The 5/1 ARM rate fell to 6.10%, which works out to roughly $270 a month less than the fixed rate on the same loan for the first five years, one reason the ARM share climbed to 9.8% of applications. That discount lasts only until the first reset. More: our mortgage rate story.

On the calendar

S&P Global's flash composite PMI for September is out today (August: 56). Initial jobless claims come Thursday, with 201,000 expected after 196,000. General Mills, Paychex and H.B. Fuller report earnings today, per CNBC. See our calendar.

Movers

• IonQ: $45.83 premarket, up 12.5%, after the company said it tested the first real-time quantum error decoder, per CNBC and Nasdaq quotes.
• General Mills: $35.87 premarket, up 1.2%, with its quarterly results out this morning.
• Paychex: $116.20 premarket, up 1.5%, ahead of its report before the open. Our preview covers what small-business hiring data to watch.
• Bitcoin: $85,726 on Coinbase at 7:17 a.m., down 0.3% from its 24-hour open, with Ether at $2,732. CNBC noted Bitcoin touched $86,349.90 on Tuesday, its highest since late January.

Sources: CNBC, HousingWire (MBA data), U.S. Treasury, Nasdaq premarket quotes and Coinbase Exchange at about 7:17 a.m. ET, Chronicle economic calendar. Premarket prices move quickly and early volume is thin. This is market information, not investment advice.