Update: US Equity Indexes Fall as Michael Barr Reiterates Further Rate Hikes Amid Waning Consumer Confidence

04:45 PM EDT, 09/29/2026 (MT Newswires) -- (Updates with index/price action, macroeconomic data, corporate developments, and geopolitical news from the first paragraph.) US equity indexes fell on Tuesday as Treasury yields rose and Fed Governor Michael Barr reiterated that further rate increases are likely amid faltering consumer confidence and US-Iran tensions. Barr said that "the combined effect" of higher energy prices, Middle East conflict, and the AI buildout "has meant we have been knocked off course on our progress toward our 2% goal." US President Donald Trump denied an Axios report that he had offered Iran sanctions relief, while the head of Iran's Supreme National Security Council, Major General Mohsen Rezaei, told CBS News that "Trump is trapped in a quagmire" and is incapable of decision-making. Elsewhere, Iranian Army spokesman Brig. Gen. Amir Akrami-Nia said the new "Iranian order" in the Strait of Hormuz was irreversible, according to CBS News. The Nasdaq Composite fell nearly 0.1% to 26,797.5. The Dow Jones Industrial Average fell 0.3% to 51,349.9, while the S&P 500 declined by 0.2% to 7,670.8. Energy and materials sectors led the decliners. The Conference Board's chief economist, Dana Peterson, said there were consumer concerns about geopolitical tensions, as well as trade and employment. Peterson added that references to the high cost of goods and elevated oil prices reached new heights during this month. The 10-year US Treasury yield climbed 1.1 basis points to 5.253%, and the 30-year rate rose 2.5 basis points to 5.587%. The US West Texas Intermediate crude oil contract fell 3.7% to $89.16per barrel. In economic news, The Conference Board's consumer confidence index fell to 81.9 in September from 88.6 in August, compared with an expected 89.0 in a Bloomberg-compiled survey. The present situation component fell to 109.3 from 117.2, while the expectations print declined to 63.6 from 69.5. US job openings in August declined to 7.079 million from 7.335 million openings in July, according to the Bureau of Labor Statistics, compared with 7.228 million openings expected in a Bloomberg-compiled survey. The hiring rate in August rose to 3.3% from 3.2% a month earlier, while separations decreased in the month to 5.070 million from 5.128 million in July. The Federal Housing Finance Agency said Tuesday that US single-family home prices in July rose 0.3% nationwide, after a flat reading a month earlier, and above the 0.1% gain expected in a Bloomberg-compiled survey. The Dallas Federal Reserve's monthly general business services index fell to minus 1.8 in September from 4.2 in the month prior, compared with expectations for a smaller decrease of 2.3 in a Bloomberg-compiled survey. In company news, Fair Isaac (FICO) shares were down 26.5% on Tuesday after Federal Housing Finance Agency Director Bill Pulte said late Monday in an X post that VantageScore will join the existing FICO classic mortgage pricing grid. Southland (SLND) shares rose 13.1% after the company said its unit Oscar Renda Contracting secured a $71 million water pipeline project in the Southwest. Project work includes installing nearly 14 miles of 42-inch welded steel water pipeline. BIO-key International (BKYI) said Tuesday it is entering into an agreement with Dubai-based advisory firm Al Majlis to introduce its identity security platform to the United Arab Emirates and Saudi Arabia. Shares were up 85.7%.