Update: Equities Mixed Intraday as Oil Prices Fluctuate

01:50 PM EDT, 09/22/2026 (MT Newswires) -- (Updates with latest market prices and developments.) US benchmark equity indexes were mixed intraday as oil prices fluctuated amid conflicting reports over the prospects of the Strait of Hormuz's reopening. The Dow Jones Industrial Average was down 0.5% at 51,804.9 after midday Tuesday, while the Nasdaq Composite rose 0.3% to 27,213.2. The S&P 500 was little changed at 7,762.9. The indexes finished the previous trading session higher, with the Nasdaq recording a new closing high. Among sectors, materials paced the gainers intraday Tuesday, while financials led the laggards. West Texas Intermediate crude oil was up 0.7% at $96.40 a barrel in Tuesday afternoon trade, reversing its direction after declining earlier in the session. Brent edged down 0.5% to $99.87, trimming the day's losses. Iran has offered to reopen the crucial Strait of Hormuz within seven days if the US eases its military pressure, Reuters and Japan's Kyodo News reported, citing a senior Iranian government official. A senior Iranian official told MS Now, CNBC's Versant Media partner, that the Reuters and Kyodo reports were not true. Saudi Arabia has restarted operations at its East-West pipeline following recent drone attacks, Reuters reported Tuesday, citing sources. The pipeline could resume exports from the Yanbu port later Tuesday. "The (oil price) moves highlight how much geopolitical risk premium remains embedded in energy prices and how sensitive the market has become to any prospect of a breakthrough," Saxo Bank said in a note. "The question now is whether Washington sees Iran's proposal as an opportunity or concludes that time is increasingly on its side." Treasury yields were higher intraday, with the 10-year rate up 1.7 basis points at 4.98% and the two-year rate rising 1.1 basis points to 4.76%. The Federal Reserve's next interest rate increase could come as early as October as higher oil prices threaten to push inflation farther away from the US central bank's 2% goal, Oxford Economics said. In company news, On Holding's (ONON) US-listed shares were up 9% intraday after the Swiss sportswear company outlined its mid-term financial targets and reiterated its outlook for 2026. AutoZone (AZO) reported fiscal fourth-quarter revenue and same-store sales growth below market expectations on Tuesday amid a challenging environment, although the auto parts retailer's earnings topped estimates. The stock jumped 6.3% intraday. Spot old was down 0.4% at $4,327 per troy ounce, while silver added 0.3% to $66.61 per ounce.