Global markets shuffled into the fourth quarter on shaky footing as a brutal September for bonds kept stocks under pressure and oil prices climbed on stalled US-Iran talks.

On Wall Street, the Nasdaq fell 0.9% on Monday as the 10-year Treasury yield climbed above 5.27%, a 19-year high. The S&P 500 lost 12.85 points to close at 7,670.84 and the Dow dropped 131.59 points to 51,349.92. Even a record $150 billion boost to Nvidia’s share buyback programme could only limit the damage, not reverse it.

Europe posted its first monthly loss in six, while Treasury yields notched seven straight weeks of gains. Brent crude traded around $106.60 with no breakthrough in negotiations between Washington and Tehran. Gold advanced 1.11% to $4,214.70 an ounce as investors sought safety.

The gloom spread beyond markets: US consumer confidence fell to 81.9 in September, its lowest since 2014, and employers posted just 7.08 million job openings in August. Australia raised its cash rate to a 15-year high. With the Fed meeting on October 27-28, traders are bracing for rates to stay higher for longer.