Apple launches foldable iPhone as U.S. Treasury expands bond buybacks

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Apple foldable iPhone launch

Highlights

Apple unveils the $1,999 foldable iPhone Duo, seven years after Samsung, with iPhone 18 Pro and Max priced $100 above previous models.
The U.S. Treasury will buy up to $6 billion in long-dated bonds Thursday, tripling usual buybacks, aiming to support government debt liquidity and restrain yields.
Brent crude closes at $101.21 and WTI at $96.05, highest since May, lifting Donald Trump’s oil and gas holdings by $1.5 million to $4.4 million between Feb. 27 and Aug. 31.

Product rollout and market scrutiny

As reported by CNBC, Apple unveils its first foldable smartphone, the iPhone Duo, seven years after Samsung launched its own foldable device.

The new model starts at $1,999 and includes an external and internal screen, a side fingerprint sensor and a titanium case. Apple also rolls out the rest of its lineup, including new iPhones, watches and Airpods, while the iPhone 18 Pro and Max are priced $100 above last year's models.

Discussion around the Duo centers less on its broader feature set than on the display crease. Social media commentary focuses on how visible the crease appears, whether the screen looks different at that point and how repeated opening and closing could affect performance over time.

Treasury, oil and portfolio gains shape wider outlook

The U.S. Treasury says it will buy up to $6 billion in a long-dated bond buyback operation scheduled for Thursday, triple the normal amount. The move follows Treasury Secretary Scott Bessent's earlier announcement that the department will double its bond buybacks to $4 billion, and the Treasury adds that future operations will be at least that size and target 10- and 20-year notes.

Although the stated aim is to support liquidity in government debt markets, the larger intervention is also seen as an attempt to restrain Treasury yields, which have climbed to levels not seen since before the 2008 global financial crisis. Market reaction remains negative, with yields moving higher in volatile trading and stocks falling for a third straight day as elevated borrowing costs combine with stronger crude prices.

Brent crude settles above $100 a barrel at $101.21, while West Texas Intermediate rises 3.3% to close at $96.05, the highest close since May for both benchmarks. Against that backdrop, CNBC analysis finds President Donald Trump's nine largest oil and gas holdings increase by about $1.5 million to $4.4 million between Feb. 27 and Aug. 31, as wartime directives involving Iran repeatedly jolt global markets.

Trump says on Wednesday that energy prices lifted by the Iran war will not fall until after the midterm elections in November. He tells reporters before departing for Texas that oil prices are going to decline right after the election, remarks that appear to signal the conflict is unlikely to be resolved in the near term.

Our earlier coverage of the U.S. Treasury’s long-dated bond buyback plans explained how the announced purchase size initially fell short of some market expectations, weighing on bond prices and pushing yields higher. We also noted that a strong 10-year note auction helped limit the move, while crude’s jump above $100 and upcoming inflation data kept investors focused on the risk of tighter Fed policy.

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