Market Close: Stocks Fall As Oil Hits Highest Since May, Mortgage Rates Hit 7% • 9/10/26

0:01CNBC Business News Update Thursday. Market close. I'm Jessica Ettinger. It was a down day on Wall Street. After their fourth day in a row in the red, investors may be looking at a Terra trade. There are reasonable alternatives to stocks as bond yields pushed higher. The Dow was down 316 points Thursday, led lower by shares of IBM, down 2.5%. The S &P 500 index down 44 points. The NASDAQ down 171 points. Major averages all down at least a half a percent on Thursday. Prices at the pump going the other way. They're up. The national average for a gallon of regular,$4.27, according to AAA. Late Thursday, diesel crossing$6 a gallon for the first time in the U.S., according to GasBuddy.

0:50CNBC's Kelly Evans with some of the numbers, including WTI, West Texas Intermediate. That's U.S. crude oil. WTI back over$100 a barrel for the first time since May. Gasoline prices are up nearly 30 cents in a month. Some parts of California are selling diesel for$9.99 a gallon, according to GasBuddy. The state's average is$7.76 right now. And it could get even more expensive. Here's Wharton finance professor Jeremy Siegel on CNBC. Diesel rising even more. As we know, the records of gasoline futures signaling another 20 to 30 cents potential rise in gasoline. This is not good for consumer sentiment.

1:30Real Macro's Jeff Curry on CNBC with a warning as oil prices rise. Prices for a lot of other things are going to go higher. This is a broad commodity rally. This is the super cycle we've been talking about. You have beans in the teens today. It hit 1330. We've got a food crisis on our hands. We have a fuel crisis on our hands. Copper was hitting, you know, high after high after high. Today is the first day pullback. Oh, it's down 3%. We've just hit high after high. What is that telling you? We're probably underestimating the inflationary impact of what's happening. 7 % mortgage rates are back.

2:03Fixed 30-year home loans loosely follow the yield on the 10-year Treasury, and that topped 4.9 % and up went mortgage rates. The average rate on the 30-year fixed mortgage just crossed 7 to 7.07 percent, according to Mortgage News Daily. It's the first time we've seen a seven handle since May of 2025. This comes as a surge in oil prices caused another jump in bond yields. That's CNBC's Diana Olick. Here's Diana with more on data on the sluggish real estate market that got even more sluggish. In August, existing home sales were down, but prices weren't. Existing home sales in August fell 2%, the slowest in over a year.

2:43There were 1.62 million homes for sale at the end of August. That's up 3.2 % from July and up 5.9 % from the year before. That's the highest level in over a decade. Now, despite higher supply, prices continue to rise. The median price of a home sold in August was$429 ,100. That's up 1.6 % year over year. Homes are sitting longer, 31 days compared with 29 in July. We got a read on inflation at the wholesale level in August. It came in as expected, up four tenths of one percent from July. Year over year, the producer price index is sitting at 5.4 percent. Friday morning, it's all about consumer inflation.

3:25With the big August CPI report, the consumer price index that comes at 830 a.m. Eastern. Full coverage on CNBC, CNBC.com, and on the CNBC app on your phone. Also Friday, Wall Street will pause to mark the 25th anniversary of the 9-11 terrorist attacks. I'm Jessica Edinger, CNBC. Lucky Land Casino. Imagine signing up and finding your welcome surprise already waiting. Spin free with gold coins or collect Sweep Coins, plus daily login delights. Sign up now. Let the magic talk. Lucky Land Casino, where the magic happens. No purchase necessary. VGW Group. Void where prohibited by law. CT &C's 21+.