Market Close: Stocks Higher, Oil Jumps, Nike Results Disappoint • 10/1/26

0:00It's the NBC Business News Update Market Close. I'm Jessica Ettinger. Wall Street opens Friday morning for the big September jobs report after a winning start to October trading in the fourth quarter of the year. Modest gains for the major averages, even with higher interest rates. Some of those rates eased a bit into the close, helping stocks. The Dow was up 20 points. Boeing shares led it higher. They were up 3%. The S &P 500 index up 14 points. The NASDAQ added 10 points on Thursday. The yield on the 10-year note soared to a 24-year high, topping 5.3 % in a global bond sell-off before, pulling back a little bit.

0:40It collided with a bond market that certainly was stretched and had a pretty good head of steam up in terms of the yield surge. It's possible we saw some kind of a crescendo. That said, the 10-year yield has merely come down to levels that seemed kind of scary on the upside two weeks ago. CNBC's Mike Santoli, and here's Northern Trust's Joe Tanius on CNBC. The good news is that fixed income is definitely investable again. I think we have to be mindful of what happens with interest rates here. You have to be thoughtful about your duration and how you're positioned in your portfolio. But look, for the better part of almost two decades, interest rates were so incredibly low that in order to capture any yield or any income in your portfolio, you had to take risks that you didn't necessarily want to or dip a little bit further into credit quality.

1:24And that was something that made you uncomfortable. Crude oil spiked Thursday. Here's CNBC's Pippa Stevens. We saw a bounce in early afternoon trading on this report from the Wall Street Journal that the U.S. is preparing to send a third aircraft carrier strike group to the region, up to 10 ,000 additional troops. And that also Washington is considering whether or not to renew strikes on Iran after the midterms. Now, that taken together with the 40 million barrel SPR release announced earlier this week does make you think about, you know, how Washington now sees the timeline for this war. The 10-year Treasury is the benchmark for rates on mortgages and auto loans and credit card debt.

1:59The average rate on a 30-year fixed home loan, 7.54 % on Thursday, according to Mortgage News Daily. The real estate business has been sluggish and is bracing for an even slower fall home selling season. You may have heard our own Jim Cramer refer to the housing market as frozen. and due to the sharp rise in mortgage interest rates. He's not alone. One agent in Washington, D.C. I spoke with recently described demand in her area as, quote, crickets. Now, you can see pretty clearly why the average rate on the 30-year fix. Today, 7.54%, according to Mortgage News Daily. A home buyer purchasing the median price home today, which is around$450 ,000.

2:39They're paying$300 more per month than they would have the day before the war with Iran started. That's CNBC's Diana Olick, and here's Mortgage News Daily's Matthew Brown on CNBC. As bad as it's going to get, I mean, you know, it could get a little bit worse, but we've really seen a lot of the bad come through. Nike out with disappointing quarterly results after the closing bell Thursday. Shares were down 5 % after hours. Disappointing revenues there, but Nike is almost sold out of its new Caitlin Clark signature shoe, which it just released Thursday. She could have gone anywhere and she chose Nike, And I think the reason that she chose Nike is that she wants a long-term relationship to develop here.

3:20There is no way that Nike could have predicted that the day of the rollout of these shoes would also be the day that you would conceivably have the highest rated WNBA possible featuring Caitlin Clark. CNBC's Alex Sherman. On Friday's watch list, a jobs Friday ahead. The September employment report will be out at 830 a.m. Eastern Time. Full coverage on CNBC, CNBC.com and the CNBC app on your phone. New in theaters, Warner Brothers Digger and Amazon's thriller Verity. I'm Jessica Edinger, CNBC. Building a portfolio with Fidelity Basket Portfolios is kind of like making a sandwich. It's as simple as picking your stocks and ETFs, sort of like your meats and other topics, and managing it as one big juicy investment.

4:09Now that's pretty good. Learn more at fidelity.com slash baskets. Investing involves risk, including risk of loss. Fidelity Brokerage Services, LLC. Member NYSC SIPC.