Market Close: Stocks Higher, Trump-Putin Diesel Deal, Consumer Debt Worries • 10/9/26

0:00CNBC Business News Update. I'm Jessica Ettinger. Wall Street opens Monday morning for Columbus Day trading. The financial markets will be open, but most banks are closed, as is the bond market Monday. Post offices in many schools are closed as well. Stocks are coming off a winning Friday. The Dow was up 423 points. Amazon shares led it higher. They were up 3 percent. The S &P 500 index up 46 points. The Nasdaq was up 172 points. Major averages all in the green for the week. On Friday, companies whose shares hit fresh all-time highs include oil names Marathon Petroleum and Valero, plus Visa, Datadog, F5 Networks, and Palantir.

0:45President Trump, desperate to bring down diesel fuel costs in the U.S. ahead of the midterm elections, reached a deal with President Vladimir Putin of Russia to supply Russian diesel to the U.S. and global markets. The president's decision did prompt a sharp response from Ukrainian President Vladimir Zelensky, who wrote on social media in part, it plays into Russia's hands, allowing it to kill more, wage war for longer, have even less respect for America, and inflict even greater losses and damage on the world. That's CNBC's Eamon Javers, reaction also from the Wharton School's Jeremy Siegel on CNBC.

1:24It looks like Trump cut a deal with the devil, which is what I referred to Putin, and politically I'm not in favor of that. It's sort of a short-term band-aid, and eliminating sanctions on Russia for the invasion in Ukraine I think is a very unfortunate consequence. Investors are turning their focus to earnings season. Companies report their results for the last quarter that ended September 30th. And the unofficial start is Tuesday when big banks like JPMorgan Chase and Citigroup report. Here's Oppenheimer's John Stoltzfus on CNBC. We're primarily focused on earnings growth. The expectations are fairly high.

2:08The analysts are looking for over 30 % earnings growth in terms of the S &P 500. as I recall, with Q3 earnings. Delta Airlines, with its first double earnings miss in years, it cut its full year 2026 forecast because jet fuel costs have soared. CEO Ed Bastian told CNBC's Phil Lebeau that, yes, airfares are going where jet fuel goes, and that's been up. Will you continue raising fares not only in the fourth quarter but into next year? The fares will be a function of what the market bears and where the industry goes. with these high oil prices, absolutely, we're going to be forced, and the industry collectively is going to be forced to continue to cover the cost of doing business.

2:50Consumer confidence tanked again. Here's CNBC senior economics reporter Steve Leisman. Yeah, another drop here. The University of Michigan's survey of consumer sentiment, there was a real collapse in the assessment of the current conditions, causing me to do a bit of a double take here to make sure I got it right. America's debt problems are flashing a warning not seen since the Great Recession for the three-year period ended 2025. The portion of families behind on their loan payments, including credit cards, soared from about 12 % in the prior survey to nearly 20%. That's one in five families, according to a new Fed survey out Friday.

3:30That was the highest level since 2010, just as the nation was recovering from the Great Recession. On the coming week's watch list, earnings season begins. We get the latest on U.S. inflation. The CPI Consumer Price Index will be out. And Southwest Airlines shows off lounges for premium flyers. 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. now that's pretty good learn more at fidelity.com slash baskets investing involves risk including risk of loss fidelity brokerage services llc member nycsipc