Market Close: Stocks Lower, 10-Year Yield Hits 5%, US Crude Tops $106 • 9/15/26

0:00See NBC Business News Update. Market close. Jessica Ettinger. Wall Street opens Wednesday morning after a down day for the major averages. Tuesday, their sixth losing day in seven. Oil shoots higher and the 10-year Treasury yield goes to 5%, hitting 5.04, the highest in nearly 20 years. Checking the major averages. The Dow was down 328 points, a little more than a half percent. Nike shares led the Dow lower. They were down more than 2%. The S &P 500 index down 34 points. The Nasdaq down 204 points. Chipmaker shares were mixed. The Fed widely expected to raise interest rates. We'll know Wednesday afternoon.

0:43Here's BlackRock's Rick Reeder on CNBC. He doesn't think they should. I wouldn't because I think you're not going to really do much. I mean, talk about moving the funds rate 25 basis points. Are you really going to do anything for inflation? What's driving inflation today is interest rate insensitive. Obviously, you've got war. You've got energy price. You've got education, insurance costs, health care. It doesn't really do much. So what I do it, what it does adversely impact, look at the housing market that's frozen. Reeder mentioned the housing market there. Mortgage rates popped higher again Tuesday.

1:12The average rate on a 30-year fixed home loan now above 7.2 percent at 7.22 percent, according to Mortgage News Daily. in February, before the U.S. sent missiles into Iran. The 30-year mortgage rate? 5.99. Here's Goldman Sachs' Peter Oppenheimer on CNBC on why bond yields are rising. It's a reflection of a number of things. Of course, raising inflation pressures as oil prices continue to increase, but also the scale of the demand for capital coming from central banks who are all borrowing money together at the same time competing for investment dollars just at the time when the private sector is also being asked to fund huge amounts of capex in the ai ecosystem so there's a big increase in demand for capital and this is pushing up the cost the price of capital u.s crude oil wti west texas intermediate topping 106 dollars a barrel Tuesday.

2:17Pain at the pump continuing. The national average for a gallon of regular up to$4.33 according to AAA. Diesel at a record high$6.27 a gallon and the midterm election looms. They will get desperate. I think policymakers will if this gets much worse because people are saying diesel is going to seven bucks now in certain areas. What if they do an export ban on diesel? We're in a midterm election year and obviously prices at the pump really matter. There's going to be a lot of negative externalities of an export ban. That's not to say they won't do it. That is one way to keep domestic prices low. That's really bad for Europe and a lot of our trade partners.

2:50Cohen and Steers, Tyler Rosenlicht with CNBC's Kelly Evans. Fewer people tuned into the NFL season opener last week. Here's CNBC's Dominic Chu. More than 25 million people tuned in for the kickoff to NFL's season opener on NBC and Peacock. That's according to the Comcast-owned Networks sports division. The Super Bowl rematch of the Seahawks versus the Patriots was actually down about 12 percent from last year's opener. Meanwhile, Netflix, revealing its stream of the Rams 49ers game in Australia, averaged 18 and a half million viewers in the United States. On Wednesday's watch list, the Fed decision on interest rates 2 p.m.

3:29Eastern, full coverage on CNBC, CNBC.com and the CNBC app on your phone. We also get August retail sales numbers. Jessica Ettinger, CNBC. Hey, Fidelity.

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