Market Close: Stocks Lower, Dow Falls 400, Mortgage Rates Near 7% • 9/9/26

0:00CNBC Business News Update Market Close. I'm Jessica Ettinger. Wall Street will open Thursday morning after a third straight day of losses for the major averages. Oil at its highest since last May. The yield on the 10-year Treasury at its highest in nearly three years, 4.84 percent. President Trump saying oil and gas prices won't fall until after the midterm election. Brent crude, the world's benchmark, topping$101 a barrel. U.S. crude,$96 a barrel. The Dow fell 405 points, three quarters percent, led lower by shares of Google Parent Alphabet down 2 percent. The S &P 500 index fell 37 points, about a half a percent.

0:44The Nasdaq down 168 points, about a half a percent. I think it's a long time coming, but markets had to really believe the war in Iran would last longer than just a few months. And there's just a reality check coursing through the stock market right now. Inflation is going to be higher for longer. Man Group's Christina Hooper on CNBC. U.S. drivers dealing with a dramatic pop-up in gas prices. AAA says in one day, the national average for a gallon of regular popped up by 7 cents, now at$4.22 a gallon diesel at a record high. Look, my biggest fear is that this time there were over 100, but there may not be as much in the Strategic Petroleum Reserves.

1:25I think that people are beginning to believe that there can be no deterrent to Iran. CNBC Mad Money host Jim Cramer. Energy aspects, Amrita Sen, tells CNBC the price of oil is one thing, but the price of the products you make with oil is really what matters. Diesel at record highs, and that will push inflation higher. And it's that inflation fear that's pushing the yield on the 10-year Treasury higher, which can then push stocks lower. Diesel is above$200. That's what feeds into inflation. That's what's driving the 10-year. It's not crude. We just do not have any buffers left. We came into the conflict with 400 million barrels of excess.

2:04Clearly now that's gone. And the SBR, the U.S. had pledged in other countries, we've absorbed all of that, right? Maybe Europe has a bit more for diesel in the winter. They haven't released everything, but we really don't have that many bullets on crude oil left. Would-be homebuyers outlooking this fall, facing mortgage rates back up to almost 7 % for a 30-year fixed home loan. Here's CNBC's Diana Olick. We're not at 7 % yet, but the average rate on the 30-year fix hit 6.97%, so we are dangerously close. Rates rose following the rise in oil prices and renewed concerns over inflation. Today, it's all about the Treasury announcing a debt buyback plan that's triple the normal amount.

2:43Again, we are very close to 7. Apple shares turned slightly higher into the closing bell on Wednesday after being down about 1 % leading into its iPhone event, where new phones and watches were unveiled, including a new$2 ,000 foldable phone. We have pricing now for the iPhone Duo. It is going to start at$19.99 for that base 256 gigabyte model. Pre-orders will start October 16th. It's going to be available October 23rd. No face ID, just touch ID. But there is a telephoto lens, and there was a question as to whether or not that would be made available. I will say it looks very similar and is at the same price point as the Samsung Galaxy Z Fold.

3:24CNBC's Mackenzie Sigalos. On Thursday's watch list, the producer price index. That's a measure of inflation at the wholesale level. We also get earnings from Macy's and Adobe. We find out how many people applied for unemployment benefits last week. And we get the latest existing home sales numbers. Thursday night, Netflix airs the first international NFL game of the season in Melbourne, Australia, the 49ers and Rams. I'm Jessica Ettinger, 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.

4:11Mmm, now that's pretty good. Learn more at fidelity.com slash baskets. Investing involves risk, including risk of loss. Fidelity Broker Services, LLC. Member NYSC SIPC.