Market Close: Stocks Lower, Nasdaq Posts Worst Week Since June, Oil Surges • 10/16/26

0:00CNBC Business News Update. I'm Jessica Ettinger. Wall Street opens Monday morning after a sell-off. On Friday, AI worries shook investors again. A down Friday for the major averages. Oil shot up on Friday. The world's benchmark Brent crude closing just under$110 a barrel. That was its highest close since last May. U.S. crude oil at$101 a barrel for its highest since mid-September. All-time highs Friday for shares of Exxon, Chevron, and ConocoPhillips. Checking the major averages, the Dow was down 175 points, led lower by shares of Google Parent Alphabet. They were down 2.5%. The S &P 500 index lost 84 points.

0:46That was more than 1%. The Nasdaq fell 572 points. That was more than 2%. The Nasdaq had its largest weekly loss since June. Semiconductor stocks have fallen for nine straight sessions, the longest losing streak since 2006. But some investors may be eyeing the pullback as maybe a moment to buy in. You know, the market has been kind of climbing a wall of worry. AI fears escalated this week because it's Friday. And there's, I think, concerns that, you know, with oil rising, you know, could the war escalate over the weekend? So it doesn't surprise me that markets are unwinding today. But I think before viewers think that this is the start of a bigger downturn, I mean, markets are at support.

1:30Our technical strategist, Mark Newton, thinks we actually probably could rally. We either bought them today or on Monday. When you have the fundamentals holding in and markets getting fearful, it's actually a pretty good risk-reward setup for investors. That's Fundstrats' Tom Lee on CNBC. Treasury yields held for the week. The yield on the 10-year Treasury at 5.1%. It had topped 5.3 % earlier in the month, touching its highest level since 2002 because of worries about high inflation and more. Netflix reports quarterly results on Tuesday amid changes. Here's CNBC's Julia Boorstin. In a big shakeup, Netflix appointing Fox and Disney veteran Peter Rice as chief content officer, replacing Bella Bajaria.

2:16This comes on the heels of Netflix laying off 6 % of its staff earlier this week and amid growing concerns about weakening engagement. Aptopia reported that Netflix subscriber churn doubled between the second and third quarter of this year. With the stock down about 40 % in the past year, Netflix has been ramping investment in nontraditional content, bringing over YouTubers and investing in podcasts. The question is whether Rice can improve the quality of Netflix's core business, which is, of course, film and TV episodes. Apple's new foldable iPhone, the Duo, available to pre-order, and people are scrambling for it, even for the$2 ,000 base model.

2:56Here's CNBC's Mackenzie Sigalos. It starts at$1 ,999, with the highest-end models topping$3 ,000. Now, analysts I spoke to expect this demand to outrun supply, and that is exactly what we are seeing. Launch day store stock disappeared almost immediately, and some orders are now slipping into January. That kind of scarcity can feed the cool factor too, right? Apple has used this luxury playbook before. On the coming week's watch list, we mentioned we get earnings from Netflix, plus United Airlines, General Motors, and many more. We'll also get some housing data and the latest on consumer sentiment.

3:34Jessica Ettinger, CNBC. From gas prices to housing prices, from government spending to consumer spending, from the AI boom to the data center backlash, How will this election hit your pocketbook and your portfolio? Continuing coverage. The Economy Election. CNBC. Your sausage McMuffin with egg didn't change. Your receipt did. The sausage McMuffin with egg extra value meal includes a hash brown and a small coffee for just$5. Only at McDonald's for a limited time. Price and participation may vary. Promotion pricing may be lower than meal pricing.