Market Close: Stocks Lower, U.S. Crude Tops $93, Baseball Card Sells for $11M • 9/8/26

0:01CNBC Business News update a losing day to start the holiday shortened week on Wall Street on Tuesday for the major averages the Dow plunging 626626 points more than 1 % the S &Pay 500 500 index was down 44 points, the Nasdaq falling 85 points. Chipmaker shares were mixed. More attacks in the Middle East. That sent oil higher again on Tuesday. WTI U.S. crude oil, West Texas intermediate, rising toward$94 a barrel. It was at 68 before the U.S. launched missiles into Iran in February. Brent crude hit$98 a barrel. Even with the U.S. pumping oil, there's just not enough refining capacity globally to turn that oil into gas and diesel.

0:47And it's diesel that has gas buddies. Patrick DeHaan worried. He spoke on CNBC. Diesel prices in California that are eclipsing eight and a half dollars a gallon for the nation's most powerful agriculture state. That's huge. Keep in mind that all of those crops harvested have to get processed, distributed. We're talking about a huge cost. Americans are now well aware that diesel is going to be hitting their wallets. In fact, there's going to be a silent killer of the U.S. economy if diesel prices maintain these levels, which as long as especially these Ukrainian drone attacks keep up on Russia and if we get a cold winter, it's certainly not going to be pretty at all.

1:25And while oil is sneaking out of the Strait of Hormuz, occasionally Iran's refined products like gas and diesel are not. Let me ask you this. If you were trying to sneak a tanker past the Straits of Hormuz right now, would you take one that's laden with gasoline and diesel or one laden with crude? You're going to take the one laden with crude because the one with gasoline is a sitting time bomb. And so you're not seeing any of the products get out of there. That's the Carlyle Group's Energy Pathways Chief Strategy Officer, Jeff Curry, on CNBC. Apple expected to introduce new iPhone models Wednesday.

2:02Wednesday, here's CNBC's Mackenzie Sigalos. Its most consequential iPhone lineup in nearly a decade, led by its first folding phone and major price hikes to the pro models. Now, the folding phone, apparently dubbed the iPhone Ultra, is the centerpiece here. It is expected to start at around $2 ,400. Folded, it should be about the size of a passport opened, closer to a small iPad. Now, outside the iPhone, expect new Apple Watches and AirPods with the smart home hub also possible. Full coverage of the Apple announcement on CNBC. In a page out of the Willy Wonka playbook, baseball card maker Topps put a very special Shohei Otani card.

2:40He's the pitcher for the L.A. Dodgers, featuring game-worn uniform patches embedded in the card. The card was signed by him in both English and Japanese. A proxy card for that was slipped into a regular pack of Topps baseball cards. They put it in one of a million packages and sent it out. And a kid in Florida, in his kitchen, opened it up and realized what he had. That's Shark Tank Shark Kevin O 'Leary on CNBC, an investor in sports collectibles. Here he is with CNBC's Becky Quick and Andrew Ross Sorkin. So the kid opens the pack. It's not the real card. It's a scratch card in the back and you get an authentication number.

3:18Then you go back to the publisher tops and say, I have the card. The word goes out into the hobby, as it's called, all around the world. And the bids start coming in. O 'Leary's company bought that card for$11 million. There is so much more to this story, and it's all right there at CNBC.com and on the CNBC app on your phone. On Wednesday's watch list, earnings are coming from Chewy, Cignette Jewelers, and American Eagle Outfitters. As we mentioned, Apple holding an iPhone event. And the NFL season kicks off Wednesday night with a Super Bowl rematch between the Seattle Seahawks and the New England Patriots.

3:54It's on NBC. Jessica Ettinger, CNBC.

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