Market Midday: Stocks Fall, Apple Duo Preorders Begin, Netflix Changes • 10/16/26

0:01CNBC Business News Update Market midday Friday. The Dow trying to hang on to some green right now, down seven points, being led lower by shares of Salesforce. They're down almost 3 % this afternoon. The S &P 500 index is down 40 points, a half percent. The Nasdaq down 335 points. That's one and a quarter percent. Most of the chipmaker names have been in the red this afternoon. Companies whose shares hit fresh all-time highs Friday include Williams-Sonoma, MasterCard, Visa, drugmaker McKesson, and MetLife. I think we are late cycle. The Fed's hiking. The Fed went from having your back to trying to break your back if you're an investor.

0:39And you have to take account of that and be appropriately paranoid. So, yeah, I think we looked around. We can sense a lot of nervousness from our clients. But I think that when I really dig into the concerns this week, I don't see anything that's going to derail the bull market. I think that we're still on track for probably breaking through 8 ,000 on the S &P before the year's over. And I want to maintain an equity overweight. And I do think tech will ultimately lead that bull run. That's 314 Research's Warren Pies on CNBC. Netflix reports quarterly results on Tuesday amid changes. Here's CNBC's Julia Boorstin.

1:19In a big shakeup, Netflix appointing Fox and Disney veteran Peter Rice as chief content officer, replacing Bella Bajaria. This 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 non-traditional 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.

1:57Apple's new foldable iPhone, the Duo, available to pre-order, and people are scrambling for it, even for the$2 ,000 base model. Here's CNBC's Mackenzie Sigalos. It starts at$1 ,999, with the highest ed 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.

2:40We'll also get some housing data and the latest on consumer sentiment. Jessica 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.

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