Market Midday: Stocks Fall, Oil Rises, Treasury Unveils Bond Buyback • 9/9/26

0:01CNBC Business News Update Market Midday. I'm Jessica Ettinger. The major averages all lower. Bond yields ticking higher. Oil higher. The Dow down 409 points. That's three quarters of a percent. It's being led lower this afternoon by Nike shares, which are down 2.8 percent. Google parent Alphabet shares are down two and a half percent. United Health is also down two and a half percent this afternoon. The S &P 500 index down 37 points. That's just about a half a percent. The Nasdaq down 171 points. That's a little more than a half percent. The early June highs were defended last week. We're not that far above them right now.

0:44What has happened is the equal weighted S &P 500 is now starting to really roll a little bit. Maybe we don't know if this is actually getting a little oversold, but it's below the 50 day. It has not really performed particularly well. And the impact of oil is, as ever, mostly on the consumer cyclicals and the industrials. CNBC's Mike Santoli, the U.S. Treasury, announced a big buyback of Treasuries, triple the normal level at$6 billion. Here's CNBC's Steve Leisman. Enhanced buybacks coming in at$6 billion. That's an operation that will take place tomorrow. They're trying to say it's part of normal operations, even though, of course, this is a larger operation.

1:22And the question becomes the extent to which the bond market is reacting to this. And I am seeing here yields are rising on the 10-year. Reaction from the man groups, Christina Hooper on CNBC. When yields go up on the long end, they tend to cause a weighing down of equities, especially long-duration equities like technology. So we have to worry about that. I think where we're headed is higher yields. I think we're going to easily get to 5 % on the 10-year. Absolutely, this year. And I think it could happen within the next month, easily. Brent crude oil topping$100 a barrel for the first time since July amid the fighting.

2:01It has since ticked a little lower. U.S. crude hovering around$96 a barrel. Meantime, prices at the pump have shot higher. AAA saying the national average for a gallon of regular popped up by 7 cents a gallon overnight to$4.22 a gallon. Diesel is at a record high. Today, it's sitting up at 594. Look, my biggest fear is that this time there were over 100, but there may not be as much in the Strategic Petroleum Reserves. I think that people are beginning to believe that there can be no deterrent to a ramp. Whatever we do, they do. That's not acceptable, and that will send oil up. And I just think we can spiral higher.

2:44I've been very bearish on the Strategic Petroleum Reserves. It's just they're being used up. So I don't know where this extra oil is going to come in to be able to tamp things down. That's CNBC Mad Money host Jim Cramer. And energy aspect Samrita Sen tells CNBC she was just in China. They are starting to buy oil again. And the global supply is simply falling. Crude is poised to move sharply higher. Of course, there's escalation in the Middle East. But the pace of crude drawdowns in inventory has just been eye-watering. Over the course of the last two, two and a half weeks, we have drawn down over 130 million barrels of crude oil.

3:26The Dallas Cowboys topped the CNBC sports valuations list in the NFL worth$16 billion, according to CNBC metrics. At the bottom, the Arizona Cardinals. They're still worth about$8 billion. The NFL season begins tonight as the Seahawks host the Patriots. You can see the full list of valuations at CNBC.com and on the CNBC app on your phone. Jessica Ettinger, CNBC. Hey, Fidelity. How can I remember to invest every month?

3:58Jessica Ettinger: With the Fidelity app, you can choose a schedule and set up recurring investments in stocks and ETFs. Oh, that sounds easier than I thought. You got this. Yeah, I do. Now, where did I put my keys? You will find them where you left them.