Market Midday: Stocks Higher, Oil Higher, September Consumer Spending Rises • 10/9/26

0:00The CNBC Business News Update. Market Midday. I'm Jessica Ettinger. Wall Street with gains this afternoon on this Friday as tech shares rebound following the sell-off. Bond yields have eased. The yield on the 10-year note holding just above 5.25 % this afternoon. The major averages? The Dow is up 287.5%. Amazon shares leading the Dow higher. They're up almost 3%. The S &P 500 index up 36 points. That's a half percent. The Nasdaq up 154 points. That's a half percent. The fundamentals remain remarkably good in terms of resilience. And resilience says you're able to overcome the obstacles. And that's where we think we are right now.

0:46That's Oppenheimer's John Stolzfus on CNBC. Consumer confidence tanked again. Here's CNBC senior economics reporter Steve Liesman. Yeah, another drop here. The University of Michigan Survey of Consumer Sentiment, there was a real collapse in the assessment of the current conditions, causing me to do a bit of a double take here to make sure I got it right. It fell to 44.7, and that was from 50.9 in the prior month, and again, well below expectations. You have this really downbeat views on the economy. Meantime, the Bank of America Institute using data from the bank's 70 million credit and debit accounts shows that consumer spending was up last month.

1:28Here's CNBC's Joe Kernan with B of A's Liz Everett-Krisburg on CNBC. Not only was the spending really strong in September, you know, it was the third fastest, third strongest spending growth we've seen in over four years. But even more than that, it was just so broad based, right? So we We were seeing that growth not just from any one category, not just from services. It was also from retail, not just from discretionary. It was also from necessities and not just from one income group, not just the higher income spending, the lower income spending. And it's not just because things cost more. Prices are contributing to this.

2:05Anyone tells you that they're not. There is certainly price inflation that is impacting the higher prices. Meantime, Americans' debt problems are flashing a warning not seen since the Great Recession. People may be leaning on their credit cards to keep up with spending. For the three-year period ended 2025, the portion of families behind on loan payments soared from about 12 % in the prior survey to nearly 20%. That's one in five, according to a Fed survey out Friday. That was the highest level since 2010, just as the nation was recovering from the Great Recession. U.S. crude oil higher this afternoon, above$92 a barrel now.

2:45and the global benchmark Brent crude is now above$104 a barrel on fresh strikes in the Middle East. Hurricane Isaias in the Gulf is now a Category 3 major storm. Power for oil and gas facilities on the Mississippi and Alabama coastlines could be impacted. Here's more from AccuWeather's Bernie Rayno on CNBC. You can see all the oil rigs here. It's going to clip the eastern ones to me as an eyeball here. 15, 20 percent having direct impact. When you look at the refineries as well, I don't think we're going to see much impact from ESAEAs with those. So that's certainly good news. Jessica Ettinger, CNBC.

3:27From 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. It's the holiday season at House of Burl, which means that it's the perfect moment to review some key rules. Rule number five, more style means more celebration. Number four, buy gifts, but remember to treat yourself too. Number three, there is no dress code, but always leave them talking. Number two, show off different outfits. No party remains unattended. And rule number one, have it all without spending it all.

4:08Happy holidays from House of Burl, Burlington. Thank you.