Market Midday: Stocks Higher, Rate Hike Likely, Mortgage Rates Rise • 9/11/26

0:00See NBC Business News update. Market midday. I'm Jessica Ettinger. Wall Street with moments of silence today to mark the 25th anniversary of the 9-11 terrorist attacks. In 2001, the New York Stock Exchange was closed for four trading days after that tragedy. The Dow today up 537 points. Cisco shares leading it higher. They're up three and a half percent. Google Parent Alphabet shares up almost 3%. Salesforce up 2.5%. The S &P 500 index up 81 points. The Nasdaq up 323 points. Most of the chip makers today in the green. CNBC's Mike Santoli noting the Fed will likely increase interest rates next week, and that may be helping stocks.

0:50We'd explain it as the CPI data ratifies where the market had already traveled to in terms of where yields were. And it is the clarity of what's going to happen next week that I do think releases some of the tension here. Up 1 % across the board. Sometimes it feels a little mechanical. You've got S &P and Dow and NASDAQ all up around 1%. Consumer confidence tanked. Prices at the pump have been higher. Comes in very, very light. 47.8, that's the weakest since May of this year. If we look at current conditions, 50.9. That's the weakest since June. If we look at what lies ahead, expectations, a big miss, 45.8.

1:30We're looking for 51. Well, that's the weakest since the all-time weakest that I had going back into the late 70s. CNBC's Rick Santelli. And Rick now has the CPI numbers, the Consumer Price Index for August, year over year. The year over year numbers now, 3.4 expected, and that's what arrived. 3.4 right on the dot. That's back-to-back, 3.4s. The low-water mark were gin and feb, both at 2.4. Would-be homebuyers outlooking this weekend are facing mortgage rates above 7 % again. The average rate for a 30-year fixed-rate mortgage crossed above 7 % for the first time since May of 2025. Mortgage rates had hit a low of 5.99 % the day before the war in Iran started.

2:16Obviously, this is important for what it means to the housing industry, but also the rest of the broader economy. That's CNBC's Becky Quick, and rates have ticked even higher this afternoon, now closer to 7.1%, with the average rate on a 30-year fixed home loan sitting at 7.08%, according to Mortgage News Daily. Gas prices up again today. AAA saying the national average for a gallon of regular at$4.30. U.S. crude oil sitting at$99 a barrel today. That's actually down from 101, although traders are watching fresh violence in the Middle East as the Iran-backed Houthis reportedly have advanced to a key Red Sea island.

2:56They're further threatening a crucial oil choke point. Diesel hitting a national average record high of$6 a gallon, according to AAA. Diesel is the fuel that powers trucks, trains, ships, and agriculture equipment. Its price increases trickle right through the economy. and can fuel inflation. New in theaters for the weekend, Focus features the Uprising, Disney's Oasis documentary, Don't Look Back in Anger, and Warner Brothers' Practical Magic 2. Jessica Ettinger, CNBC. Introducing Fidelity Trader Plus, the next generation of advanced trading from Fidelity. Customize your tools and charts and access them seamlessly across desktop, web, and mobile.

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