Market Midday: Stocks Lower, Oil Higher, PepsiCo Says Consumers “Making Choices” • 10/8/26

0:00CNBC Business News Update Market Midday. I'm Jessica Ettinger. Major averages are lower this afternoon on Wall Street. Oil is spiking up 5 % today. Bond yields are higher. The Dow down 149 points. Amgen, the drug maker, shares dragging the Dow lower. They're down almost 3 % this afternoon. The S &P 500 index down 26. The Nasdaq is falling 173 points. Chipmaker shares mostly in the red this afternoon. You have Intel and Cerebris systems each down 3%. NVIDIA shares are down almost 1%. Earnings season begins next Tuesday when big banks report quarterly results. Here's a take from Ritholtz-Welts, Josh Brown on CNBC.

0:48I do not think good quote-unquote good earnings reports are going to be enough to bail out the most interest rate-heavy sectors in the market. I think those stocks will remain on the map. Doesn't mean we can't have a good finish to the year. Doesn't mean the S &P can't gallop higher into December. But this idea that we're going to get a resumption of the broadening trade, I think is just harder. There are still opportunities for investors who could broaden their time horizon. This is purely about people looking and saying, I don't want the rate risk right now. The rate this afternoon on the 10-year Treasury, 5.28%, back below 5.3.

1:29Oil prices are higher on more Middle East tensions and a hurricane aiming for oil producing offshore facilities in the Gulf and onshore refining facilities. This Hurricane Isaias is expected to make U.S. landfall tomorrow night. Inflation on many everyday items was entirely because of tariffs. This according to a new report by the New York Fed. Without President Trump's tariff policy, prices would be lower on a sample of 67 items tracked from last year to this past February before the war by the New York Fed. PepsiCo out with quarterly results. Here's CNBC's Sarah Eisen. Pepsi. It is getting a boost after reporting a top and bottom line beat in quarter three.

2:16The company, however, telling its investors North American business continues to underperform. And also Pepsi lowered its full year profit outlook. But we're clearly dissatisfied with the performance in North America. There's clearly inflation and there is some parts of the consumer base that are making choices. PepsiCo CEO Ramon LaGuardia. Levi Strauss is out with quarterly results. It raised its profit outlook, but not because it thinks it'll sell more products, because it's getting tariff refunds from the government. Consumers keep spending, but they are stressed. Here's CNBC senior economics reporter Steve Liesman with the new CNBC National Retail Federation Retail Monitor numbers for September.

2:57CNBC NRF Retail Monitor, which uses exclusive real credit card spending data from Affinity Solutions for September. And they show the consumer remaining in there, but showing some stress from high interest rates at oil prices. Overall sales, they include retail and restaurants, ex-auto and gas, grew 0.28 % on the month, about a tenth below our long-run average, but a bit higher than last month. Not bad, but not great either. Overall, the consumer soldiers on. Porsche making a pivot. Here's CNBC's Phil LeBeau. Part of that pivot is greater exclusivity and greater profits is what they're hoping to get by not having as much volume.

3:34They'll be raising the top model prices by about 20%. higher margin models. You want exclusive? That's what you get with Porsche. They also plan to cut costs by 20 % with fewer model variants. And that's the key here. You can see more on Porsche and Phil's full report at CNBC.com and the CNBC app on your phone. Jessica Ettinger, CNBC. Traders don't need a prettier app. They need a better angle. Schwab's thinkorswim trading platforms were built for real traders like you. They have an insane amount of chart studies. I'm talking over 300 studies for virtually any strategy. They also have integrated risk management technology and nearly unlimited customization so you can shape the platform to fit the way you trade.

4:17And when you do that, you can analyze trades from angles you won't find anywhere else. Go see what that looks like at schwab.com slash trading.