Market Midday: Stocks Slide, Dow Loses 500 Points, Oil Moves Higher • 9/8/26

0:01See NBC Business News update market midday. Major averages all in the red. Oil prices have been climbing on new Mideast hostilities. The Dow is down 576 points. That's more than 1 % this afternoon. The S &P 500 index down 28. The Nasdaq now down 39 points. Most of the chipmaker shares are in the green. NVIDIA pulling back by almost 2%. Cerebris down a little more than 2%. Here's CNBC's Scott Wapner. Goldman's talking about$120 a barrel if things intensify in the Middle East. Labor Day talk dominated by a record high for gasoline above$4. Yields are up. CPI's looming. 60 % chance in the market of a 25 basis point hike.

0:50So that's kind of the stuff that's going to be in your face. U.S. crude WTI West Texas Intermediate rising. very close to$94 a barrel. It's highest since early June, right around the failed memorandum of understanding between the U.S. and Iran. American drivers paid record high prices at the pump for Labor Day. AAA says today consumers are paying$4.15 for a gallon of regular on average nationwide. Inside the Gulf, you've taken out 3 million barrels per day of refining capacity. Now let me ask you this. If you were trying to sneak a tanker past the Straits of Hormuz right now, Now, would you take one that's laden with gasoline and diesel or one laden with crude?

1:31You're going to take the one laden with crude because the one with gasoline is a sitting time bomb. And so you're not seeing any of the products get out of there. Carlisle Group's Energy Pathways Chief Strategy Officer Jeff Curry on CNBC. Copper, of course, used heavily in home building. And higher input costs for new homes won't do anything to help Americans try and afford to buy them. Open AI with a warning over the weekend. And a blog post calling for caution over the pace of AI development, saying no one is prepared for the rapid rise in machine intelligence. You have to have guardrails and you have to have the agents be dependent upon you.

2:10And I guess right now that the hugging face was so it was so raw that people just say you can't trust them. They're going to be smarter than you. That's CNBC Mad Money host Jim Cramer. Canadian jet maker Bombardier reminding President Trump today many parts for its planes are made in the United States with thousands of jobs in 20 states tied to the company's success. The president threatened to ban the sale of aircraft from Canada's plane maker unless it manufactures its planes inside the U.S. The wings are made in Texas. Flight control components are made in California. More than a thousand workers in Kansas also making parts for Bombardier.

2:51And today, Canada's retaliatory tariffs on U.S. goods going north began, meaning Canadian businesses and Canadian citizens are going to have to pay more for things coming in from the U.S. From the U.S. perspective, this is mostly about politics. It's about political messaging. And the economic impact of this is relatively muted. That's Aiken partner Kellyanne Shaw on CNBC. AstraZeneca's experimental COPD drug scored two late stage trial wins. The drug makers hoping the treatment for chronic obstructive pulmonary disease could be a blockbuster. Sony's Spider-Man brand new day. Still number one in theaters over the long holiday weekend.

3:33Becoming just the second film this decade to top the box office for six straight weeks. Jessica Edinger, 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. Happy holidays from House of Burl, Burlington.