Market Open: Stocks Fall, Oil Spikes, Copper Hits Record High • 9/8/26

0:01CNBC Business News Update. Market open. I'm Jessica Ettinger. Wall Street in the red to start this holiday shortened week. Oil prices are climbing on the new Mideast hostilities. Bond yields were ticking higher this morning. The Dow down 434 points, eight tenths of a percent. The S &P 500 index is down 27 points. The Nasdaq falling 106 points. Most of the chip maker names are in the green. Micron and NVIDIA. each down. U.S. crude WTI West Texas Intermediate rising very close to$94 a barrel this morning. It's highest since early June, right around the failed memorandum of understanding between the U.S.

0:43and 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. And something else hit a record high on the holiday. We had copper hitting an all-time high last night. I wouldn't expect to see any type of normalization here. And this is really important for the broader commodity outlook and for the macroeconomic outlook. I'd like to point out all other commodities are dirt and diesel. Think about metals and mining, agriculture. We're going to see this across the metals complex because diesel is such a critical input into many of the non-energy commodities.

1:25That's the Carlyle 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 trying to afford to buy them. Open AI with a warning over the weekend. 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. And I guess right now that the hugging face was so it was so raw that people just say you can't trust them.

2:05They're going to be smarter than you. That's CNBC Mad Money host Jim Cramer. Verizon and Corning with Deal News today. Verizon and Corning have reached a multi-year, multi-billion dollar agreement for 80 million plus miles of high density optical fiber solutions. It's a lot of mileage that has to get out of this. It's supposedly going to allow Verizon to expand broadband connectivity to homes and businesses and build the network that connects AI data centers for the major hyperscalers. That partnership runs through 2032. And keep an eye on this today. CNBC's Becky Quick. 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.

2:48The president threatened to ban the sale of aircraft from Canada's plane maker unless it manufactures its planes inside the U.S. But 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. 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 drugmaker is hoping the treatment for chronic obstructive pulmonary disease could be a blockbuster.

3:30Sony's Spider-Man brand-new day, still number one in theaters over the long holiday weekend, becoming just the second film this decade to top the box office for six straight weeks. Jessica Ettinger, CNBC. This episode is brought to you by Schwab Market Update, an original podcast from Charles Schwab. Schwab Market Update, an original podcast from Charles Schwab, provides an information-packed daily market preview on stock updates, U.S. and global economic news, monetary policy decisions, and key results and statistics that may impact your trading. Download the latest episode and subscribe at schwab.com slash marketupdatepodcast, or find Schwab Market Update wherever you get your podcasts.