Market Open: Stocks Lower, Oil Hits Highest Since June, Gas Prices Pop • 9/9/26

0:00See NBC Business News update market open. I'm Jessica Ettinger. Wall Street is lower out of the gate for the major averages as oil prices rise in the U.S.-Iran war continues with attacks in the Strait of Hormuz. The U.S. denies claims that Iran struck two American vessels in retaliation for earlier strikes. The Dow down 330 points. That's about a half a percent. It's being led lower by shares of Google Parent Alphabet. Those shares down two and a half percent. Nike down more than two percent. The S &P 500 index down 22 points. The Nasdaq falling 95 points this morning. Brent crude oil topping$100 a barrel for the first time since July amid the fighting.

0:45It has since ticked a little lower. U.S. crude hovering around$96 a barrel. Meantime, prices at the pump have shot higher. AAA saying the national average for a gallon of regular popped up by 7 cents a gallon overnight to$4.22 a gallon. Diesel is at a record high. Today, it's sitting up at$594. Look, my biggest fear is at this time there were over 100, but there may not be as much in the Strategic Petroleum Reserves. I think that people are beginning to believe that there can be no deterrent to a ramp. Whatever we do, they do. That's not acceptable. And that will send oil up. And I just think we can spiral higher.

1:28I've been very bearish on this future petroleum resources. It's just they're being used up. So I don't know where this extra oil is going to come in to be able to tamp things down. That's CNBC Mad Money host Jim Cramer. And energy aspects Amrita Sen tell CNBC she was just in China. They are starting to buy oil again, and the global supply is simply falling. Crude is poised to move sharply higher. Of course, there's escalation in the Middle East, but the pace of crude drawdowns in inventory has just been eye-watering. Over the course of the last two, two and a half weeks, we have drawn down over 130 million barrels of crude oil.

2:09Secretary of State Scott Besant making headlines in the currency world. Here's CNBC's Karen So. U.S. Treasury Secretary Scott Besson's remarkable comments overnight, practically telling traders he has inside information on what the Bank of Japan has up its sleeve as he dared them to bet against the currency. Speaking at a university event in Texas, Besson said, I am the house and said traders can bet against him if they want. Apple shares were lower ahead of its new product event today. It's expected to show off new phones and watches, including a foldable phone after Samsung introduced one back in 2019.

2:50President Trump used a string of executive orders to announce bans on Canadian whey products and molasses, non-alcoholic beer, plus a slew of alcoholic drinks, including malt beer, wines, cider, whiskeys, vodka and other spirits. larger capacity motorcycles and mopeds are also banned from Canada. Live Golf has filed for bankruptcy protection as the league faces a Saudi funding cliff and searches for new investment. The Dallas Cowboys topped the CNBC sports valuations list in the NFL worth$16 billion according to CNBC metrics. At the bottom, the Arizona Cardinals. They're still worth about $8 billion.

3:32The NFL season begins tonight as the Seahawks host the Patriots. You can see the full list of valuations at CNBC.com and on the CNBC app on your phone. Jessica Ettinger, CNBC. Hey, that's me, Teddy Swims. You hear that? That's life. So go grab it. Grab your old friends, Grab new friends. Grab a White Claw. Grab flavor for everyone in your crew. Grab music, laughter, and moments you'll never forget. You'll never regret it. Oh, hey, man. Grab new friends. Grab old friends. Grab life by the claw. White Claw. Please drink responsibly. White Claw Seltzer Works, Chicago, Illinois.