Market Open: Stocks Open Lower, iPhone Duo Debuts, Telecoms Take A Hit 10-23-2026

0:02I'm Peter Schacknow, CNBC. The worries that weighed on the stock market yesterday are still in evidence today. The Dow Jones Industrial Average is down 533 points at 52 ,340, the S &P 500 six-tenths of a percent lower, or 44 points, and the Nasdaq Composite dropping half a percent, or 123 points. That follows yesterday's 2.6 percent drop for the Nasdaq, the biggest since June 5th, and a 1.2 percent decline for the S &P 500, the largest since July 29th. The usual forces are in play today. Worries about the artificial intelligence trade, higher oil prices, and rising interest rates. There's one economic number on the calendar this morning, the October Consumer Sentiment Index from the University of Michigan.

0:44If there is no change from the preliminary October reading a few weeks ago, it would be the second lowest on record. It's debut day for Apple's new foldable iPhone duo. CNBC's Mackenzie Sigalos went to the Apple Store in New York City. Apple marketing chief Greg Joswiak, he told me the pre-orders were off the charts and pushed back on reporting that production problems are behind these long waits, saying that Apple is in a normal output ramp and making these phones as quickly as it can. At a$2 ,000 starting price that scales to$3 ,200, this is a high-revenue, high-margin product that doesn't need to become mass market to boost iPhone revenue.

1:23Among stocks on the move this morning, American Express is down 2.4 percent, despite reporting better than expected quarterly profits. The financial services company also announced it would cut 5 percent of its global workforce. Telecom stocks are taking a hit following a Bloomberg report that SpaceX is in private talks to lease 80 ,000 cell towers. AT &T is down about 5.5 percent. Verizon falling about 4.5 percent. T-Mobile U.S. down about 5.5 percent. Peter Schach now, CNBC. Hey, Fidelity. What's it cost to invest with the Fidelity app? Start with as little as$1 with no account fees or trade commissions on U.S.

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