Markets Midday: Stocks Improve Off Lows, Amex Cutting 3500 Jobs, iPhone Duo Debuts 10-23-2026

0:02I'm Peter Schacknow, CNBC. Stocks are falling in the final trading day of the week, but they have improved off the lowest levels of today's session. The Dow is down 537 points at 52 ,331, but the S &P 500 has cut its loss to under two-tenths of a percent, about 14 points, and the Nasdaq Composite is positive by 53 points, or two-tenths of one percent. Among the concerns that have weighed on the market, higher interest rates, and Torsten Slock, chief economist at Apollo Global, says that is an issue that could become even more pronounced.

0:34Peter Schacknow: We do need a lot of long-duration investments in data centers, in infrastructure, in energy transition, in renewable energy. Across the board, these investments are needed to basically get the economy on track for growth in the future. And the question now at the moment is, where is the capital going to come from? Because at the same time, we also need a lot of capital for government deficits. And all those things combined basically means that at the moment we have a shortage of capital. Financial services giant American Express is cutting about 3 ,500 jobs, or about 5 % of its global workforce.

1:05Amex also reported better than expected quarterly earnings and raised its profit outlook, but its stock is down about 4 % today. Apple's iPhone Duo, its first foldable phone, has hit stores today, although its availability has been mostly confined to pre-orders. Apple did say earlier this week that a limited number of the$2 ,000 phone would be available for walk-in customers. Consumer sentiment has edged down to a near-record low. The University of Michigan's October Consumer Sentiment Index fell to 48, although that was better than expected. Sentiment has been hit by rising prices at the gas pump and elsewhere.

1:40Peter Schachnow, 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.