Market Open: Stocks Slide, 10-Year Yield at Highest Level in 24 Years • 10/7/26

CNBC business news update market open. I'm Jessica Edinger. Wall Street's in the red. The S&P 500 index and the NASDAQ each falling from the record highs they opened with. The S&P 500 index opened above 7,800 for the first time ever before dropping. It is now below. But let's start with the Dow. It's down 442 points, 8/10en of a percent. Caterpillar shares leading it lower. They're down almost 4% this morning. The S&P 500 index down 45 points. That's a half percent. The Nasdaq falling 234 points, 8/10en of 1%. Bond yields are spiking, pushing stocks lower. The yield on the 10-year note hit its highest in 24 years today, 5.35%. >> Treasury yields are back above 530. It's either the high end of a range that goes down or the low end of a range that goes up. If you knew that, you'd be very powerful, but we don't. >> CNBC's Joe Kernan. Traders are waiting for a key bond sale this afternoon. Investors are also waiting for the minutes of the last Fed meeting this afternoon. They'll comb through those for hints on whether another interest rate increase might come later this month. Oil edging higher today over Houthi attacks on Saudi Arabia. US crude back up over $90 a barrel. The world's benchmark Brent crude is back above $101 a barrel. All of this while insurance companies are now watching tropical storm Isaas or Isaias in the Gulf. It's expected to strengthen into a hurricane and hit the US Gulf Coast and has potential to impact refineries which could push US fuel prices higher. Chevron CEO Mike Worth talked with CNBC today, saying oil inventories, they're already very low globally heading into winter. >> Well, I think it's very serious uh situation. We came into this year with high inventories. Over the last several months, we've seen commercial inventories draw down, strategic stocks be released, and those sanction barrels have been relieved and allowed to be delivered as well. Those are all buffers in the system that have bought us time, but they've been drained. And so we're at much lower levels of inventory right now and it makes the system more vulnerable to uh disruption. >> Amazon grabbed the Emmy Award television broadcast. The show that honors the best in TV will stream next year and for six years. It's a deal for Prime Video. Airlines want flyers with money. And British Airways is planning to put the biggest business class ever in the air on its Airbus A380 jumbo jets at 106 business class seats. Jaguar unveiled a new electric vehicle with a $130,000 price point. The type 01 Grand Tourer comes as luxury rivals Ferrari and Bentley are also pushing into EVs. Jessica Edinger, CNBC. From gas prices to housing prices, from government spending to consumer spending, from the AI boom to the data center backlash. How will this election hit your pocketbook and your portfolio? Continuing coverage. The economy election. CNBC.