Market Open: Stocks Fall, Yields Higher, Hurricane Threatens Oil-Producing Areas • 10/8/26

CNBC business news update market open. I'm Jessica Edinger. Wall Street's in the red out of the gate this morning for the major averages. Bond yields are moving higher. Oil prices have spiked. The Dow down 137 points, led lower by shares of Boeing, which are down more than 1%. The S&P 500 index is down 20. The Nasdaq down 108 points. Chipmaker names pretty much all in the red this morning. Nvidia losing 1%. The yield on the 10-year Treasury topping 5.3% today, 5.33 at market open. And look at mortgage rates at a three-year high with the average rate today on a 30-year fixed home loan according to Mortgage News Daily sitting at 7.59%. Here's CNBC's Leslie Picker on REITs, real estate investment trusts. The residential and commercial real estate market has been feeling the heat from higher US bond yields with the 10 and 30year still well above 5%. REITs in particular have come under pressure. The Footsie all equity rate index is down more than 7% since the beginning of September as yields jumped and the Fed raised rates. The decline in mortgage related rates was even greater as the average 30-year fixed rate is now at a three-year high. US crude oil above $92 a barrel and the world's benchmark Brent crude oil is back above $104 a barrel today. >> Oil's up today as Iran ramps up attacks on ships in the straight. Hurricane Isaiah's strengthening off the US Gulf Coast. That's the first of the Atlantic season. >> That's CNBC's Carl Kintania. And the National Hurricane Center expects Hurricane Isaas to hit the US Gulf Coast as a category 2 storm tomorrow morning. It is forecast to pass through areas with significant offshore oil and gas production along with onshore refining capabilities which could pressure supply and push prices higher for US drivers. Fewer people applied for unemployment benefits last week as job cuts remain low. Many Americans feel secure in their jobs. At the same time, hiring's been sluggish, resulting in a low hire, low fire job market. Last month, the unemployment rate ticked higher to 4.2%. 2% still historically low. Inflation on many everyday items was entirely because of tariffs. According to a new report by the New York Fed, without President Trump's legally fraught tariff policy, prices would have been lower on a sample of 67 goods tracked from last year to this past February before the war. Skydanc's co-CEO David Ellison tells CNBC the combined company's position to win in every single vertical as the combination of Paramount and Warner Brothers Discovery gets set to slash jobs. The new company is just called Skyance. Here's co-CEO Enan cries with CNBC's David Faber. you know on Union joined I think Mattel as CEO in April of 2018 and not too many months later you got rid of 25% of the non-manufacturing jobs at the company. Um is a similar type of approach needed here? >> Well, there's no question that we are already in full execution mode. We have a plan. This is my third day on the job, but we're already deep into it. >> The Powerball jackpot went without a winner last night. So, Saturday night's jackpot grows to more than a half billion dollar. 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.