Market Midday: Stocks Higher, Nasdaq Hits Record, Real Estate Slows • 10/5/26

CNBC business news update market midday. It's a record setting day on Wall Street today. We have the major averages all in the green. Investors still watching bond yields and oil. But the Dow is up 75 points now. It's being led higher by shares of Verizon, which are up almost 2%. The S&P 500 index is up 45 points. That's a half percent. And look at the NASDAQ hitting a fresh record high today. It's up 221 points at 27,412. It's up 8/10en of a percent. Nvidia shares building on the record high it hit last Friday. They're up 8/10en of a percent this afternoon. Investors are watching bond yields. The rate on the 10-year note rising was now at 5.33%. Here's a take from High Towers Stephanie Link on CNBC. She still likes stocks. 5% plus on a 10-year for a long period of time makes bonds pretty interesting. That being said, I think the long-term total return for the S&P 500 is much more compelling. We've grown 8% on average over the last last 10 years. Mortgage rates are hanging around a 7 and a half% level according to Mortgage News Daily today at 7.57% for a 30-year fixed home loan. That is a big mental block for a lot of people who would really like to buy a home. >> The 7% interest rate is a very real barrier for people psychologically. And this is not unprecedented. We were here in October of 2022. What we saw immediately when rates crossed into the sevens was higher cancellation rates for a couple of weeks than it normalized to year-over-year numbers. What this means is that by the end of the year, we will probably have a softer market than we had in the beginning of the year. That's EXP Realy CEO Leo Pereira on CNBC. He notes that some of the new construction home builders may still be buying down interest rates just to get people in their completed new homes. They've got to sell them. And he says wouldbe buyers should be looking there. General Motors says, "We're aware that US buyers are rushing to get hybrid vehicles with gas prices through the roof. Many are made by Hyundai and their rivals." GM executives telling CNBC they're not tonedeaf to their customers. More hybrids are coming. GM's vice president of propulsion engineering reconfirmed the automakers hybrid plans to CNBC, but he would not discuss timing for such vehicles. US crude oil holding above $90 a barrel this afternoon. Drivers with a little relief at the pump today. AAA says regular gas down 12 cents a gallon over the past week, sitting at about $4.36 a gallon. Diesel is about 20 cents per gallon less from its recent all-time high. Here's CNBC's Dan Murphy in Abu Dhabi. >> A Ramco CEO Amanaso says global oil inventories are quote scarily thin. His message is until Hormuz fully reopens and confidence returns, the crude reality, he says, is that pressure at both ends of the barrel will intensify. Replenishing inventories, he says, while meeting demand could take up to 2 years. So that's part of the reason that we're seeing major economies now preparing to release up to 100 million barrels of emergency oil and products, particularly diesel. He says it basically buys time but doesn't solve the underlying supply problem. >> The Powerball jackpot tonight closing in on a half billion dollars. It's sitting at 467 million. I'm Jessica Edinger, CNBC.