Market Midday: Stocks Lower, Bond Yields Higher, Nike Unveils Caitlin Clark Shoe • 10/1/26

CNBC Business News Update Market Midday. I'm Jessica Ettinger. Treasuries are selling off and that's pushing stocks down this afternoon to start the final quarter of the year and the first day of October trading. Today the Dow is down 59 points. It's being led lower now by shares of Disney which are down 2 and 1/2%. The S&P 500 index down 5 points. The Nasdaq is down 38 points. Investors are also watching oil. >> I think it's fairly simple. Oil prices are wreaking havoc with inflation expectations. The longer this drags on for, the more difficult it becomes to think that we're going to see a resumption of that broadening trade that we all had so much fun with this summer. >> Ritholtz Wealth Josh Brown on CNBC. Look at the yield on the 10-year Treasury. It soared to a 24-year high in a relentless global bond sell-off. A September manufacturing survey in the US showed a sharp gain in prices there. The 10-year Treasury yield topping 5.3% before easing a little bit. That's the benchmark for rates on mortgages and auto loans and credit card debt. The average rate on a 30-year fixed home loan today 7.6%. Could it march toward eight? Some investors are asking. This is according to Mortgage News Daily. The real estate business was already sluggish and is bracing for an even slower fall home selling season. Stocks are near records but with government bond yields also at multi-decade highs, investors are questioning just how long this stock rally can last when there are reasonable alternatives. The Terra trade when stock investors can make some money in bonds without the risk. Prices at the pump ticked lower today in the US. Diesel 13 cents a gallon from its all-time high and now oil prices, well, they are moving back up. Here's CNBC's Pippa Stevens. >> Brent is hovering around the triple-digit level with China reportedly suspending product exports for October as it looks to shore up domestic inventories. And while there's little question that oil exports from the Middle East have rebounded, Goldman estimates flows are at 2025's levels while JP Morgan puts the crude recovery at 98%. The question is at what cost since oil has become much more expensive to move. >> The WNBA setting ratings records for the playoffs so far. Nike is out with a Caitlin Clark signature shoe as women's basketball grows as a business. >> This may be the highest rated WNBA game of all time on the same day that these Caitlin Clark ones are coming out. She could have gone anywhere and she chose Nike and I think the reason that she chose Nike is that she wants a long-term relationship to develop here. There is no way that Nike could have predicted that the day of the rollout of these shoes would also be the day that you would conceivably have the highest rated WNBA possible featuring Caitlin Clark. >> That's CNBC's Alex Sherman and that WNBA game three in the playoffs tonight is actually airing on CNBC 9:00 Eastern. It's the Las Vegas Aces and the Indiana Fever. On investors' watch list for tomorrow, the big September employment report from the Labor Department. We get the latest on jobs. Jessica Edinger, CNBC.