Market Open: Stocks Higher, Bond Yields Rise, Gas Prices Ease • 10/1/26

CNBC business news update. Market open. I'm Jessica Edinger. Wall Street with gains this morning to start the first day of October trading. It's also the first day of the fourth quarter of the year. AI names have been helping push the major averages higher this morning. The Dow is up 204 points. IBM shares leading that higher. IBM shares soaring 6% this morning. Salesforce up 3%. Microsoft up almost 2%. The S&P 500 index is up 24. The Nasdaq up 132 points. That's a half percent. Nvidia shares up 8/10en of a percent this morning. Cerebras up 2% in the chipmaker world. Chipmaker Micron out with strong quarterly results after the closing bell last night. Its shares slightly down 1%. The Dow coming off a losing month of September, breaking a five-month winning streak. for the quarter. It was the worst quarter for bonds in more than 20 years. Bond yields have been rising, prices falling. Here's CNBC's Joe Kernin with Becky Quick. >> The S&P continues to be uh in the 76s. It'd be an all-time high if it closed above 7800 and stuck there. And that was >> less than 2% away. Yeah, less than 2% after all was said and done, >> which you'd have to give a a decent grade uh for September for just holding on to what has been a pretty good year, whether that's AI or or an economy, whatever it is, because treasuries have not been uh cooperating unless their yields are up for a good reason. And you can see now 530. So, I think it's 2002 now. >> The yield on the 10-year note hit its highest this morning in 24 years since 2002. Intraday high so far today, 5 342% its highest back to April of O2. Good for savers who might get more interest on their high yield savings accounts, but it gives stock investors a reasonable alternative for some gains with very little risk. A take from CNBC's Joe Kernan and Davidson Kempner's Tony Yoselof. >> If you take a step back and you take a historic view, rates are just higher. They're not high. You know, the 10 year is still relatively low compared to where it could be. You had a very strong economy for most of the 1990s with a 10 year more in the sixth to seven. >> But we can handle it. You're saying >> I do think we can handle it. >> Oil fell to where it was on September 1st, but now it's back up again today on news. China has banned all exports for this month, taking some product off the market, sending US crude up above $90 a barrel. The world's benchmark Brent back up near $100 a barrel. A take from CNBC Mad Money host Jim Kramer and CNBC's Carl Kinttonia today. >> President today cover a Time magazine broad interview suggesting again that he might resume uh strikes after the midterms for example. Market has to fold all that in. >> Yeah. I mean I why have oil plummet if if if one month from now oil's going to go right back up. >> Relief at the pump for American drivers today. AAA says the national average for a gallon of regular down 7 from last week, sitting at $441 a gallon. Diesel is down 13 cents today from its record high. South Korean President Lee, meantime, pushing back on an Alaska liquid natural gas project after President Trump highlighted South Korea's investment in it. South Korea says the deal is not final. Fewer people applied for unemployment benefits last week. 197,000. That's historically low and the lowest since mid July as job cuts do remain low. The September jobs report out tomorrow morning. The forecast is for 90,000 new jobs added and an unemployment rate holding at 4.1%. That's according to a fact set survey. Full coverage of jobs Friday on CNBC. CNBC.com and the CNBC app on your phone. Jessica Edinger, CNBC.