CNBC Business News Update - Market Close: Stocks Lower, Gas Prices Rise, Mortgage Rates Near 7.2% • 9/14/26

Episode Date: September 14, 2026

CNBC Business News Update with Jessica Ettinger - Markets & Business News With Expert Analysis From Top Business Names. Visit CNBC.com For More. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

CNBC Business News update market close Monday. I'm Jessica Ettinger. Wall Street opens Tuesday morning after AI tech leaders warned that the industry needs to slow down for the safety of humanity. Bond yields where higher oil was up. And the major averages were slightly lower. The Dow falling 152 points. Shares of Caterpillar let it lower down 4%. The S&P 500 index down 37 points.

That was a half percent. The NASDAQ down 146. points, that was a half percent. Chipmaker shares in the red with micron, intel, and cerebrus all down at least five percent. The yield on the 10-year treasury hit 5 percent for the first time since 2023. Traders are bracing for a possible Fed interest rate increase this week. Yardini researchers Ed Yardinney tells CNBC. The 10-year treasury at 5 percent, that's not a bad thing. I'm thinking that 4 to 5% bond yields on a 10 year is really a vote of confidence in the economy. It shows that the economy is doing fine.

At 5%, I'm not terribly alarmed. I'd be more concerned if it's state quickly goes up to 6%. Mortgage rates just hit their highest in a year and a half on average for a 30-year fixed home loan, getting closer to 7.2%. 7.17% according to Mortgage News Daily. That is the highest level since January 2025. The timing not great as the Labor Day weekend marked the start of the fall housing market after a pretty slow summer. Affordability is weakening with every push higher on the 30-year fix. That's CNBC's Diana Oleg. Americans are paying more at the pump again 432 now for a gallon of regular, according to AAA. Diesel at another new record high. One point BFG's Peter Bookvar tells us,

CNBC, the energy pain is on the horizon. There's no sign that this ends anytime soon. The situation in the Middle East, we thought that there would be a deal back in April, and here we are in September approaching October. And now we're getting to some major pain points. Saudi Arabia shut down a pipeline that's been used to bypass the strait of Hormuz after it was attacked and damaged. That pipeline was carrying about 7 million barrels of oil a day. What we've seen is what happens when you have no safety nets anymore. Our supplies out of reserves are dwindling, and the Middle East is still as volatile, and now just became significantly more dangerous.

Hormuz was essentially effectively not functioning, and the bypass was this pipeline and the Red Sea. The Trump administration did not offer any support to Saudi Arabia when the Houthis did their attack a few days ago, and now they control both Babel Manda, the other strait, and they've damaged that pipeline that is a bypass. So we're at significantly lower volumes. That's TWG Global's Amos Hoxton on CNBC. Total credit card spending in August was up by four and a half percent year over year in new data from the Bank of America Institute. They look at all their credit card and debit card users. It suggests the U.S. consumer is healthy, but is the spending higher just because prices

are higher or because people really are buying more. If you break down the spending growth relative to the transaction growth, you get a different story depending on the sector. In airlines, if you look at their transaction growth, their transaction growth actually was negative. So suggesting that pricing was doing the work in the airline sector, if you look in other places like in restaurants, like in clothing, there you're seeing the transaction count increase too, suggesting in those categories that it's continued consumption. Bank of America institutes Liz Everett Chrisberg on CNBC. On Tuesday's watch list, the Fed begins that two-day meeting on interest. with a decision on Wednesday.

We get retail sales numbers for August. Jessica Eddinger, CNBC.