CNBC Business News Update - Market Midday: Stocks Slide, Bond Yields High, Oil Moves Higher • 9/1/26

Episode Date: September 1, 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. First of September, Tuesday afternoon, and the major averages are in the red to start the new month of trading. It is typically one of the worst months for stocks, especially in midterm election years. The major averages did have a winning August, led by the NASDAQ, up 4%. Let's start with the Dow. It's down 245 points being led lower by shares of Amazon, down 2% this afternoon. The S&P 500 index down 34. the NASDAQ down 183 points, more than half a percent.

I think the setup for September is as follows. What I'm seeing in front of me now is last week's disappointment surrounding the inability to get that shot of adrenaline off of NVIDIA's earnings and off of Marvell's earnings. I think that's leading to a significant amount of embarrassness as it relates to sentiment. Vertis Investments Joe Taranova on CNBC. The bond sell-off continues this afternoon. The 10-year Treasury hit its highest since January of 2025 at 4.78 percent. Treasury Secretary Scott Besant telling CNBC he sees no problems in the bond market. Fed Governor Michael Barr saying today he'll support an interest rate increase by the Federal Reserve if inflation does not ease. Fewer job openings in August than expected. The Jolt's report is out. Here's CNBC's. Rick Santelli with the disappointing numbers on job opportunity and labor turnover. Jules, expecting a number slightly north of $7.3 million comes in on the light side. 7,271,000.

Third week is for the year this month, and this would be the weakest going back really to February. The government's big August employment report will be out this Friday morning. Full coverage on CNBC TV, CNBC.com, and on the app on your phone. with a new CEO today, John Turnus, expected to lead the September 9th launch event, showing off what's expected to be new iPhones and watches. Needham's Laura Martin tells CNBC the company's really got a focus on AI ambitions. AI talent specifically is the scarce resource here, not capital. So there is a war for the high-end AI talent.

The problem is Apple is a real cult culture. They pay people less because people really want to work at Apple. but these smart AI guys can go to Anthropic for more equity upside. They can go to Open AI for more equity upside. If you're a smart AI guy and you're at Apple, your fortunes are driven by the iPhone, which you may have a very minimal impact on. So I think it's tricky for Apple to compete for the best AI talent

in this particular market right now, which is really hot. Amazon, as we mentioned, leading the Dow lower this afternoon amid a lawsuit by 22 U.S. states. They claim the company misled to advertisers, about its pricing and auction systems using hidden surcharges to bilk advertisers. Novartis shares were higher on some positive trial results for a new multiple sclerosis treatment.

Some analysts say this could be a blockbuster. President Trump meeting with the oil refiners in Washington, the White House trying to lower gas prices ahead of the midterm election, nine weeks from today. The Harvard Belfare Centers, Megynos Sullivan, tells CNBC, President Trump needs China to help

help with gas prices in the U.S. China actually has more leverage than one might think because their impact on global markets is actually what is going to affect the price of oil and the price at the pump before American voters go to the polls in November. Prices at the pump for American drivers starting this new month with the national average at 410 a gallon, according to AAA. Jessica Eddinger, CNBC.