CNBC Business News Update - Market Open: Stocks Mixed, Gold Expert Thinks It Will Hit New Highs, Adjustable Rate Mortgages Surged Last Week 10/8/25

Episode Date: October 8, 2025

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I'm Jessica Eddinger, CNBC. Wall Street mixed out of the gate this morning. The Dow and the Red down 83 points. Salesforce shares leading it lower. They're down 1.5% sales force, the victim of a cyber attack. The S&P 500 index is in the green. It's up seven points. The NASDAQ up 93 points.

Invidia shares popping this morning. They're up 2%. All eyes on gold, which topped $4,000 an ounce yesterday for the first time, and some think it's going higher. I think $4,400 in the first half of next year is quite possible. In fact, I think it's quite likely. We have the U.S. government shutdown, and at this point, I'm not quite sure anyone knows when this is ending. And there is, of course, that whole inflation problem where we could be seeing easing monetary policy at a time. inflation is likely to move significantly more.

So all those things, I think, are getting people to think that gold is a good hedge. TD's securities, Bart Mellick on CNBC. Meantime, large retailers like Pandora and Cignat, which owns Zales, K-Julers, Jared, and Blue Nile, they've signaled they're exploring some price-increase possibilities for jewelry and alternative manufacturing methods to counteract the hit they're taking from the price of gold. Would-be home buyers are heading back to riskier home loans with interest rates ticking higher. More people applied for arms last week, adjustable rate mortgages, than conventional 30-year home loans. New mortgage data shows a drop in demand last week, even as interest rates fell slightly.

Total mortgage volume was down 4.7%. The average rate for a 30-year fixed was 6.43%. that was down from 6.46 the prior week. One interesting note, the share of applications for adjustable rate mortgages rose from 8.4% to 9.5% as buyers and refinancers sought lower rates anyway. They could find them. CNBC's Mike Santoli. Verizon signed a deal with AST Space Mobile to provide cell service from space.

Asht shares are surging. Amazon is adding prescription vending machines to some of its one medical clinics in Los The patient goes in, sees the provider, and then can just go to the lobby right there at the office to the machine to get their medicine. It'll be stocked with common items like antibiotics and inhalers. The 12,711 stores in the U.S. are getting a makeover as the chain's Japanese owner eyes issuing stock to the public next year. Some stores have already been renovated and they're already seeing higher sales. Consumers frowning over inflation and the job market. The latest New York Fed survey finds that fewer households expect to be better off a year from now.

Tesla shares were trying to recover after investors were initially disappointed with the new cheaper electric vehicle models it announced. The EV giant unveiled its cheaper Model Y for just under $40,000 each. The Model Y standard has less features and slightly less miles per charge. Those shares were climbing in anticipation of the announcement, but maybe some investors were hoping for a few other updates on other products. CNBC's Dominic Chu. Jessica Eddinger, CNBC. Get exclusive reporting and data on high net worth investors, family offices, and alternative investments

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