Market Open: Stocks Open Lower, iPhone Duo Debuts, Telecoms Take A Hit 10-23-2026
00:02 I'm Peter Shack now, CNBC. The worries that weighed on the stock market yesterday are still in evidence today. The Dow Jones Industrial average is down 533 points at 52,0.340, the SP 500, 6 tenths of a percent, lower, or 44 points, and the NASDAQ composite dropping half a percent or 123 points. That follows yesterday's 2.6 percent drop for the NASDAQ, the biggest since June 5th, and a 1.2 percent decline for the S&P 500, the largest, since July 29th. The usual forces are in play today, worries about the artificial intelligence trade, higher oil prices, and rising interest rates. There's one economic number on the calendar this morning, the October Consumer Sentiment Index from the University of Michigan. If there is no change from the preliminary October reading a few weeks ago, it would be the second lowest on record. It's debut day for Apple's new foldable iPhone duo.
00:54 CNBC's McKenzie Sagalos went to the Apple store in New York City. Apple Marketing Chief, Greg Jawsback, he took. told me the pre-orders were off the charts and pushed back on reporting that production problems are behind these long waits, saying that Apple is in a normal output ramp and making these phones as quickly as it can. At a $2,000 starting price that scales to $3,200, this is a high revenue, high margin product that doesn't need to become mass market to boost iPhone revenue. Among stocks on the move this morning, American Express is down 2.4 percent, despite reporting better than expected quarterly profits. The financial services company also announced it would cut 5% of its global
01:34 workforce. Telecom stocks are taking a hit following a Bloomberg report that SpaceX is in private talks to lease 80,000 cell towers. AT&T is down about 5.5%. Verizon falling about 4.5%. T-Mobile US down about 5.5%. Peter Shack now, CNBC.
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